https://issuesinsights.com/2023/09/06/the-nations-fiscal-crisis-just-got-real/
Over the weekend, the Washington Post let it slip that all is not well in Bidenomicsville. The deficit, it reports, could end up hitting $2 trillion when the current fiscal year ends in three weeks, which it describes as an “unexpected deficit surge.”
In other words, the deficit will nearly double this year, calling the lie on one of President Joe Biden’s favorite boasts about how he cut the deficit more than any president in history.
But while this apparently comes as a shock to the Post, as well as other liberal news sites that picked up on the Post report, anyone paying attention knew this was happening.
Back in February, for example, we pointed out that Biden’s reckless economic policies had added more than $5 trillion to projected deficits, even as he claimed he’d done more to cut the deficit than “any president in history.”
In early June, we noted that revenues had been plunging this year, despite all the boasts about a strong economy, and that “the projected deficit for the entire year is now close to $1.6 trillion, which is almost $300 billion higher than Treasury projected at the start of this fiscal year.”
In July, we pointed out that Bidenflation was pushing up the cost of federal entitlement programs such as Social Security and Medicare, and had resulted in a 37% increase in interest payments on the national debt in the first nine months of this fiscal year. That was the result of the Federal Reserve’s interest rate hikes, which were also a result of Bidenflation.