The U.S. Treasury Department reported that the federal deficit for President Biden's second fiscal year came in at $1.69 trillion, up from the previous year's fiscal deficit of $1.38 trillion. And the internet's ignorant pundits as usual described the increase as soaring and whopping. It is the usual BS rhetoric by the so called conservative community and opinion writers.
"Soaring and Whopping increases in the federal deficit describes what took place on Trump and the GOP's watch in Trump's last two fiscal years when the deficit hit $3.1 trillion and $2.7 trillion. Of course those conservatives blame those record increases on COVID spending but failed to mention COVID spending took place on Biden's watch also. The Biden administration just did a better job at governing. Trump's last two fiscal year deficits totaled $5.8 trillion. Biden's first two fiscal years deficits totaled $3.07 trillion. That is $2.7 trillion less than Trump's deficits.
President George W. Bush's last fiscal year deficit was a record (at the time) $1.4 trillion. That is what President Obama inherited from Bush. Obama's last fiscal year's budget deficit was $666 billion and that is what President Trump inherited. Trump's last fiscal year deficit was $2.7 trillion and that is what President Biden inherited. And at the present, Biden's latest budget deficit is $1.69 trillion.
Past PolitiDose commentary dating back 15 years exposed the GOP myth of being fiscal conservatives and exposed their lies and fraudulent information. Yet today, the media remains their enablers of those big fat lies.
This commentary written by Joe Lorio.
Note: No GOP administration since President Eisenhower completed his last fiscal year with a lower budget deficit than the administration he followed.
