We almost fell off our bar stools last week when we heard this bit of braggadocio from Joe Biden:
“Today, my administration announced that this year the deficit fell by $1.4 trillion — the largest one-year drop in American history.
Let me repeat that: the largest-ever decline in the federal deficit.”
Talk about putting lipstick on a pig. Joe Biden has spent and borrowed more money in his first twenty months in the White House than any other president in history. He’s already increased spending over the next 10 years by well over $4 trillion.
We went back and looked at what the Congressional Budget Office baseline was the month Biden left office and compared that to Biden’s fiscal results so far. The first chart below shows he has ALREADY added just shy of $900 billion to the amount the feds would have spent and borrowed if he had simply done nothing.
Now let’s look at the unconscionable deterioration of the longer-term fiscal picture. Thanks to Biden’s spending blitz, the debt over the next decade will be larger in every single year with almost $5 Trillion added – more than we spent to fight World War 2.
If you believe Biden is a deficit cutter, you also probably believe O.J. was innocent.