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2022-10-25 Home Front: Politix

How Biden has spun the $1.4 trillion reduction in the deficit while he has INCREASED spending: 'Historic' drop he says is proof his policies are working has been sparked by the end COVID relief

Joe Biden is spinning economic victory out of the $1.4 trillion reduction of the national deficit

Deficit drop actually came with the ending of covid relief funding

The Committee for a Responsible Federal Budget found that 'over 100 percent [of the deficit reduction] was the result of shrinking or expiring COVID relief'
At least that piece is happening, which is better than continuing as they were, making things slightly less horrible.

Biden is actually increasing government spending

His student loan forgiveness program 'is the single largest contributing cost to the FY2022 deficit totaling $379 billion,' the Bipartisan Policy Center found

Posted by Skidmark 2022-10-25 00:00|| || Front Page|| [11131 views ] Top

#1 I feel like we collectively landed on Park Place and Boardwalk and are paying the hotel rate for both.

Posted by Super Hose 2022-10-25 10:25|| 2022-10-25 10:25|| Front Page Top

#2 Deficit in 2019 was about $1T

Deficit in 2020 was about $3T ($2T for CARES Act signed by Trump)

Deficit in 2021 was about $2.8 T (about $2T for American Rescue Plan - Biden)

Deficit in 2022 is not really known but almost certainly over $1T with at least $10B for the CHIPS act, at least $20B for Inflation Reduction Act and, if he gets away with it, about $40B for Student Debt Bailout in that FY but with each of these comes huge outlays in future years to 2040)

Posted by Lord Garth 2022-10-25 12:44|| 2022-10-25 12:44|| Front Page Top

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