This is according to the latest forecast from the Congressional Budget Office, which is run by the Democrats.
Even after adjusting for inflation, no American president has ever added that much to the debt of the country in their first two years in office. And were it not for our hero Joe Manchin of West Virginia blocking the Build Back Better bill, Biden’s debt spending would have been $3 to $4 trillion higher still. He’s still peddling BBB, by the way.
But when he’s not doing that, Joe in his press announcements is congratulating himself for being a fiscal tightwad who is reducing the debt “by a record amount.” That’s because the Feds will borrow “only” $1 trillion this year down from an all-time record high of $2.5 trillion last year. He fumed last week that he is “sick and tired” of being portrayed as a big spender. This is like celebrating a teenager’s report card because his F in math improved to a D the next semester.
Here’s a chart that compares the size of the Biden “stimulus” infusions (enacted and recommended) and previous initiatives. Of course, we all should have learned by now that government spending is a de-stimulus to the economy.