For Trumpets who want to deconstruct Biden's deficit or blame him for inflation all you do when you engage in such arguments is how your lack of understanding of how economy works so is it any wonder you think someone like Trump is an expert on the economy? Please look at the facts which are all public domain:
1- when Trump implemented the
Tax Cuts and Jobs Act into law on December 2017, the Congressional Budget Office a n eutral non partisan agency BO forecasted that this would increase the sum of budget deficits (debt) by $2.289 trillion between 2018-2027 decade nin addition to the $10.1 trillion increase forecast by the CBO in June 2017; source:
https://www.cbo.gov/publication/52370
2-in 2018, the federal government spent $4.11 trillion, up $127 billion or 3.2% from 2017 spending of $3.99 trillion;
3-in 2019, the federal government spent $4.45 trillion,an increase of $338 billion or 7.1% as compared to 2018 and $4.11 trillion in spending;
( note in regards to both 2 and 3 spending increased increased for all major categories and in particular higher spending for Social Security, net interest on the debt, and defense)
4-in fact the budget deficit increased from:
a-budget deficit increased from $666 billion in 2017 to $779 billion in 2018, an increase of $113 billion or 17.0%;
b- $779 billion in 2018 to $984 billion in 2019, up $205 billion or 26%.
5-the 2019 deficit was an estimated 4.7% GDP, up from 3.9% GDP in 2018 and 3.5% GDP in 2017.
6-during January 2017, just prior to President Trump's inauguration, CBO forecast that the 2019 budget deficit would be $610 billion if laws in place at that time remained in place and the then $984 billion actual result represents a $374 billion or 61% increase versus that forecast, driven mainly by tax cuts and additional spending;
7-the 2018 budget deficit of $779 billion was a $292 billion or 60% increase versus that forecast.
All of the above is proven fact and on public domain and can be found at:
When it comes specifically to the current deficit and inflation, Covid 19 triggered the supply chain collapse and first round of inflation as demand remained but supply levels shrunk. Then government expenditures implemented to kick start the economy directly triggered a second type and round of inflation and of course deficits and now sanctions have led to OPEC nations taking advantage of a shortage of gas and oil to try make up for profits lost during Covid 19, by now refusing to increase supply levels or even maintain them at agreed levels to avoid inflation as to its value.
Oil suppliers in particular sense all governments are now committed to transition away from fossel fuels and are trying to make as much profit as they can during the next 30 years now as the transition begins to electricity, solar, nitrogeon, replacements. Nitrogen technology is already sitting and waiting.
The US and world will undergo major changes to gas and oil prices but the US can offset some of it with solar, nitrogen, natural gas (which is clean), hydro electricity and smaller nuclear energy plants as well as thermal energy harnessed from garbage a Swedish method that inner cities in the US will turn to.
Trump will be dead within 1-4 years. The change over is only beginning and we are due for some more major floods, draughts and pandemics that will exasperate and accelerate changes.