Are Deficits Actually Going Down?
Posted: Oct 06, 2022 12:01 AM
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The president is annoyed. On Saturday, during a speech to the Congressional Black Caucus, he complained that “I’m so sick of Republicans saying we’re the ‘big spenders.’ Give me a break. Give me a break.” He all but said in one portion of the speech that he is spending a lot of money on special interests and yet “doing all of this while reducing the deficit — last year, $350 billion, and this year by $1 trillion.” It’s magic.It’s amazing to watch a speech in which so few fiscal facts are correct. First, the Committee for a Responsible Federal Budget estimates that “the Biden administration has enacted policies through legislation and executive actions that will add more than $4.8 trillion to deficits between 2021 and 2031.” That’s exclusively his administration, and these sums will be added to the trillions in debt accumulated by previous administrations.And let’s not forget that the $4.8 trillion figure would be significantly larger if he and his Democratic friends in Congress had passed the roughly $2.5‑to-$5 trillion Build Back Better legislation they pushed so hard for. The figure also rests on the dubious assumption that the Inflation Reductio …