Posted on 11/07/2022 10:08:38 PM PST by SeekAndFind
Imagine someone close to you has a drinking problem. Night after night, he goes out to the bars on wild binges, chugging down 10 to 12 beers a night. But then, in a supreme effort to reform himself, the drunkard cuts his consumption down to a six-pack every night.
He starts boasting of his amazing self-control and good behavior.
That's analogous to President Joe Biden's tall tale that he's one of the greatest paragons of fiscal responsibility in modern times. Here's Biden on Oct. 21 discussing his budgetary record at a White House event.
"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. Biden's administration has led the federal government in spending and borrowing more money in his first 20 months in the White House than any other president in history. No one else comes close to his record of fiscal recklessness.
Biden is not even halfway through his presidential term, and he's already signed into law federal spending over the next decade that will exceed $4 trillion.
I recently went back and looked at what the Congressional Budget Office baseline for deficits was the month President Donald Trump left office, in January 2021. Then I compared that to Biden's fiscal results so far.
Here's what I found.
Biden has already added just shy of an extra $900 billion to the federal credit in 2020 and 2021. If Biden had simply done nothing and spent his afternoons playing Scrabble with first lady Jill Biden in the Oval Office, our national debt burden would be much lower.
Instead, Biden swooped into office, and even though Trump, in his final weeks, with Congress, enacted a $1 trillion COVID-19 relief bill that hadn't even been spent yet, Biden called for his $1.9 trillion American Rescue Plan. That was merely a massive bailout of blue states that had kept their businesses locked down for nearly a year.
Then came another $1 trillion for the scam "infrastructure bill," which was really the Green New Deal in disguise. It then was followed by a $600 billion corporate welfare bill for microchip manufacturers. Some Republican lawmakers voted for both measures. But it was Democrats only supporting the Biden administration's efforts to bail out student loan borrowers to the tune of $500 billion.
Cha-ching. Cha-ching. Congratulations. No doubt our great-grandchildren will hold you in great esteem, Joe, when they learn that the tax bills they're charged with 50 years from now will be to pay for the Biden budget splurge -- which has produced little except for runaway inflation , windmills, unemployment benefits to scamsters living in Russia and China, and electric vehicle charging stations.
If that isn't disheartening enough, the longer-term official forecast is uglier still.
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 II.
The Biden White House justifies the borrowing blowout by saying that it inherited an economy in free fall. Not exactly. In the second half of 2020, the six months before Trump left office, the economy surged by more than 20%. So far this year, the economy has grown in nine months by an earth-shattering 0.08%. That's the real disaster here, not what Biden inherited.
To add even more insult to this economic train crash, because of runaway inflation under Biden, the Federal Reserve Board has been forced to raise interest rates on federal debt. This has already added yet another trillion dollars to the debt just to pay the interest on the debt that Biden has already racked up.
The total amount of spending reduction to offset the Biden budget blitzkrieg adds up to a fat zero. Nothing is paid for. It's all debt. Tax revenues, by the way, have surged to all-time highs, but they haven't even nearly kept pace with the fire hose of spending.
Biden has turned the Potomac River into a sea of red ink. But sure, he's the No. 1 deficit-cutter of our time.
And if you buy that, you also probably believe O.J. Simpson was innocent.
Everything is almost twice as expensive as it was in 2020. Gas is three times what it was. When Trump ran for president, he promised a good economy, and delivered it. Joe promised nothing, and we got far worse than nothing.
Here’s the bad news. Federal Reserve creating of money, or running up large deficits of debt, may not be the reason that we have inflation.
Quantitative Ease on the order of trillions of dollars has been going on since 2009. And yet from 2009 until 2021 there was no inflation to speak of.
The reason this is such bad news is that the measures being taken to try to stop inflation may be useless. They presume that money creation, and money supply, are the cause of inflation. But that didn’t happen for well over a decade. Money was being created whimsically and those years just the way it was in recent years, but there was no inflation. The Fed was desperate to get inflation up to 2%, but it didn’t happen.
So it may not be Biden’s fault. We don’t have any idea who’s fault it is. There is inflation in other countries and Biden has no impact on those.
I think all that money went into real estate and stocks.
“ There is inflation in other countries and Biden has no impact on those.”
I thought much of the world uses the dollar? Also isn’t our dollar tied up with petroleum? So there may be some connection.
From the US Federal Reserve: “ For most of the last century, the preeminent role of the U.S. dollar in the global economy has been supported by the size and strength of the U.S. economy, its stability and openness to trade and capital flows, and strong property rights and the rule of law. As a result, the depth and liquidity of U.S. financial markets is unmatched,
This article is way to kind on Republicans. Both parties are the Kings of Debt and Deficits. The Republicans stopped trying to cut spending during the Bush Administration. The only difference is that Democrat spending is truly insane, which Republican spending is just reckless and irresponsible.
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