I don't disagree with any of the facts reported in this article. That being said you STILL lied about Biden doubling the deficit. There's nothing in this article that supports that i***tic assertion. The statement that Marc Goldwein makes about Biden "increasing the deficit" was based on CBO projections not actual facts. He goes on to say...“They are taking credit for the fact that deficits fell in 2021-2022,” Goldwein said. “If they had done nothing, deficits would have fallen by $1 trillion. They fell by much less than they were going to.”
Again, none of that change the fact that the deficit DID decrease. Whether Biden can take credit for it or not doesn't change the bottom line. Again, here's the bottom line.
2020: -3,132,457 - Mostly because of the 2017 tax cut, which took effect in 2018 and the p******c.
2021: -2,775,359 - First year affected by Biden's policies
2022: -1,375,925 - Second year affected by Biden's policieshttps://fred.stlouisfed.org/series/FYFSD
These are not CBO projections... This is the actual record. And just like before, I actually DO list the p******c as ONE reason for the deficit in 2020.
If you were a little less blinded by your prejudice you may have caught that, but you're so eager to bring Biden down that you didn't and you made fool of yourself in the process.
Something else you don't seem to understand was laid out in the fourth to the last paragraph states...A Penn Wharton Budget Model analysis of Biden’s proposed FY 2023 federal budget — which includes more federal spending but also new revenues such as higher taxes on high-income earners — concluded that it would reduce government debt in the first decade (relative to current law, meaning the law without Biden’s budget being enacted) according to a conventional “static” forecast. That’s relatively in line with the White House projecting that its budget would cut deficits by more than $1 trillion over 10 years.
So, again - we're talking projections here. But the significance that I don't think you understand is the "new revenues". This is a fundamental difference between Trump policy and Biden policy. Trump CUT taxes... really deep in fact. You might not think it was all that much but I'm not talking about the temporary "Indian-giver" taxes that Trump offered to you and me as a way to entice us into supporting his policy. The REAL tax cuts, the PERMANENT tax cuts for the wealthy and the corporations were much bigger and they starved the federal budget while Trump continued to spend by borrowing more. He ADDED to the deficit.
Records at the Federal Reserve go back further than 2020... Let's have a look.
2018: -779,140 (15% increase)
2019: -983,596 (21% increase)
Each year Trump was in office and BEFORE spending ANYTHING on the p******c, the deficit increased. This is what happens when you cut taxes and continue to spend... you wind up borrowing the money. I've been trying to get Republicans to understand this for years because it's ALL they ever do. Cut taxes, borrow more, spend more.
Where Biden is different is that he wants to FUND his spending by ADDING revenue and he wants to do that by taxing people with incomes over $400,000. So he's going after the money, not the people.
If you know ANYTHING about the ridiculous state of wealth distribution in America today, you would know that the American people really don't have the money to tax. But the wealthy class has more money than they know what to do with. That's where all the money is. So, I agree... It's time we start taxing the wealthy. It's time to force corporations to pay their fair share.
The factcheck article does point out that Congress has not pushed all of Biden's tax plans through legislation. That's not on Biden. You can't blame a doctor for the consequences of not taking his advice. That's on Congress. If the president recommends spending and taxing to fund the spending and Congress approves the spending but not the taxing... That's a problem created by Congress.
But all proposals, projections and excuses aside, the bottom line is very clear... the deficit was climbing under Trump and declining under Biden, which means your original post was deceitful.