And then there’s the federal deficit
Democrats are desperate to demonize, slander, smear, besmirch any Republican at all costs. Regular working people are growing increasingly fed up with the outrageous allegations while the American people are dealing with real economic struggles while the Biden administration is in denial of the destructive nature of their policies.
How grossly out of touch they are with the realities and the struggles of everyday Americans all across this country. They're exposing how directly they are lying to us, trying to paint these rosy pictures that are blatantly false and thinking that we're too stupid to see through their lies and therefore exposing their arrogance. But the reality is the American people are living what's true, which is not this rosy fantasy picture.
A remarkable incompetence to go from a booming one to high inflation, a party that's been overtaken by Marxist misfits and radical leftists.
What people fail to give importance to is the federal deficit.
https://www.msn.com/en-us/money/mark...f09f025cf63cf4
Since that CBO statement in late July, the deficit problem has become more acute. The United States is hemorrhaging debt. The principal cause of consumer price inflation running above 8% on an annual basis is too much federal government spending. Before the pandemic, federal debt held by the public was already on an unsustainable trajectory. It is largely caused by overly generous entitlements and a shrinking working population to pay for benefits for an increasing number of elderly citizens.
Borrowing to deal with the pandemic accelerated the federal government’s walk to the precipice of a national debt crisis. The Trump administration enacted over $3 trillion of new borrowing. Responsible post-pandemic action would have been a fiscal pivot to entitlement reform, but Joe Biden became president. His administration instead embarked on helicopter drops of money on the economy. The Committee for a Responsible Budget recently projected that new policies "will add more than $4.8 trillion to deficits" over the next decade.
Today, the federal debt held by the public stands at 98% of gross domestic product, up from just under 80% on Sept. 30, 2019, just before the pandemic. Biden likes to tout the deficit-fighting credentials of his administration. In his March State of the Union address, Biden claimed he would be "the only president ever to cut the deficit by more than $1 trillion in a single year."
That's laugh-out-loud material. In reality, the policies that reduced the deficit were set in stone; Biden did nothing positive in that regard. Moreover, what Biden won't acknowledge is that his free-spending policies will contribute importantly to ever-increasing deficits.