You know Washington, D.C. is spending too much of your money. But the NY Post reports that Joe Biden will double the federal budget deficit.
How could Washington’s “best and brightest” be so clueless for so long?
After perennially and uncritically repeating President Biden’s false claims about cutting the federal budget deficit, the Washington Post admitted Sunday that Biden will double the deficit this year to $2 trillion.
The paper’s elite editors and reporters are mystified that “US deficit explodes even as economy grows.”
But did the Beltway get suckered on a Biden boom that exists largely due to sham statistics?
Cynics now claim that the Commerce Department no longer refers to its Bureau of Economic Analysis but instead to Biden’s Economic Alterations.
Americans have seen years of bait-and-switch statistics — glorious job-growth numbers followed by downward revisions long after the victory lap.
Almost all the “errors” in federal economic reports have been biased in Biden’s favor.
How much of recent economic growth has been a statistical mirage or a political fraud?
The Washington Post laments that “the surge in red ink has confounded many economists’ expectations.”
This brings to mind President Harry Truman’s quip: “Give me a one-handed economist! All my economists say ‘on the one hand … [and then] on the other.’ ”
Maybe DC needs economists who look at something aside from presidential press releases — such as the ledgers of federal outlays and revenue.
Federal spending increased 16% in fiscal year 2023 — at the same time tax revenue plunged by 7%. Soaring budget deficits should be a surprise only to people who failed arithmetic in fifth grade.
The Biden Deficit Explosion changes the storyline on the spring debt-ceiling showdown.
Action Line: The federal government can’t keep spending other people’s money forever. There will be a reckoning if Joe Biden’s behavior is allowed to continue. Prepare you and your family for that day. Click here to subscribe to my free monthly Survive & Thrive letter, and become a Survivor.
E.J. Smith - Your Survival Guy
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