The U.S. economy has only downgraded since President Joe Biden took office on Jan. 20, 2021, in what is being referred to as “Bidenomics.”
To date, the U.S. budget deficit jumped 23% to $1.7 trillion, marking an increase of $320 billion in 2023 after the Biden administration pushed through its so-called Inflation Reduction Act, which Biden later admitted had nothing to do with inflation.
— New York Post (@nypost) October 20, 2023
The catastrophic increase in the deficit comes after revenue decreased by $457 billion in 2022 and expenses were cut by $137 billion. Total spending in 2022 clocked in at approximately $6.1 trillion, according to Breitbart News.
Breitbart News reported that spending would have been dramatically higher had the U.S. Supreme Court not ruled Biden’s student loan forgiveness program unlawful.
The deficit adds to the U.S.’s ever-increasing debt total, which the federal government recently reported reached $33.6 trillion. The Pete G. Peterson Foundation said that such a debt of that magnitude would take 21 years to pay off if every household in America would pay $1,000.
Such an increase in the deficit can be attributed to the Biden administration’s failed proposals, such as the Inflation Reduction Act, the American Rescue Plan and its decision to hand out money as if it grew on trees. Despite these attempts at reducing inflation, Biden has only done the reverse.
The burden of inflation has led Social Security’s cost of living adjustments to jump by $134 billion.
“The Federal Reserve was forced to raise interest rates at a record pace and downsize its mammoth balance sheet in an effort to bring down inflation, raising the cost of government borrowing. Outlays for interest on the public debt increased $162 billion, going from $475 billion to $659 billion,” Breitbart News reported.
Despite runaway inflation and an economy in disarray, Biden recently asked Congress to provide Ukraine and Israel with a $106 billion aid package. More than half the aid will be sent toward Ukraine despite Israel, America’s strongest ally, being brutalized by Hamas, a terrorist organization.
Instead of blaming themselves for the deficit increase, the Biden administration is pointing fingers at former President Donald Trump, whose time as president led all Americans to financial success.
“This year, the effect of the Trump tax cuts on revenues and deficits is clear,” a White House official said.
The Biden administration wrongfully claimed that the economy has grown under Biden — a claim that has been widely rejected by Americans struggling to make ends meet.