https://www.americanthinker.com/blog/2023/09/actually_joe_biden_has_doubled_the_deficit.html
Over the past two years, President Joe Biden has made numerous statements suggesting that he is a deficit hawk on par with past presidents such as Calvin Coolidge or Andrew Jackson. For instance, earlier this year, Biden claimed, “In my first two years, I reduced the debt by $1.7 trillion. No President has ever done that.”
In reality, Biden was half right. No president, including Biden, has ever done anything close to reducing the national debt by such a gigantic amount in his first two years or any two-year period, for that matter.
Here are the facts. When Biden entered the White House, the national debt stood at $27.7 trillion. Two years later, the national debt stands at $32.9 trillion. Using simple arithmetic, the national debt has increased by $5.2 trillion under Biden. That is a big difference from a $1.7 trillion reduction.
However, I’ll do Joe a favor and give him the benefit of the doubt. Perhaps he was referring to the deficit, not the debt.
So, let’s take a peek at annual deficits under the Biden administration. In fiscal year 2021, the federal deficit registered at $2.8 trillion. In fiscal year 2022, the deficit was $1.4 trillion. And, in fiscal year 2023, the deficit is expected to surpass the $2 trillion threshold, again.
Before analyzing these figures, I must mention that fiscal years (FY) are different from calendar years because fiscal years encompass the period from October 1 through September 30. This matters quite a bit because fiscal year 2021 included a $920 billion COVID-19 relief package signed into law by President Donald Trump in late December of 2020. In other words, days before Biden entered the Oval Office, another $1 trillion was added to the deficit under the Trump administration, which basically accounts for the deficit reduction from FY 2021 to FY 2022 that Biden takes credit for.
Interestingly, as Biden takes victory laps for the deficit reduction that occurred from FY 2021 to FY 2022, we must not forget that this hollow triumph took place despite Biden, not because of him. By this, I am referring to the fact that immediately upon taking office, Biden signed into law the massive $1.9 trillion American Rescue Plan, which completely obliterated any deficit reduction that would have come to fruition once the previous COVID-19 spending bills came off the books.