During a speech at the 2022 House Democratic Caucus Issues Conference on Friday, Democrat President Joe Biden gave an emotional speech about the American people’s unfavorable view on his economic performance, saying Americans are wrong to think that government spending is the reason for the record high inflation rates.
“Last year — because of all you did — we reduced the deficit by 360 billion dollars,” Biden said. “We the Democrats — while the economy grew!”
“We’re on track right now … to be the first president in history to lower the deficit by over 1 trillion dollars in one year,” he claimed.
“So, I’m sick of this stuff!” Biden said. “We have to talk about it because the American people think the reason for inflation is government spending more money. It’s simply not true.”
Biden has claimed on multiple occasions that he was the first president to lower the deficit by $1 trillion. However, as explained by The Wall Street Journal, that embellishment is “one for the ages” which assumes he is unable to actually enact his agenda – like passing his Build Back Better plan or additional COVID relief he has been pushing for.
“He’s also using the fiscal 2020 budget as his benchmark. Congress passed $2 trillion in Covid relief in March 2020 to prevent a recession. Both parties piled on $900 billion more that December, and Democrats in March 2021 ladled out nearly $2 trillion more. The deficit is declining because Congress blew it out for two years,” The Wall Street Journal wrote. “Revenues have been surging thanks to strong corporate profits, capital gains, and rising nominal incomes. Inflation is always good for government coffers. Receipts are up 28% during the first four months of this fiscal year. But the Congressional Budget Office still projects deficits to exceed $1 trillion on average over the next decade.”
Additionally, as explained by economist John Cochrane, the current inflation crisis – which is at its highest level in 40 years – is directly attributable to government spending. According to The Wall Street Journal, Cochrane “traces the present inflation to the pandemic and the government’s response. Starting in March 2020, ‘the Treasury issued $3 trillion of new debt, which the Fed quickly bought in return for $3 trillion of new reserves.’ The Treasury then sent checks to people and businesses, later borrowing another $2 trillion and sending more checks. Overall federal debt rose nearly 30%. ‘Is it at all a surprise,’ Mr. Cochrane asks, ‘that a year later inflation breaks out?’”
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