Joe Biden Is the King of Debt and Deficits by Stephen Moore for CNS News
Imagine someone close to you has a drinking problem. Night after night, he goes out to the bars on wild binges, chugging down 10 to 12 beers a night. But then, in a supreme effort to reform himself, the drunkard cuts his consumption down to a six-pack every night.
He starts boasting of his amazing self-control and good behavior.
That’s analogous to President Joe Biden’s tall tale that he’s one of the greatest paragons of fiscal responsibility in modern times. Here’s Biden on Oct. 21 discussing his budgetary record at a White House event.
“Today, my administration announced that this year the deficit fell by $1.4 trillion — the largest one-year drop in American history.
“Let me repeat that: the largest-ever decline in the federal deficit.”
Talk about putting lipstick on a pig. Biden’s administration has led the federal government in spending and borrowing more money in his first 20 months in the White House than any other president in history. No one else comes close to his record of fiscal recklessness.
Biden is not even halfway through his presidential term, and he’s already signed into law federal spending over the next decade that will exceed $4 trillion.
I recently went back and looked at what the Congressional Budget Office baseline for deficits was the month President Donald Trump left office, in January 2021. Then I compared that to Biden’s fiscal results so far.
Here’s what I found.
Biden has already added just shy of an extra $900 billion to the federal credit in 2020 and 2021. If Biden had simply done nothing and spent his afternoons playing Scrabble with first lady Jill Biden in the Oval Office, our national debt burden would be much lower.
Instead, Biden swooped into office, and even though Trump, in his final weeks, with Congress, enacted a $1 trillion COVID-19 relief bill that hadn’t even been spent yet, Biden called for his $1.9 trillion American Rescue Plan.