President Joe Biden has been feeding lies to the Americans that he personally reduced the federal deficit but a CNN reporter quashed Biden’s claim and dubbed it as “reversal of reality”.
Last week, President Biden claimed that he personally lessened the federal deficit and brought the U.S. back on track with this record-setting reduction in the deficit.
He stated that Republicans always brought up the federal deficit matter, so he reduced the deficit by more than $350 billion in his first year and aims to reduce it further, by at least $1.5 trillion by September.
However, CNN reporter Daniel Dale fact-checked his statement and brought the reality to light on Monday. Dale claimed that the deficit was forecasted to fall even before Biden came to power, and if it hadn’t been for his weak policies, it would be reduced a lot more than the current statistics.
Although there was a $360 billion decline, Dale spoke to many experts who were sure that Biden’s policies had nothing to do with it. Committee for Responsible Federal Budget’s Senior Vice President, Marc Goldwein, said that Biden’s claim was ridiculous and opposite to reality.
Dale explained how the nonpartisan Congressional Budget Office has estimated the deficit to fall by $870 billion in 2021. However, Biden’s fiscal and economic policies hindered that reduction and only reduced it by $360 billion.
Dale further stated that regardless of people’s opinions on Biden’s policies such as the pandemic relief bill, increasing food stamps benefits, and the infrastructure bill, all of these projects had major financial costs. Hundreds of millions of dollars were spent because of these policies, resulting in less deficit reduction.
It is believed that the high short-term spending during the end of Trump’s presidency would’ve caused the deficit to drop regardless of who the next president was. This short-term spending was primarily due to the COVID-19 pandemic relief schemes.
Dale assured that because of the short-term spending during the last year of the Trump administration, the deficit had hit an all-time high of $3.1 trillion. Now that those short-term spendings were over, it would have significantly dropped on its own over the next year.
Therefore, even if Biden’s projections of a $1.5 trillion decline in deficit do come true, the overall value of the federal deficit would still be higher than what it was initially forecasted to be when he took over the presidency.