The United States budget deficit has doubled under President Joe Biden
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
The United States budget deficit has doubled under President Joe Biden
The United States budget deficit has doubled under President Joe Biden
The United States budget deficit has experienced a significant increase during President Joe Biden’s term, reaching $1.6 trillion within the first 10 months of the fiscal year. This development has sparked discussions about the effectiveness of the economic policies associated with the current administration.
The growth of the budget deficit has raised concerns about the state of the U.S. economy. Economist EJ Antoni pointed out that the U.S. Treasury’s spending has led to a notable increase in the deficit and interest on the debt. Notably, net interest payments on the U.S. debt have surpassed expenditures on national defense, Medicare, veterans’ benefits and services, and transportation.
Adding to the apprehension is the fact that the year-to-date deficit for the current fiscal year is already $238 billion higher than the entire deficit for the previous fiscal year. With two months left in the fiscal year, this fiscal imbalance adds an element of uncertainty to the economic outlook.
In addition to these fiscal concerns, the July Consumer Price Index (CPI) numbers have indicated a resurgence of inflation, contradicting claims that the inflation crisis had abated. Economist EJ Antoni highlighted that the rate of inflation has outpaced wage growth under the current administration, resulting in an effective inflation tax for the average American worker. It’s worth noting that certain components of the CPI, including housing costs, may not fully capture the financial realities faced by Americans. For instance, the monthly payment for a median-priced home has doubled since January 2021.
Furthermore, Fitch Ratings downgraded U.S. government debt from AAA to AA+ and offered a projection that the American economy could potentially enter a recession in late 2023 or early 2024.
These economic indicators collectively contribute to a complex landscape, prompting a wide range of viewpoints on the best path forward for the U.S. economy.
[Source: The National Pulse]
Biden More Than Doubles U.S. Deficit in 2023… and the Fiscal Year Isn’t Over Yet!
