Bidenomics Is Working: Deficits Are Off To A Roaring Start
“We the Democrats are the ones that are fiscally responsible. Let’s get that straight now.” — Joe Biden, October 2022
Just three months into the new fiscal year and the federal deficit already tops $500 billion. How’s that for being “fiscally responsible”?
The latest report from the Treasury Department shows that the federal deficit for October, November, and December of last year (which mark the first quarter of the government’s 2024 fiscal year), had already hit $509.9 billion.
That’s a 21% increase over the prior year. And if this pace holds true, we’re looking at $2 trillion deficits this year. (Biden’s own Treasury Department currently projects it to hit $1.9 trillion.)
The current surge is entirely driven by out-of-control spending. Revenues are so far coming in slightly above last year’s, but spending in the first quarter ballooned by $170 billion.
Spending on entitlement programs is up a relatively modest 4%. Defense spending is up 11%. Discretionary spending, however, is 23% higher so far this year than last – thanks in large part to Biden’s spending sprees.
But the real drain on the Treasury is the stunning rise in interest payments. So far in FY 2024, they are up by 50%.
And what are Biden and his fellow fiscally responsible Democrats doing about this? They’re pushing for $100-plus billion in “supplemental” funds, and big increases in spending across the board while fighting every step of the way to block even meager spending cuts put forward by Republicans.
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