Since then Federal spending has fallen year after year, nearly falling almost a trillion dollars by 2023.
As usual Sapidus, you are disingenuous hack ... Biden has done NOTHING to reduce deficits
you do not get to claim a reduction in spending when extra ordinary Covid Relief Spending has expired
nor do you get to blame Trump for this additional spending EVERYONE was clamoring for relief
However, in an April 8 blog post titled “
No, President Biden Has Not Implemented Historic Deficit Reduction,” CRFB wrote (with this emphasis) that “the
main source of falling deficits is the expiration of most COVID relief such as enhanced unemployment benefits and recovery rebates. The remaining decrease is largely the result of strong income growth and high inflation.” CRFB also noted that even after this post-pandemic drop, deficits will remain historically high.
“The President’s actions to date have not reduced deficits but instead increased them,” CRFB wrote. “Between the
American Rescue Plan, the
bipartisan infrastructure law, and various executive orders, we estimate at least $2.5 trillion has been added to deficits through 2031 over the President’s term so far.”
Jon Huntley, senior economist at the Penn Wharton Budget Model, agreed that the deficit reduction is mostly due to expiring pandemic spending by the federal government.
“The decline in the deficit between fiscal years 2021 and 2022 was largely expected,” Huntley told us via email. “As the
Committee for a Responsible Federal Budget notes, deficits were forecast to decline by about $1.4 trillion dollars from 2021 to 2022. The
2021 Congressional Budget Office (CBO) Long-Term Budget Outlook highlights the reason for this decline: Under current law, a huge amount of mandatory spending was scheduled to expire in 2022. Therefore, the federal deficit was going to decline under currently law. Congress would have needed to explicitly pass an extension of these mandatory spending programs to maintain 2021-levels of federal spending. As no such extension passed, spending declined in excess of a trillion dollars in fiscal year 2022.”
SEP 13, 2022
OTHER SPENDING
Prior to the pandemic, the U.S. national debt was on an unsustainable path. In 2020, policymakers appropriately enacted
$3.4 trillion of additional borrowing to help fight the pandemic and stabilize the economy. Once the economy was strong enough, Congress and the White House should have stopped engaging in new borrowing and pivoted to focusing on implementing reforms to slow the growth of the national debt.
Instead, policymakers have
added to the deficit, and borrowing has continued and at a very high level. We estimate the Biden Administration has enacted policies through legislation and executive actions that will add more than
$4.8 trillion to deficits between 2021 and 2031, or nearly $2.5 trillion when excluding the effects of the American Rescue Plan. This is on top of the trillions of dollars we were projected to borrow before President Biden took office.
finance.yahoo.com
fiscaldata.treasury.gov
