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Biden’s Budget Proves What An Epic Disaster He’s Been
Issues & Insights ^ | 12 Mar, 2024 | I & I Editorial Board

Posted on 03/12/2024 5:25:26 AM PDT by MtnClimber

President Joe Biden brags that the budget he released on Monday would cut the deficit by $3 trillion, even while offering truckloads of new goodies to Americans.

That will get headlines.

What won’t make the news is the fact that his Fiscal 2025 budget provides clear and incontrovertible evidence that he has caused a fiscal and economic disaster of epic proportions.

How do we know this? Because buried in the back of the annual budget document is a table called “Baseline by Category.” This is a forecast of spending, revenues, and deficits that would result if the government is left on autopilot.

READ MORE Share Story Facebook LinkedIn Twitter Telegram WhatsApp Copy About Login So, we dug out Biden’s first budget — released in early 2021 — to see what the administration said would happen if Biden did nothing. In other words, what would spending, revenues and deficits look like if all of President Donald Trump’s policies remained in effect. Let’s call this the Trump baseline.

Then we compared that with the latest “Baseline” projection in Biden’s new budget — which assumes that all of Biden’s current policies remain in effect for the foreseeable future. We will call this the Biden baseline.

What did we find?

In his latest budget, Biden says that deficits over the next five years will total $9 trillion. Again, that’s assuming that the government is left on autopilot over that time. The Biden baseline puts us on course to borrow a total of $9 trillion from 2025 through 2029.

But the Trump baseline would have produced deficits over these same years of $6.1 trillion.

As a result, we now know that Biden’s policies have boosted projected deficits by $2.9 trillion from 2025 to 2029.

How is that possible, when Biden claims that he’s cut the deficit by more than any president in history?

Let’s look at the details.

Under Biden, taxes have gone up, but spending has gone up much, much faster.

Revenues under the Biden baseline are expected to come in $2.6 trillion higher than under the Trump baseline.

But Biden added $5.5 trillion to Trump’s spending “baseline.”

Biden has increased the size of government across the board. A huge driver of that spending increase is the massive increase in net interest on the debt, which resulted from his spendthrift ways that fueled Bidenflation.

The nearby chart below shows the differences between the Trump and Biden baselines.

The economy is also worse off than it would have been had Biden done nothing.

Biden’s first budget, issued soon after he took office, projected 4.3% growth in real GDP in 2022. The actual result was 1.9%.

In other words, Biden’s “Rescue America Plan” ended up cutting economic growth more than half!

Where he initially projected 1.9% growth this year, he now pegs it at 1.7%.

Inflation was supposed to be 2.1% from 2021 through this year. The reality: prices spiked to 4.7% in 2021, then went up to 8% in 2022 and 4.2% in 2023. Inflation this year will be higher than Biden initially projected, coming in at 2.9%.

Meanwhile, interest rates in 2022 were 10 times as high as Biden projected when he took office. In 2023, he projected rates of 0.4% — they topped 5%. And this year, where rates were projected to be 0.8%, Biden now pegs them at 5.1%.

Worse, in his current budget, Biden doubles down on this record of failure. He wants to sharply increase both spending and taxes, and would still leave a $1.6 trillion annual hole in the budget as far as the eye can see.

This is Biden’s true legacy. And if he’s allowed to dig the hole any deeper, we might never be able to climb out.


TOPICS: Business/Economy; Society
KEYWORDS: marxism
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1 posted on 03/12/2024 5:25:26 AM PDT by MtnClimber
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To: MtnClimber

Doubling down on failure is the normal leftist impulse.


2 posted on 03/12/2024 5:25:37 AM PDT by MtnClimber (For photos of scenery and wildlife, click on my screen name for my FR home page. More photos added.)
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To: All

This was the entire crowd that greeted Joe and Jill (she's still trying to do a Hillary) in Georgia.
"Maybe" a 100---includes media, cameramen, staff, SS, Democrat rank and file, and a cadre of
hecklers who walked out once he started speaking. Voters were neither seen nor heard.

No numbers were reported by the media airheads.No pics of the sparse crowd aired.

BTW, Trump in Georgia was applauded and cheered by thousands.

3 posted on 03/12/2024 5:33:30 AM PDT by Liz (This then is how we should pray: Our Father who art in heaven, Hallowed be thy name. )
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To: MtnClimber

He wants $7T in 2025. He could have demanded $10T and Congress would just let him have it.


4 posted on 03/12/2024 5:39:14 AM PDT by lurk (u)
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To: All

The true indicator of the extent to which the situation has unraveled can be found in these numbers. 1.8 trillion this year in deficit.

There was a time when swamp filth imagined that the word conservative in some fashion equated to a presumption that tax revenue would increase with growth and solve all of the problems of deficit and debt. That is swamp thinking. That is not conservatism.

It is scary looking back at how no one questioned this thought on the part of alleged conservatives. Whenever anyone would complain about spending, and deficits, and debt the reply would always be that we would grow our way out of it via conservative policies that were going to increase GDP.

Swamp thinking. The filth of the GOP swamp has led to inescapable disaster, and the operative word there is not disaster.

There is no fix. The swamp filth has arranged for their own families to profit and maximize from the efforts of those they deluded. Do you realize what congressional pensions look like?

Buy farmland.


5 posted on 03/12/2024 5:44:24 AM PDT by Owen (.)
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To: Liz

And yet, I worry. Crowd size adulation is not reflected in current polls.

Biden is polling far better than the adulation disparity would suggest.

I worry


6 posted on 03/12/2024 5:44:25 AM PDT by bert ( (KE. NP. +12) Hamascide is required in totality)
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To: Liz

Doesn’t matter. Hitler’s rallies also had thousands, they will say.


7 posted on 03/12/2024 5:46:52 AM PDT by nwrep
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To: Liz
"Maybe" a 100---includes media, cameramen, staff, SS, Democrat rank and file, and a cadre of hecklers who walked out once he started speaking. Voters were neither seen nor heard.

Amazing that the most popular President can barely get a a handful of regular people to attend a "rally".

8 posted on 03/12/2024 5:47:27 AM PDT by 1Old Pro
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To: bert

are the trumpers registering people to vote and providing mail in voting at the rallies? Both for the participants and for the participants to take back to their towns and cities?

Or is this just a feel good event.

conservatives miss many opportunities.


9 posted on 03/12/2024 5:48:25 AM PDT by Chickensoup
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To: nwrep
Doesn’t matter. Hitler’s rallies also had thousands, they will say.

Attendance was mandatory or under duress or pressure.

10 posted on 03/12/2024 5:50:09 AM PDT by 1Old Pro
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To: 1Old Pro

How popular is Biden? He “won” 2020 w/ 1 million votes.


11 posted on 03/12/2024 5:52:07 AM PDT by Liz (This then is how we should pray: Our Father who art in heaven, Hallowed be thy name. )
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To: bert

Biden’s more worried about those polls than you are....if thats any consolation....snx.


12 posted on 03/12/2024 5:53:38 AM PDT by Liz (This then is how we should pray: Our Father who art in heaven, Hallowed be thy name. )
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To: Owen

> There is no fix. <

And there will be no knight in shining armor to save us. Biden’s budget included huge deficit spending. But so did Trump’s. Evidently no one on either side (except Rand Paul) cares.

My prediction: Weimar-style hyperinflation. It’s the only way to pay off the deficit, short of defaulting. The only thing I can’t predict is the when.


13 posted on 03/12/2024 5:55:43 AM PDT by Leaning Right (The steal is real.)
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To: 1Old Pro

Facts don’t matter to them.


14 posted on 03/12/2024 5:58:22 AM PDT by nwrep
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To: MtnClimber

Out of touch, tone deaf, and willfully ignorant of decades, nay, centuries of sound fiscal practice. The drive to conform with a command-and-control scheme to make things happen always bogs down when the managers of this directed economy fail to take into account the power and intensity of personal initiative and the shrine of incentive.


15 posted on 03/12/2024 6:03:41 AM PDT by alloysteel (Most people slog through life without ever knowing the wonders of true insanity.)
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To: MtnClimber

Joe plans to pay for all his Illegals and solve the fake climate crisis before he gets the boot ,LOL


16 posted on 03/12/2024 6:07:05 AM PDT by butlerweave
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To: MtnClimber
HERE IS YOUR CAMPAIGN AD, TRUMP!

Biden is asking for a $36,000 of tax hikes per family!

Elections have consequences!

It's The Economy, Stupid!

17 posted on 03/12/2024 6:13:08 AM PDT by IllumiNaughtyByNature (The kernel of our firm's job is to go with lots. - tnlibertarian job offer letter)
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To: Leaning Right

There can be no default. There will always be money created to cover debt payments.

There is nothing magical about inflation, either. All economics “laws” describe the behavior of a substance created whimsically by central banks. No such substance (money) should be expected to conform to “laws”. Why would anyone expect anything created from nothing to behave in any predictable way?


18 posted on 03/12/2024 6:14:36 AM PDT by Owen (.)
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To: Liz

When was this? Given the lack of masks, it appears it was pretty recent as even the Left has largely stopped indulging in that.


19 posted on 03/13/2024 1:22:09 PM PDT by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: lepton

Happened a day or two after his SOTU.


20 posted on 03/13/2024 1:42:22 PM PDT by Liz (This then is how we should pray: Our Father who art in heaven, Hallowed be thy name. )
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