The president has claimed to be a major deficit fighter, blaming Republicans for stopping him from cutting inflation
President Joe Biden has resisted criticism that excessive government spending on his watch has contributed to the US inflation crisis, furiously denying that he has been fiscally reckless and blaming Republicans for hindering him from curbing runaway beaten prices.
“I don’t want to hear any more of these lies about reckless spending,” Biden screamed at the AFL-CIO’s convention in Philadelphia on Tuesday. “We are changing people’s lives.”
The president argued that unlike his predecessor, Donald Trump, he has reduced federal budget deficits. In fact, he claimed he had achieved the biggest deficit reduction ever to a target of $1.6 trillion in the government’s current fiscal year after saving $350 billion in his first budget.
BIDDING: "I don’t want to hear any more of these lies about reckless spending! We change people’s lives!" pic.twitter.com/XtmyG2n3MH
— Breaking911 (@Breaking911) June 14, 2022
However, as Factcheck.org has pointed out, shortly after Biden took office, the impartial Congressional Budget Office (CBO) estimated that the federal deficit would be reduced by a combined $2.3 trillion in fiscal years 2021 and 2022 if there were no massive expenditure for a pandemic. † The fact-checker called Biden’s claims that he took credit for the austerity measures misleading when he began touting his alleged fiscal successes in April.
Since then, Biden has expanded its claimed deficit cuts by $300 billion, to a combined $1.95 trillion. If he hits that target, it would be $350 billion worse than the CBO’s status quo projection. And reducing the deficit would not mean cutting the federal debt. The government would still spend $1.2 trillion more than it takes in annually, and the nation’s $30.5 trillion debt — or $243,000 per taxpayer — would continue to climb.
Critics have accused Biden’s heavily indebted and spending programs, including his $1.9 trillion US bailout and $1.2 trillion infrastructure bill, of contributing to a rise in inflation to a 40-year high. The CBO has estimated that Biden’s proposed “Build back better” agenda would increase the deficit by $3 trillion over the next decade.
However, in a conversation with the AFL-CIO, America’s largest union of unions, Biden falsely claimed that inflation “Worse everywhere except here.” Inflation in the US rose to 8.6% in May, the highest level since 1981. It was much higher than the G7 average of 7.1%, surpassing numbers in countries such as Japan (2.5%), France (4.8%), Switzerland (2.5%), Israel (4%) and South Korea (4.8%).
Biden has blamed Russian President Vladimir Putin and the Covid-19 pandemic for causing the inflation crisis. On Tuesday, he accused Republican lawmakers of stopping him from ending the stiff-necked price hikes.
“The problem is that Republicans in Congress are doing everything they can to thwart my plans to cut costs for ordinary families,” he said. he said. “That’s why my plan is not finished and neither are the results.”
Republicans were quick to push back the president. “Rare rants won’t change the fact that Joe Biden’s reckless spending caused inflation,” Senator Tom Cotton (R-Arkansas) said in response to the speech.