In 2022, President Biden claimed that tackling inflation was his top economic priority, but a new report quotes him and his advisers unveiling deficit reduction as their top priority for 2023. However, this pivot towards deficit reduction is merely a public relations stunt, with no actual new savings proposals.
The Biden administration seems to view surging red ink as more of a communications and spin challenge than an actual economic issue to address.
When President Biden took office, the Congressional Budget Office projected $14.5 trillion in baseline budget deficits between 2021 and 2031. Two years later, the CBO projects $20.5 trillion in deficits over the same decade.
Of the $6 trillion in added deficits, roughly $5 trillion comes from new legislation and executive orders signed by Biden. Adding $5 trillion in legislation and executive orders in just two years outpaces Biden’s predecessors.
Biden repeatedly portrays himself as a deficit-cutter, but deficits have fallen from the 2020 and 2021 peaks inflated by one-time pandemic spending that simply expired on schedule when the pandemic ended.
Biden drastically hiked the 2021 deficit with his American Rescue Plan and took credit for deficit reduction when his spending spree expired on schedule. The president has offered no serious blueprint to address deficits surging towards $3 trillion within a decade.
Moving forward, the president has attacked Republicans for daring to propose addressing the Social Security and Medicare drivers of red ink.
Now he slams Republicans for merely suggesting that both parties sit down to address deficits as part of raising the $31 trillion debt limit.
In fact, with Biden’s annual budget proposal set to be released next week, he is already bragging that his budget will aim to reduce deficits and extend the Medicare Trust Fund by 20 years while letting the Social Security Trust Fund hit insolvency within a decade.
However, these claims are pure gimmickry and provide zero net savings. The numbers do not lie, no matter the spin.
»Biden administration’s economic issues«
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