CLAIM: President Joe Biden claimed during the State of the Union that over the the last two years, he “cut the deficit by more than $1.7 trillion – the largest deficit reduction in American history.”
VERDICT: MISLEADING. Biden is “distorting reality”CNN reports that he claimed his administration was responsible for the reduction of deficit.
The deficit has been smaller under the Biden administration than it was at the end of President Donald Trump’s tenure. The deficit has not been. Get bigger under the Biden administration than the nonpartisan federal Congressional Budget Office had projected it would be if the Biden-era federal government stuck with the laws that were in effect when Trump left office in early 2021.
Breitbart News’s John Carney has questioned how the Biden administration expects to sell to the America people that the president is fiiscally responsible:
[I]The federal government has seen a rise in revenues due to nflation. Tax revenues rise when the nominal incomes and profits of employees increase. The government benefits from inflation, even though it increases the cost of living for American workers. This is what’s happening on the local and state level. Inflation has caused unexpectedly large increases in revenue to public budgets.
Finally, it’s worth keeping in mind that the Biden administration’s attempts to unwind the Trump administration’s tax reforms have been largely stymied. The Trump tax cuts, which were pro-growth, are one reason that revenues are so good. Trump’s tax code has been the key to the revenue boom.
Biden’s speech comes as Monday polling shows fewer than four in ten — under 40 percent — Americans say the state of the union is strong, while fifty-eight percent say it is not strong.
Follow Wendell Husebø on Twitter @WendellHusebø. He is also the author Political Slave Morality.
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