Joe Biden likes to claim that he’s reduced the budget deficit by the largest in history, but we’ve all known that’s a load of hooey.
Well the numbers are in and, as suggested, it turns out Biden is the biggest spender of all presidents.
And his term is only half over.
Via the New York Post:
Mirror, mirror on the wall, who’s the biggest presidential spender of them all?
Joe Biden wins that award by a landslide. That’s the depressing result from our new study at the Committee to Unleash Prosperity, based on the latest official money and budget forecasts from the Congressional Budget Office.
This may be a surprising conclusion given that Biden keeps touting his line that “we’ve cut the deficit drastically.” He even claims that last year he slashed the deficit by more than $1.4 trillion while boasting that this is “the largest debt reduction in American history.”
Every president has been prone to a bit of exaggeration on their record in office, but this one isn’t even within the galaxy of the truth.
Our new analysis of the latest CBO forecast covering the next 10 years reveals the most rapid deterioration of the federal balance sheet ever.
We compared the 10-year fiscal outlook the month Donald Trump left office with the latest forecast just two years later. This comparison indicates some $6.5 trillion of red ink ADDED by Biden to the Trump baseline he inherited. In other words, instead of Biden engineering “the largest debt reduction in history,” Biden has accomplished the polar opposite result: the largest debt INCREASE in American history.”
Here are the numbers:
- In February 2021, publicly held debt was $35.3 trillion, with gross debt — which includes borrowed money that must be repaid to the Social Security and Medicare trust funds — hitting $40 trillion.
- Two years later, in February 2023, those figures were $40.9 trillion and $46.7 trillion respectively.
- That means President Biden added $5.6 trillion to the publicly held debt, and $6.7 trillion to the gross debt.
- The national debt is now scheduled to hit $50 trillion just 10 years from now — that’s roughly five years ahead of earlier forecasts.
It’s probably good that Republicans took back the House to hopefully – and I emphasize the word hopefully – keep Biden from putting us even more in debt.
Becuase he’ll be long gone while the younger generation pays for all of his lavish spending.