jonny5
DP Veteran
- Joined
- Mar 4, 2012
- Messages
- 27,581
- Reaction score
- 4,664
- Location
- Republic of Florida
- Gender
- Male
- Political Leaning
- Libertarian
Fact check: Deconstructing Biden's claim that 'I reduced the federal deficit'
President Joe Biden has been taking credit for reducing the federal budget deficit, the annual gap between the money the government takes in and the money the government spends.www.cnn.com
TLDR - Even CNN says its false
The deficit has been smaller under the Biden administration than it was at the end of President Donald Trump's tenure. But the deficit has been bigger under the Biden administration than the nonpartisan federal Congressional Budget Office had projected it would be if the Biden-era federal government stuck with the laws that were in effect when Trump left office in early 2021. |
Any deficit reduction is due to simply not passing even more pandemic aid, though Biden/Dem Congress gave it their best shot. They actually INCREASED the deficit relative to pre pandemic levels by passing 2 major spending bills totaling 4 trillion
in additional spending over normal budget levels.
Deficit
2019 - 1T
2020 - 3.1T
2021 - 2.8T
2021 estimate - 1.1T
And Biden's budget request is to increase the deficit to 1.7T by 2032. But expect to keep hearing this lie told over and over. And to keep adding trillions in debt. So long as no one is will to sacrifice any spending and most americans dont want to pay income taxes, nothing will change.
Defense spending is 700bn, more than the next 5 countries combined. And it can be cut too.
Republicans only care about deficits when democrats are in power.
There, no need to post if thats all you have.
A perpetually rising debt-to-GDP ratio is unsustainable over the long term because financing deficits and servicing the debt would consume an ever-growing proportion of the nation’s income.
The likelihood of a fiscal crisis increases as federal debt continues to rise in relation to GDP, because mounting federal debt could erode investors’ confidence in the government’s fiscal position and result in a sharp reduction in their valuation of Treasury securities. In turn, investors would demand higher yields to purchase Treasury securities and thus drive up interest rates on federal debt. Additionally, concerns about the U.S. government’s fiscal position could lead to a sudden increase in inflation expectations, fear of a large decrease in the value of the U.S. dollar, or a loss of confidence in the federal government’s ability to repay its debt in full, all of which would make a fiscal crisis more likely. If a fiscal crisis occurred, it would result from multiple factors, and no clear basis exists for identifying the level of debt that might lead to such a crisis in the United States.
The debt and the deficit are two different things. The debt can increase while the deficit is falling.Fact check: Deconstructing Biden's claim that 'I reduced the federal deficit'
President Joe Biden has been taking credit for reducing the federal budget deficit, the annual gap between the money the government takes in and the money the government spends.www.cnn.com
TLDR - Even CNN says its false
Any deficit reduction is due to simply not passing even more pandemic aid, though Biden/Dem Congress gave it their best shot. They actually INCREASED the deficit relative to pre pandemic levels by passing 2 major spending bills totaling 4 trillion in additional spending over normal budget levels.
Deficit
2019 - 1T
2020 - 3.1T
2021 - 2.8T
2021 estimate - 1.1T
And Biden's budget request is to increase the deficit to 1.7T by 2032. But expect to keep hearing this lie told over and over. And to keep adding trillions in debt. So long as no one is will to sacrifice any spending and most americans dont want to pay income taxes, nothing will change.
Defense spending is 700bn, more than the next 5 countries combined. And it can be cut too.
Republicans only care about deficits when democrats are in power.
There, no need to post if thats all you have.
Ouch!The debt and the deficit are two different things. The debt can increase while the deficit is falling.
Man, posting those rhetorical responses ahead of time really killed debate. So lets get into the current situation.
says CBO. And provides two options.
1. raise taxes - income tax pays for about half of what the govt spends outside SS, 10% of citizens pay about half of those taxes
2. cut benefits - 75% of spending goes to social programs
CBO also warns that the more we delay, the harder it is because interest payments. While still not a short term threat, the risk is only increaseing.
The Economic Effects of Waiting to Stabilize Federal Debt
Notes Notes All years referred to in this report are calendar years. Numbers in the text, tables, and figures may not add up to totals because of rounding.www.cbo.gov
The end result is we need to at the very least, throw out democrats, have Biden and Republicans obstruct each other to force fiscal responsibility like in 2005 and 1996. And then what comes from that. If nothing, harder choices need to be made.
Man, posting those rhetorical responses ahead of time really killed debate. So lets get into the current situation.
says CBO. And provides two options.
1. raise taxes - income tax pays for about half of what the govt spends outside SS, 10% of citizens pay about half of those taxes
2. cut benefits - 75% of spending goes to social programs
CBO also warns that the more we delay, the harder it is because interest payments. While still not a short term threat, the risk is only increaseing.
The Economic Effects of Waiting to Stabilize Federal Debt
Notes Notes All years referred to in this report are calendar years. Numbers in the text, tables, and figures may not add up to totals because of rounding.www.cbo.gov
The end result is we need to at the very least, throw out democrats, have Biden and Republicans obstruct each other to force fiscal responsibility like in 2005 and 1996. And then what comes from that. If nothing, harder choices need to be made.
Sit down, your guy put us almost seven trillion in the hole.Fact check: Deconstructing Biden's claim that 'I reduced the federal deficit'
President Joe Biden has been taking credit for reducing the federal budget deficit, the annual gap between the money the government takes in and the money the government spends.www.cnn.com
TLDR - Even CNN says its false
Any deficit reduction is due to simply not passing even more pandemic aid, though Biden/Dem Congress gave it their best shot. They actually INCREASED the deficit relative to pre pandemic levels by passing 2 major spending bills totaling 4 trillion in additional spending over normal budget levels.
Deficit
2019 - 1T
2020 - 3.1T
2021 - 2.8T
2021 estimate - 1.1T
And Biden's budget request is to increase the deficit to 1.7T by 2032. But expect to keep hearing this lie told over and over. And to keep adding trillions in debt. So long as no one is will to sacrifice any spending and most americans dont want to pay income taxes, nothing will change.
Defense spending is 700bn, more than the next 5 countries combined. And it can be cut too.
Republicans only care about deficits when democrats are in power.
There, no need to post if thats all you have.
Voters on both sides are addicted to living beyond their means. End result is neither party has strong enough leadership to challenge the 'spend to get votes' norm. That's why an obstructive split executive/congress can deliver lower deficits. Not because it's good for the country, but because it's politically advantageous to try and prevent 'the other guys' from achieving anything that the voters might like.
This discussion is a classic example. The right are complaining about what are forecast to be relatively minor increases in the deficit over the next decade in the wake of a once in a 100yr economic hit from covid. I don't actually disagree with them, but where were they when Trump nearly doubled the deficit in 3 years pre covid after inheriting an economy already in a record long expansion. At the rate Trump was growing the deficit it would have massively exceeded the current Biden forecasts.
The real argument between the two parties today is about whose voters get the most out of a pool of wealth thats no longer big enough for everyone.
They have lowered the deficit significantly.I dont know where the right was, but I was here complaining about deficits and debt. 80% increase is not a minor increase in the deficit, especially when the base is over a trillion to start. That equals yet another 10 trillion in debt. Thats an additional 14 trillion in debt accoriding to Biden himself.
Trump isnt President so he is no longer relevant. Democrats control the budget. What are they doing about it? So far, theyve passed about 4 trillion in new spending.
Voters on both sides are addicted to living beyond their means. End result is neither party has strong enough leadership to challenge the 'spend to get votes' norm. That's why an obstructive split executive/congress can deliver lower deficits. Not because it's good for the country, but because it's politically advantageous to try and prevent 'the other guys' from achieving anything that the voters might like.
This discussion is a classic example. The right are complaining about what are forecast to be relatively minor increases in the deficit over the next decade in the wake of a once in a 100yr economic hit from covid. I don't actually disagree with them, but where were they when Trump nearly doubled the deficit in 3 years pre covid after inheriting an economy already in a record long expansion. At the rate Trump was growing the deficit it would have massively exceeded the current Biden forecasts.
The real argument between the two parties today is about whose voters get the most out of a pool of wealth thats no longer big enough for everyone.
I think that is why you see the GOP so publicly focussed issues like immigration, guns, abortion etc, and so reluctant to present any detailed economic policy. If half their voters had a true understanding of GOP economic policy impacts the GOP would never hold power again.The great majority of Rep/con voters get no more than do Dem voters from Rep/con politicians. Rep/con leaders only want to pass wealth to the rich and large corps. Dems to the middle class and those with the least. Guess who's winning.
First off when you post to a political forum your political opinion and then state the above to tell people who disagree with you not to respond why come on this forum? Are you that insecure you can't handle people who disagree with you.There, no need to post if thats all you have.
View attachment 67390364
Your solution would increase the National Debt based on actual history. Before you point out the only D with significant expansion (but...Obama), may I remind you that he was dealing with a global economic recession in his first term.
In other words, your mindset on this issue is 100% incorrect.
No one ever talks about how Trump reduced the debt at the beginning of his term. Clear media bias.Trump isnt President so he is no longer relevant.
Trump never reduced any deficit while in office. That is an absolute falsehood. The statistics and actual deficit amounts can be found by anyone.xploded the country's deficit above $3 trillion, a new record by a wide margin.
Read more at:
https://economictimes.indiatimes.co...ofinterest&utm_medium=text&utm_campaign=cppst
No one ever talks about how Trump reduced the debt at the beginning of his term. Clear media bias.
Donald J. Trump on Twitter
“The media has not reported that the National Debt in my first month went down by $12 billion vs a $200 billion increase in Obama first mo.”web.archive.org
That guy is a ****ing economic genius. No longer relevant? We need more policies like his to reduce the debt.
Sarcasm detector in the repair shop?The fact you call this economic illiterate a genius does not surprise me.
Oh shit. SORRY ISIDORE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!REALLY!!!!!!!!!!!!!!!!!!!!!!!! I am pulling my head out my rear.Sarcasm detector in the repair shop?
Trump trying to take credit for a momentary dip in the national debt when he first took office is a perfect illustration of exactly how clueless he actually is on economic matters. It also highlights that politicians will often try to take credit for circumstances that occur when they happen to be in office - which seems somewhat related to the opening post.
Thanks for your reply!
No need to apologize. I'm new, so people don't know me. Plus I'm still getting used to how some things work around here. I also tend to have a dry sense of humor which doesn't always translate to the written word.Oh shit. SORRY ISIDORE!
Only in America could spending 150% of federal revenue verses spending 200% of federal revenue be viewed as an accomplishment.Fact check: Deconstructing Biden's claim that 'I reduced the federal deficit'
President Joe Biden has been taking credit for reducing the federal budget deficit, the annual gap between the money the government takes in and the money the government spends.www.cnn.com
TLDR - Even CNN says its false
Any deficit reduction is due to simply not passing even more pandemic aid, though Biden/Dem Congress gave it their best shot. They actually INCREASED the deficit relative to pre pandemic levels by passing 2 major spending bills totaling 4 trillion in additional spending over normal budget levels.
Deficit
2019 - 1T
2020 - 3.1T
2021 - 2.8T
2021 estimate - 1.1T
And Biden's budget request is to increase the deficit to 1.7T by 2032. But expect to keep hearing this lie told over and over. And to keep adding trillions in debt. So long as no one is will to sacrifice any spending and most americans dont want to pay income taxes, nothing will change.
Defense spending is 700bn, more than the next 5 countries combined. And it can be cut too.
Republicans only care about deficits when democrats are in power.
There, no need to post if thats all you have.
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