Federal Budget Deficit Shrinks Under Biden

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Number6
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Federal Budget Deficit Shrinks Under Biden

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Under President Biden, the federal budget deficit has shrunk by $360 billion.
It starts with a Republican presidential candidate denouncing the deficit and vowing to balance the budget if elected. That Republican then takes office, abandons interest in the issue, and expresses indifference when the deficit becomes vastly larger. Then a Democrat takes office, at which point GOP lawmakers who didn't care at all about the deficit suddenly decide it's a critical issue that the new center-left president must immediately prioritize.

During the Democratic administration, the deficit invariably shrinks — a development Republicans tend to ignore — at which point the entire cycle starts over with a new round of national GOP candidates denouncing the deficit and vowing to balance the budget if elected.

Surging tax revenues as the U.S. economy rebounded from the coronavirus-driven downturn helped reduce the budget deficit for the fiscal year that ended Sept. 30, the Treasury Department and White House budget office announced Friday. The fiscal 2021 deficit clocked in at a still-massive $2.8 trillion, although that's down $360 billion from the previous year's shortfall and it's $897 billion less than the Biden administration predicted in February.

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Last edited by Number6 on Mon Oct 25, 2021 5:20 pm, edited 1 time in total.
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Glennfs
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Re: Federal Budget Shrinks Under Biden

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Don't you mean the deficit shrunk. Also the Biden administration had predicted a deficit of almost 900 billion more..So it isn't something which was planned
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Number6
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Re: Federal Budget Deficit Shrinks Under Biden

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Number6 wrote: Mon Oct 25, 2021 1:25 pm Under President Biden, the federal budget deficit has shrunk by $360 billion.
Edited: The budget didn't shrink but the deficit shrunk. Thanks glenn for pointing that out.
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Number6
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Re: Federal Budget Shrinks Under Biden

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Glennfs wrote: Mon Oct 25, 2021 1:33 pm Don't you mean the deficit shrunk. Also the Biden administration had predicted a deficit of almost 900 billion more..So it isn't something which was planned
You're correct. I change the thread title and specified it was the budget that shrank. Thanks for catching my error.
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gounion
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Re: Federal Budget Shrinks Under Biden

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It's pretty clear deficits shrink under dems, rise under GOP admins.
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Number6
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Re: Federal Budget Shrinks Under Biden

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gounion wrote: Mon Oct 25, 2021 2:29 pm It's pretty clear deficits shrink under dems, rise under GOP admins.
Normally, I'd say that's true but it didn't happen under Obama. However, he was elected when the Great Recession hit, under Bush 43, and it took years for our economy to recover, with no thanks to republicans.
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gounion
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Re: Federal Budget Shrinks Under Biden

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Number6 wrote: Mon Oct 25, 2021 2:50 pm Normally, I'd say that's true but it didn't happen under Obama. However, he was elected when the Great Recession hit, under Bush 43, and it took years for our economy to recover, with no thanks to republicans.
There is a reason it happens. When Dems are in charge, the GOP all becomes deficit hawks, so the Dems won't spend much, so they lose elections. When Repubs are in charge they are Santa Claus cut taxes and at the same time spend like drunken sailors to get votes.
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Number6
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Re: Federal Budget Shrinks Under Biden

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gounion wrote: Mon Oct 25, 2021 2:55 pm There is a reason it happens. When Dems are in charge, the GOP all becomes deficit hawks, so the Dems won't spend much, so they lose elections. When Repubs are in charge they are Santa Claus cut taxes and at the same time spend like drunken sailors to get votes.
And that explains the "Two Santa Clause" theory. When republicans are out of power they complain about the deficit. When they in power, they spend and give tax cuts to the wealth without paying for them causing the deficit to balloon. When they lose power then the complain about the deficit. Note: they never complain about the deficit when they're in power. It's only when they're out of power they do that to bamboozle their base which the do often and quite well.
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