President Biden gave a speech Friday taking a victory lap over a sizable reduction in the federal budget deficit.
Tune in as I deliver brief remarks on the historic deficit reduction his economic plan is achieving. https://t.co/hZv1MseT11
— President Biden (@POTUS) October 21, 2022
— Karine Jean-Pierre (@PressSec) October 21, 2022
“This year, the deficit fell by 1.4 trillion dollars, the largest one-year drop in American history,” Biden said. “We’re going from a historically strong economic recovery to steady and stable growth while reducing the deficit. This is the economic vision I’ve had for America.”
Biden’s not wrong that we’ve seen a big drop in the deficit, the annual amount being added to our national debt.
And it’s certainly not surprising to see a president trying to take credit for a positive economic development. But this has actually occurred in spite of Biden’s policies, not because of them.
The big drop in the deficit from 2021 to 2022 is due to one thing, and one thing only: the expiration of the enormous COVID spending programs. You don’t have to take my word for it. According to the nonpartisan Committee for a Responsible Federal Budget, “Of the $1.4 trillion drop in the deficit between FY 2021 and 2022, roughly $1.45 trillion—or 104 percent—was the result of shrinking or expiring COVID relief.”
— Marc Goldwein (@MarcGoldwein) October 21, 2022
“The decline in the deficit over the past fiscal year is more than entirely the result of waning COVID relief and not of historic deficit reduction by President Biden as the White House claims,” the experts conclude. “In fact, the President’s actions to date have increased deficits by $4.8 trillion through 2031.”
Nearly $5 trillion in additional debt added over the next decade. Does that sound like “historic deficit reduction” to you?
The president’s rhetoric is partisan gaslighting, plain and simple. Our gigantic national debt is very much a problem for which both parties are to blame. But Joe Biden and the Democrats don’t deserve an ounce of credit for “deficit reduction,” and any claim otherwise is either deeply dishonest or woefully ignorant.