President Joe Biden in a June 14 speech to the AFL-CIO, stated, “I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives … by the end of the fiscal year, we will have cut the federal deficit by another $1.6 trillion — in one year.” President Biden may be […]
President Joe Biden in a June 14 speech to the AFL-CIO, stated, “I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives ... by the end of the fiscal year, we will have cut the federal deficit by another $1.6 trillion — in one year.”
President Biden may be tired of hearing about how his reckless spending has played a major role in spiraling inflation in Americans’ day to day lives, but he can’t run away from the facts. When he took office inflation was 1.4 percent, but today, inflation is raging at 8.6 percent and is in no way transitory. Home mortgage rates were at 2.6 percent; now they are up over 6 percent. And real wages that were up 4 percent in 2020 are now down 3 percent the past 12 months.
If Joe Biden were to be honest that our nation in 2020 faced an unprecedented crisis where $3.1 trillion was spent above and beyond the budget in an attempt to restore the economy that was deliberately tanked due to COVID, and that he mistakenly insisted on spending another $2.4 trillion in 2021 on COVID and infrastructure, then he would have to admit culpability in the nation’s current stagflation.
In the absurd world of Washington, D.C., Joe Biden bragged in the same speech that the deficit was cut more under him than at any time in history. While technically true, every sentient person in America knows that the budget deficit was reduced due to spending less money on the COVID crisis and not because of any action taken by President Biden. In fact, it was Sen. Joe Manchin and the Republicans in the Senate who refused to spend an additional $3 trillion on Build Back Better, with Manchin noting that inflation was out of control due to reckless spending. Incidentally, the White House Office of Management and Budget (or OMB) projects that 2022 will have the third-largest deficit in American history at $1.4 trillion.
Rick Manning is president of Americans for Limited Government (ALG). The organization says it is a non-partisan, nationwide network committed to advancing free-market reforms, private-property rights, and core American liberties. This editorial is drawn from a news release that the ALG issued on June 16.