It’s official: Joe Biden is the new deficit king.
When even CNN and The New York Times lead with headlines of “Federal Deficit Effectively Doubled in 2023,” it’s obvious that Biden’s 2024 reelection prospects just entered more treacherous waters.
Throughout his presidency, Biden has relished telling audiences that he’s some sort of deficit hawk, even though any reductions occurred due to expiration of emergency Covid spending, and deficits would’ve been significantly higher had his massive “Build Back Better” and “Green New Deal” spending wish lists been granted.
Well, we’ve now reached the end of the official 2023 fiscal year, and the Congressional Budget Office (CBO) announcement just demolished one of Biden’s favorite talking points:
The federal budget deficit was $1.7 trillion for fiscal year 2023, the Congressional Budget Office estimates – $0.3 trillion more than the shortfall recorded during fiscal year 2022. Revenues fell by an estimated $455 billion (or 9 percent). Revenues were smaller than in fiscal year 2022, particularly for nonwitheld income taxes and remittances to the Treasury from the Federal Reserve. Outlays declined by an estimated $141 billion (or 2 percent).
In its report, and to its credit, the CBO makes it a point to note that but for an accounting gimmick at the end of fiscal 2022 amid Biden’s student loan cancellation effort, this year’s deficit would’ve been even worse:
CBO estimates that if the actions concerning the Administration’s plan for student loan cancellations were excluded from both years, the deficit for 2022 would have been smaller and the deficit for 2023 would have been larger. The deficit for 2022 was $1.3 trillion, after removing the effects of timing shifts. Excluding the cost recorded in 2022 for the student loan cancellation plan, the deficit that year would have been $0.9 trillion. Excluding the savings associated with reversing the effects of that policy, the deficit for 2023 would have been $2.0 trillion, instead of the $1.7 trillion CBO currently projects. Thus, without the effects of debt cancellation (and excluding the effects of timing shifts), the deficit would have grown by nearly $1.1 trillion from 2022 to 2023.
Biden’s deficit gets even uglier the closer one looks.
First, for perspective, the past year’s deficit was the largest in history outside of the emergency Covid spending years. If “Bidenomics” was working as well as Biden himself claims, then incoming revenues would’ve been higher and the deficit would’ve been lower.
Second, a leading factor in 2023’s deficit was higher interest rates that resulted from the Federal Reserve’s frantic campaign to reduce inflation that began skyrocketing when Biden entered the White House in January 2021.
Specifically, the largest single spending item increase in the 2023 budget was payment on federal debt, rising 33% over the past year to $711 billion from $534 billion in fiscal 2022. American consumers are already familiar with how higher interest rates have made home sales increasingly impossible, but they also increase the amount of money that the federal government must pay on its existing debt. Additionally and even more alarmingly, that $711 billion in interest payments now nearly equals total defense spending of $774 billion.
Third, mandatory and entitlement spending on programs such as Social Security, Medicare, Medicaid, income security, and student loan programs now eat up nearly every dollar that the federal government receives in revenues. Every other dollar is borrowed, to address core federal functions like defense, infrastructure and other things that most people typically consider government functions.
Fourth, even experts from his own party warned Biden at the beginning of his presidency that his inflated spending schemes would only serve to needlessly bloat the deficit, and were unnecessary because he entered office with an economy rapidly surging in the Covid pandemic recovery. Biden, Chuck Schumer and Nancy Pelosi ignored those warnings and pressed forward.
We’re witnessing the consequences, not only in terms of consumer inflation and higher interest rates, but now in surging deficits as well.
The good news is that we can correct that current trajectory. But that will require wisdom and willingness to acknowledge straightforward policy cause-and-effect. Signs aren’t encouraging that Biden or his apologists possess those traits in critical mass.
Reprinted with permission from The Center for Individual Freedom by Timothy H. Lee.
More proof of Bidenomics working at its finest. By April of 2024, the deficit will be double on top of what it currently is.
Leave it to obama and Dictator Beijing biden to add another $40 Trillion to the deficit in their almost 12 years combined of Destroying the United States. Talk about corruption, sedition, espionage and treason. Can’t be any plainer than this.
Remember, practically ALL that money went to Communist China, Terrorism Support and every other country on the planet except to the United States and American citizens while they built their countries up with our money and our country continues in shambles.
As I said at first, Bidenomics at its finest.
Why are we allowing this to continue? We allow them to prosecute innocent men but we can’t get enemy in court. This criminal family is picking winners and losers with our money folks. Biden crime family is as bad and probably worse than our Mafia was and worse than any communist country or organization in world.
A person writing articles here that does not know that Social Security, for those that paid in to the system and retired, and people that paid in to Medicare since they were 14 or 15 years old, like myself, do not and should not consider these programs entitlement programs. Nor should anyone else. If these programs had been managed well they would be not be running out of money. But let the federal gov’t and politicians play in the excess monies and they just can’t help themselves. All thieves, politicians of both parties are corrupt, Donald Trump had no idea just how corrupt.
Social Security and Medicare are supposed to support themselves – AND not come from the general fund. Medicaid, income guarantees, etc. should not come from or be lumped in with SS and Medicare. Goes to show that we need good businesspeople running the Government, NOT career bureaucrats. There is SO much waste in the government that could be eliminated IF there were a will to do so!
IDIOT Biden is by far the worst US president in history!
I only hope the American electorate finally WAKES UP in 2024 & finally restores some sanity to the White House by electing a rational Republican!
The democrat liberals have nearly destroyed our beloved country! Electing a rational Republican will still be a long road back from the destruction already imposed on the US by the IDIOT Obama/Biden democrats!
I’d like to accuse FJB of incompetence but reality is I think the man is absolutely clueless and those pulling his strings, aka the Obummer establishment, are doing this on purpose to destroy our way of life.
Remember Obummer promised us “fundamental change.” Course he promised us spending cuts too!
The Federal Reserve Bank (which is unconstitutional) owns this country. Just the amount of money we have to pay them in interest is staggering. Let us hope that they don’t call in America’s debt. We will all be bankrupt.
It is official, Biden will be the worst and most incompetent quasi president in the history of America. There has been no greater destroyer of the American way of life then Biden and the puppeteers that control him. Period! If we can survive one more year of Biden Socialist, Marxist, Fascist rule it will be amazing. 2024 cannot come soon enough, Go Trump, MAGA
If Joe is going to continue this spending spree especially on the environmentalists green agenda, maybe he should open up his vast personal bank accounts that he probably has around the world and start paying for some of this himself!! If he doesn’t want to do that then maybe he shouldn’t be spending money he doesn’t have!!! We can’t keep borrowing and printing!!!!! These feds are making me sick with the way they decide for us what they want us to want and then they mandate it after they have invested in companies that are set to profit from their mandates!! Sound like a ponzi scheme, doesn’t it?? Also, the federal government should NOT be in the business of making student loans!!! They should NOT be in the business of education!!! They should stay out of our bedrooms, garages and kitchens!!!
Seriously people, how can anyone say this economic situation was not intentional to undermine the value of the US dollar. Obama is fulfilling what he started 14 years ago. This is an evil, communist party we’re dealing with. It was worth a steal of an election and possibly another if they can pull it off. Keep your eyes wide open!
Here’s a depressing thought. Biden like Obama and Clinton are downright conservative compared to what is about to take over the dems. Think the squad. Can you imagine what a president AOC or worse would be like?
We need an immediate moratorium on all non-essential government spending NOW!
ole Joe’s spending is like Pelosi’s quote you have to pass the bill to know what’s in it. Throwing money at a problem is what ole Joe does and prints some more to send to the Ukraine and his other pet project. Which creates inflation and high interest rates. America is going broke when has Joe spend any money for America. Where did all the Build Back Better money go? And what projects have been done. I have not seen one loading station being built in my city or state at least the local paper has not reported on it. Which you think they would since this media pro Joe is. We never get to hear what money is spent in America. He has no money for the border debacle or dealing with those migrants. We, the citizens of America have to deal with them.
Little by little ole Joe is taking the economy down and Americans with it.
Now he wants 14 plus billions for Israel. We don’t know where the billions to the Ukraine went. To the oligarchs and a little to Joe? Be prepared your taxes are going up, federal and state. Unless Ole Joe wants the economy to collapse by doing nothing.
Biden does not give a damn! He is brain diminished and acts on what he is told to do! He has damaged America and her people more than any other person ever. He needs to be grounded along with Air Force one and Air Force 2! He is an embarrassment and a danger because he doesn’t know what he is saying or doing. also BAN corrupt, lying, dirty Zelensky from ever entering our country ever again. He is just a slick Willie who begs for our money, and we have no idea where it really went. All this while ol’ Joe is sitting pretty with he ill gotten gains and an almost 3 mil beach home he paid for with CASH!!! Even being in Washington for 50+ years doesn’t give him 3 mil in cash. Stop the thieving as well as the stupidity that is killing us and destroying our Beautiful America!! For me personally Ol’ Joe has given me an ulcer and mental distress, and how long will my Medicare last and my Social Security?? I truly hope he ends up the the hottest corner of hell after being denied entrance through the Pearly Gates!
EMPEACH MONSTROUS BIDEN NOW!
INDICT HIM, CONVICT HIM, AND SEND HIM TO GITMO!!! DEATH, HANGING, OR A FIRING SQUAD IS TOO GOOD FOR HIM! HE WON’T LAST A WEEK WITH WATERBOARDING AND MIND GAMES AND CONFINRMENT!!!
Everyone complains..NOBODY does a thing to get him out of office..Joe/Obama, that is.
social Security is NOT an entitlement! I’ve been paying into that fund since I was 16 years old, now I’m 79! The U.S. government promised they would help me when I got “old”.
????????????UNCONSCIABLE???????????? but it’s not HIS money, & he so enjoys spending OPM (other people’s money)! And Citizens are allowing him to do it! He’s still in office & destroying our Country with each signature! His elite, pompous position has totally gone to his head & has no connection to his constituents @all.????????????????????????????????
We’re all running “deficits” thanjs to Joke Brandon! $6.50 for a box of Cheerios, $3.78 for a box of crackers, $16.38 for a Swanson Lasagne, and $4,.84/gal (down from two weeks ago $5.47) for gas to get there. I’m barely treading on savings… and today my 30 yr old Ford wouldn’t start. So I’m a little cranky, Joe!
Where is conservative media? And, when has our debt exploded like it is now?
The drooling idiot ruling us like an emperor has destroyed the remnants of the country. We were in bad shape morally prior to the embarrassment “winning” the election but were still clinging on and there was hope.
That hope is gone and even if HE returned and became President, fixing what we find ourselves living in now would be beyond even his abilities to repair.
FJB will be dead when the bill comes due so he has zero reason to care what he is leaving behind. My heart breaks for my grandchildren and great grandchildren
Nobody should be surprised, the marxist democrats,obummer,joebama bragged about destroying America and making legal Citizens the enemy.
It’s exactly what they’re doing.
Wake up America – THROW EVERYONE OF THESE TRAITORS OUT
TY brandon….inflation, the debt, just being an impotent old man…..WPE…worst president EVER…..
BIDUMBNOMICs will never work !! When Bidumb announced “Milton Friedman isn’t running the show anymore”, I knew we were in deep do-do . Since the 6 billion to Iran is on hold, does that mean Dementia Joe doesn’t get his 10 % cut ??
Biden inc. Doesn’t care how much taxpayer money he spends. He gets his from his pals in china.
Term Limits???
Biden is being instructed to crash the economy.
Well then, ole’ Joe has done his job and done it well!
just not giving money to other countries would have helped cut the amount of overspend. Why give money to other countries when our country has debts and responsibilities to cover as well. There’s a plan much bigger behind all this, though not sure what it is besides harming and weakening our country!
WORTHLESS P.O.S.
Folks, the truth and the problem is—— We, the People, vote these corrupt criminals into office years after year. We don’t know what these elected officials are really like till their first year in office. Maybe it might take two years for them to show their true colors. BUT from that point on, we see their character, and out of ignorance or laziness, we keep voting them back in, and keep them in till their die of old age!! Wake up America!!! We are responsible for the destruction of our country!! Vote intelligently and let’s make sure that Term Limits are imposed on these elected people so they can’t drag us into the sewer as the current elected officials are doing. It’s us that have to Drain The Swamp!!
0.3 trillion doesn’t sound as bad as 300 billion. The “non-partisan” CBO is still covering for dims! Nothing in DC is non-partisan, and they know most readers won’t bother to really understand the numbers!
Try your best to check some facts, you’re looking stupid!
Really? Nothing? Maybe you should try watching/listening to “conservative media” sometimes, hm?
Every one should get a copy of the Federal pig book. It clearly shows how much money is wasted by our politicians, Democrats and Republicans together the actual name is 2023 congressional pig summary
No one I know is better off today than they were three years ago. In their lifetime, my great grand childern won’t be able to pay off this deficit. Neither will their children, their grand children, nor their great grand childern.So, what is Biden and his band of hate America socialist and one world elitists really doing? They are killing freedom and building a one world platform, which is far more dangerious and deadly to America than any communists, fascist or deranged terorist group the world has ever known.These people beleive there are more genders than male and female, abortion isn’t murder and education should never be about learning to be a success. They beleive property can’t be owned and crime is just misunderstood, and all American history is a lie.America has enemies scary enemies, but they don’t all come from other countries, a few of them were born here, but not from American parents. They don’t have any family blood in the sand here so, they don’t love freedom or know what it is to fight to be free.This may well be a make or break period in American history. So, do everything you can to force ID in person voting and see something say something every day and every day, support those who actually love their country and want it to continue!
The last paragraph states “We Can Correct that Current Trajectory”. What does that mean & why will we not do that? This increasing debt cannot continue at this rate.
This is the same cycle I’ve seen all my life! Democrats get elected and screw up the economy hurting hardworking freedom loving Americans! Then Republicans get elected and try to reverse course and fix Democrats screw up! Sometimes it works but we all go thru a lot of pain to get moving forward again. Then Democrats get elected and it starts all over again. Except each time the screw up gets harder to fix and it takes longer with more pain to get moving forward! How long before America just gets tired and stops fighting the screw up? And with all the screw ups happening in education, how long before Americans even remember that we don’t need these screw ups? Want what’s best for America? Leave Republicans in charge for the next 20 years!!!!
Brandon is doing exactly as planned. Bankrupt and do the greatest damage to America as possible.
For a moment, it sounded like you had some sense, until your comments about Trump, DeSantis and AOC. SMH
You surely do Flunky!
LIAR, LIAR, PANTS ON FIRE!
This Jackass LOVES Joe “Lyin” Biden!