President Biden has repeatedly taken credit for reducing the federal deficit since taking office. This was always pretty misleading, as the decrease in deficits under his watch largely occurred because of COVID-era spending expiring and happened only because Biden’s additional spending agenda didn’t get passed. Yet the president’s supposed fiscal conservatism has also proven remarkably short-lived.
New reporting from the Washington Post reveals that the federal deficit is projected to explode back up to $2 trillion for Fiscal Year 2023, meaning that Biden’s supposed decrease was just a temporary reduction. This is particularly unusual, Jeff Stein reports, because deficits typically decrease when the economy is growing at a decent clip, but the opposite is happening here.
“To see this in an economy with low unemployment is truly stunning. There’s never been anything like it,” former Obama administration economist Jason Furman said […]
Read the Whole Article From the Source: www.based-politics.com
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