The United States’ national debt is approaching $31 trillion. Currently, the debt sits at $30.9 trillion and is set to surpass $31 trillion this month.
Biden claims to be working to reduce the deficit, while also spending more than half a trillion dollars on a single bill.
The inflation reduction act, for example, claims to reduce deficit and inflation despite the Congressional budget office asserting that it will not.
The bill spends nearly half a trillion dollars ($400 billion) on climate change proposals alone, $80 billion on the IRS in order to hire new agents. The bill also makes healthcare provisions, but what it does not do, is work to decrease the inflation in any practical way.
Reckless spending like this is exactly why the national debt is rising so rapidly. The federal government is spending far more than they are bringing in.
Even during a recession the spending continues, the U.S. has experienced two consecutive quarters of negative GDP growth but refuses to save money. Instead, it seems they’d prefer to bolster the IRS.
Joe Biden boasted, “Last year, I reduced the deficit $350 billion. You know how much this year, not counting the Medicaid changes? One trillion seven hundred billion dollars. So I don’t want to hear it from Republicans about fiscal responsibility.”
Experts have warned that there is not much merit to Biden’s words and that his boast is likely meaningless. Experts argue that Biden is just presiding over a down-winding of emergency spending from the days of the COVID-19 Pandemic.
Fox News reported, that David Ditch, a federal budget policy analyst at the Heritage Foundation, said it’s a mistake to confuse this wind-down with fiscal responsibility.
This would be similar to claiming that Trump performed portly in terms of economics during his last year in office, the poor economic performance was due to the start of the pandemic, outside of Trump’s control.
