Posted on 10/20/2023 4:28:02 PM PDT by ChicagoConservative27
The U.S. budget deficit increased 23 percent to $1.7 trillion, an increase of $320 billion, in the year after the Biden administration pushed through the Inflation Reduction Act which it claimed would close the government’s funding gap.
The explosive growth in the deficit came as revenue fell $457 billion from a year ago and expenses decreased by just $137 billion. Total spending for the year came in at $6.134 trillion.
(Excerpt) Read more at breitbart.com ...
snip
In total, about $113.1 billion in funding for Ukraine was authorized in 2022, according to an analysis by the Committee for a Responsible Federal Budget. Most of that – about $67.1 billion – was for defense-related spending, the CRFB said. The other $46 billion included $26.9 billion for an economic support fund; $7.9 billion for international disaster assistance; $6.6 billion in assistance for refugees; $1.5 billion for assistance for Europe, Eurasia and Central Asia; plus another $3.1 billion for other nondefense spending.
The U.S. Agency for International Development has been coordinating with the Treasury Department to distribute authorized economic aid to Ukraine in tranches. In a report published on Feb. 17, USAID said it had so far provided $13 billion in “direct budget support” to the government of Ukraine, or “GoU” for short.
“This funding has helped the Ukraine pay the salaries of 618,000 educators, 517,000 health workers, and 56,500 first responders,” the report says. “It has also helped them to sustain critical healthcare services, meet its pension responsibilities for 9.8 million people, assist 1.3 million internally displaced persons, provide housing assistance to 4.1 million people, and provide social assistance to 240,000 low-income families and 480,000 persons with disabilities.”
That report did not say how much was spent on pensions, but a USAID spokesperson sent us another USAID report to Congress that indicated $4 billion of budget support for Ukraine was spent on pensions as of Nov. 30, 2022.
The bottom line: While the video of Biden talking about providing funding to pay Ukrainian pensioners may have caught some by surprise, the fact is that Biden made those comments BEFORE Congress approved the money months ago on a bipartisan basis.
================================================
Update, Feb. 23, 20243: After we published this story, a USAID spokesperson responded to our request for more information. We updated this story to include the amount spent on pensions
Generational theft is going on now. My grown kids complain to me about their expenses and how much they have gone up in the last 2 years.
USA is toast. Regardless of who is in charge.
The brief period of “no deficit” was the direct result of two things:
1. Lower capital gains tax rates that caused a major boom in the U.S. economy.
2. The flood of new tax revenues generated by conversions from IRAs to the new Roth IRAs that were established under the 1997 tax changes.
“turn out the lights”
...I think you mean ... blow out the candle ...
“Total spending for the year came in at $6.134 trillion”
Hard to wrap my brain around that number.
I say damn the wall. Militarized border is a secure border.
This is what the GOP is fighting to KEEP!
Years ago, I had a conversation with a liberal acquaintance about Reagan and the fall of communism in Eastern Europe. My acquaintance gave Reagan no credit at all. Instead he listed a bunch of other reasons why communism collapsed there. He talked as if Reagan was a mere bystander.
I obviously disagreed. For good or for bad, the buck stops at the Oval Office. And that’s why I give credit to Clinton for balancing the budget. As you noted, other factors were involved. But Clinton was at the helm.
You and others here see that differently, and I respect that.
“The U.S. budget deficit increased 23 percent to $1.7 trillion, an increase of $320 billion, in the year after the Biden administration pushed through the Inflation Reduction Act which it claimed would close the government’s funding gap.”
Biden math.
Biden or some worthless administration official:
“Yes we reduced spending because the original projection was that spending needed to increase by $640B. We cut spending in half and now only require $320B.”
Clinton had several things in his favor.
The end of the Cold War, and an economy that had already transitioned from Cold War to peace time.
The Tech Boom and Y2K and the tax revenue they generated, both of which were over before he left office.
He effectively punted dealing with Bin Laden terrorism and its cost to the next president, in spite of the numerous attacks that occurred on his watch. The media kept our attention off of this and on all of the jobs created by the Tech Boom.
It was Clinton who gave China MFN, which unfortunately the Republicans largely supported. Remember the debate between Gore and Perot, where Perot warned of the sucking sound while Gore threw out a bunch of nonsense statistics? Yup, that was Clinton who sabotaged our economy even as he was taking credit for it.
What does any of this have to do with our deficits, you ask? The tax payers who would have been in the US and paying into our infrastructure and military were replaced with tax payers in China paying into China's instead.
Spot on
*
But, what about those nasty tweets?
If Trump somehow overcomes the massive cheat that is coming our way, he is going to reside over a massive global disaster. These evil pricks hate America and its legal citizens.
If you study the figures you’re going to find out about $1 trillion of that is for healthcare cost only.
Selected by the stupidest “President” ever.
The only thing I’ve seen Republicans actually stand up for is the occasional 2A/anti-woke thing. They’re useless on immigration and anything related to finance. Even if they had full control of all branches of government they’d hardly spend any less than Democrats do.
Because their donor class has no problem with the 2A or anti-woke, but they do have a problem with their supply of cheap labor and free government $ being cut off. Something has to be done about the corporate elites. I don't know what, but if we are to avoid becoming Argentina or the Weimar Republic something must be done.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.