The White House has drawn the ire of the Twitter community by repeating President Joe Biden’s dubious claim that his administration had achieved a historical feat on budget reduction. The President often tells the public that he is responsible for the largest deficit reduction in history. It is a claim that has drawn widespread criticism in the past. Even The Washington Post balked and previously gave Biden “three Pinocchios” for the claim. The earlier spending and then sharp reduction were due to the pandemic, not Biden’s policies. Indeed, the reduction would have been far greater but for enormous spending by the Administration.
The White House posted a Tweet on Monday that said:
“The Biden-Harris Administration lowered the deficit with the single largest one-year reduction in American history.”
Twitter responded with a fact correction in a “Community Notes” section that:
“COVID-driven deficits in both FY20 & 21 were roughly double the previous record (09), making the drop to FY22 sizeable. But the FY22 deficit is still the 4th largest in history and is 41% larger than FY19.”
“Community Notes” is a program run by Twitter and allows readers “on Twitter to collaboratively add context to potentially misleading Tweets.”
Biden repeatedly takes credit for the fact that the annual federal deficit fell from $3.1 trillion in fiscal year 2020 to $1.4 trillion in fiscal year 2022, a drop of $1.7 trillion. However, the truth is that he is responsible for a larger deficit than predicted.
In February 2021, the Congressional Budget Office (CBO) already estimated that the budget deficit in fiscal years 2021 and 2022 would drop $3.31 trillion due to the fact that emergency COVID pandemic spending would lapse. That was before Biden’s spending plans were even submitted to Congress.
However, the deficits for 2021 and 2022 ended up totaling $4.15 trillion, according to the CBO. In other words, the deficits for those years were about $840 billion higher than expected due to the Biden-supported spending packages.
The White House correctly withdrew the Tweet, but the President continues to make such highly misleading claims.
Previously, the Washington Post gave President Biden a “bottomless Pinocchio” due to continued and regular false statements.
If it’s a prog/left democrat talking, it is a lie, nuff said.
Biden also spoke about the dangers of Capitalism and the greedy wealthy. He must have been thinking of this piece of evidence that proves his way of thinking. https://www.cnn.com/2016/02/05/politics/hillary-clinton-bill-clinton-paid-speeches/index.html. I’m sure that he discussed this matter with Bill and Hillary. It would be interesting to know if they deducted their travel expenses from their taxes. What do you think the odds are?
I ask, why in the hell do we have President who makes a statement and then the White House has to take it down? I suppose that once a man has become used to patting himself on the back and padding his resume he just can’t help himself. Ain’t you glad you voted him in?
And precisely where are the billions coming from that are going to Zelensky?
Biden one big inept, incompetent, demented antediluvian, and will be gone before 12-31-2023 along with Kam. Joe has done more 180s than Joe Lieberman, and that’s a lot. Meanwhile US becoming dystopian and the economy will prove that.
Lighteredknot,
The economy already has proven the US is becoming dystopian.
67% of Americans are living paycheck to paycheck. That includes 47% who make six figures.
Prices of meat is falling, not that Biden had anything to do with it. Americans are cannot afford meat and are buying cheaper food like pasta, rice and potatoes. Food inflation is up +11.3% over all.
Okay, I stand corrected, Biden did have something to do with that.
Yea damn him helping all those people. How dare he provide medical support and help for small businesses. If you want to have a nice big deficit do what Trump did give almost a trillion to billionaires in tax breaks and other handouts. The people should just pound salt.
IRS data proves Trump tax cuts benefited middle, working-class Americans most
“Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.
A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.
Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.”
By the way, Justice Sotomayor is a woman not a man as you stated awhile back.
https://news.yahoo.com/irs-data-prove-trump-tax-130007569.html
That is correct.
The UnAffordable Care Act took money out of my pocket, to the point I had to get a second, off farm job.
Trump’s tax cuts put money into my pocket.
A good friend of ours who is in a much higher tax bracket, no dependents, no tax shelters, had to pay more in taxes.
That is the way the Trump tax cuts were designed to do.
Obamacare was a killer for many working families using it. It raised costs, reduced quality and didn’t help access. For the poor it probably decreased access for those on Medicaid since the number of people on Medicaid increased without increasing the pool of doctors. It caused a lot of waste and made positive reform that much more difficult.
I love Trump’s tax cuts. It cost me dearly, but it was the right thing to do.
Justice Holmes, if the businesses hadn’t been shut down like in Florida they wouldn’t have needed the help. I can’t recall any wealthy Democrats who refused to take their lawful tax breaks. Not a one stood up and said I will not accept this tax break. Give me a brake.
You cannot increase wealth through taxes nor can a government create wealth. Stop spewing prog/left talking points and take a look at history and perhaps an economics course not offered by academic socialists.
give almost a trillion to billionaires
How is keeping the money you earned a gift?
OT but related, core CPI went up for 32nd month in a row, up m-o-m +0.5%, or y-o-y of +6.4%
Real wages are up but inflation wipes out any of those gains.
Cox Automotive/Moody’s Analytics Vehicle Affordability Index measures the median weeks of income it would take for an American to afford a new vehicle.
Pre-pandemic, it was 33-35 weeks for nearly a decade.
In 2022 it was at a record high of 44 weeks.
The average monthly payment on a new vehicle is $777.
The average new vehicle price, $50k.
As I drive a truck, I looked into a EV truck. The Ford F150 with the extended battery, starts at $80k.
“The average new vehicle price, $50k.”
Upstate, I don’t follow car prices and am not sure of the market. A decade ago the average new car price was much lower. At the same time I note my leased car provided me with $6,000 over the residual price when I bought a new car. It seems that the $50,000 car will price itself out as I don’t think incomes are increasing at the same rate. Maybe the rapid increase is temporary. I don’t know. Are regulations pushing prices up more than I realize?
+0.5%, or y-o-y of +6.4%
That is year over year. Last year inflation was running of 6%. So over 13% inflation for Biden.
Last month Biden claimed inflation was falling. Of course, the lie was the inflation increase was less that the previous month.
Mark Twain said famously, “There are three kinds of lies: lies, damned lies, and statistics.”
There are many supposedly bright people who follow the progressive lunacy. It’s always that socialism works and if we do it right this time we can demonstrate it’s beauty for all to see. Nobody has done socialism RIGHT. Even those who espouse Marxism drink from the same pool of water, it’s just the deeper end and more likely to be fatal. Being bright just means you can construct a somewhat rational reason for your lunacy.
There are still so many who drink from the Biden Cool-Aid. To quote the Sicilian in the “Princess Bride”. INCONCEIVABLE !
“The White House correctly withdrew the Tweet, but the President continues to make such highly misleading claims.”
This proves the administration and all those of influence on Joe Biden have no understanding of economics. That is the same for the lefties that swallow anything Biden says.
This story dovetails nicely with the column the other day about how education is failing in our public schools. How else could an administration continuously try to lie with such asinine statements, put forward such a moronic “spokesperson” and indeed promulgate such idiotic ideas and staff (see the gender fluid bald guy in a dress and pearls that was fired for stealing luggage).
Democrats seem to have mastered the art of promoting a great sounding title such as the “Deficit Reduction Act” when in fact it was a spending bonanza. Just redefine it to suit your political needs and most uninformed voters will accept it without question. They will be screaming that Republicans want to end Social Security from now until the 2024 Presidential election and many will believe it. Scranton Joe has been doing this for 50 years. Quite a feat for a guy who worked as a truck driver, is part black, was raised in a Puerto Rican neighborhood, and beat Corn Pop’s ass. It’s a winning formula !!!
Biden has ALWAYS been a lying loudmouth thug.
The administration is know as the Village Idiots. Remember Hillary said it takes a Village to raise idiots.
After I read the first few paragraphs of this article, I felt the urge to enter a lengthy concurrence. But now as I write, I realize how tired I am of the urge to comment on every untruth the administration commits. I don’t have time and at this point I’d rather watch TV.
Of course we knowthat Bidenis lying but Biden is not speaking to us. He is speaking to the low IQ people who vote for him and believe his nonsense.
I get what you’re saying, but there are plenty of ‘educated’ people that he is addressing, too. Unfortunately, these people do not have an excuse for their conformity to lefty dogma, like people that have low IQs.
These ‘educated’ people seem to simply want to believe what they hear is true. They want abortion to be a simple, medical procedure, not the taking of life, they want to believe that the poor and inner city folks are there because of some nefarious third party, etc – there are a few core bits of the catechism. It seems that once they swallow the catechism, you can pretty much tell them anything, as long as you are perceived to be an adherent and they will WANT TO BELIEVE your words, they will rationalize any incongruity or illogical argument.
These people are not low IQ, they are lost, brainwashed, unwillful idiots. They demand conformity and fear debate, they are fragile and emasculated.
These ‘educated’ people seem to simply want to believe what they hear is true.
That is spot on Neil! For the longest time I had been looking for an answer as to why otherwise well-educated people will march lockstep in support of totalitarianism. Then Mattias Desmet hit the scene with his book The Psychology of Totalitarianism, in which he details the phenomenon of mass formation. Combing his work with what Yuri Bezmenov detailed about the KGB’s tactic of ideological subversion, and I realized we’re not dealing with a phenomenon that will simply go away with better better education and or better dialog. This blog is proof of that.
https://youtu.be/Egq5Y0taok4
https://youtu.be/yErKTVdETpw
mikegre: Talk about low-IQ; this administration ran the “we’re gonna pay for your student loans” idea up the flag pole about 60 days before the 2022 election in order to get votes. It worked. The next thing they’re gonna tell us is that Republicans want to end Social Security and Medicare. Oh, wait…
BIDEN ADMIN/DEM’s MISINFORMATION – there statements are 100% False including the Jobs report for Jan and other facts/#’s they tell us, including Inflation. They count on Main Street MEdia to repeat this Misinformation. Disinformation
Also of note, the January jobs report. On the surface, looks good.
However when you drill down into the Home Household survey and the labor participation rates, they tell a different story.
From Jan2022 to Jan2023 the actual full time jobs added to the economy was only 10,000 jobs. The rest were part time second jobs.
In short, in order to make ends meet people are taking second part time jobs.
That is not good.
OMG. The President of the United States is spreading disinformation, misinformation, and outright lies. Folks, its Biden. Its the bumbling clowns in the WH. How could we expect anything else?
How do you know a politician is lying? Their lips are moving.
Biden is a nowhere man who has been lying for 50 years.
Turkey and Trump…sitting in a tree.
k I s s I n g!
A very well reasoned and thought out response to this post. With this type of keen analysis, you should consider starting your own blog.
Why that is so clever. How did you ever come up with it? I should come to this website more often. It’s like a barrel of monkeys!