Biden bragging about his 2022 “deficit reduction”. Goes to show you that the Dems will do and say anything to get votes. See the facts, below.

First of all, I believe that he is probably counting on voters confusing the deficit and the debt. The national debt continues to climb. And the 2022 deficit reduction is a reduction from a historic high. What has helped the Democrats most is that revenues – a result of Trump/Republican policies – are at a record high, NOT a reduction in spending.

Key points:

• In 2021, the deficit was $2.78 trillion – the second highest in American history
• The annual deficits in Biden’s FY 2023 budget are $1.6 trillion – the highest sustained level of debt in American history
• Under policies enacted by President Biden and Washington Democrats, the federal government is slated to spend $10 trillion more over the coming decade than was projected prior to the Biden Administration
• Revenues are on pace to reach $5 trillion for the year, with income tax receipts up 32 percent, and corporate tax receipts up 12 percent so far this year
• Revenues are up by 23 percent compared to the same point last year
• Revenues this year have already reached $4.4 trillion, which is higher than any previous full year in American history

As House Budget Committee Republican Leader Jason Smith said,

Just as a rooster taking credit for the sunrise, President Biden would have people believe deficits are coming down because he is cutting spending. But the facts tell a different story. Claiming to be reducing the deficit while enacting policies that have added nearly $10 trillion in new spending is an insult to the intelligence of the American people.

Last year, under President Biden’s failed leadership, the deficit reached $2.78 trillion – $517 billion above what CBO said it otherwise should have been – because of his American Rescue Plan, which sparked the highest inflation in forty years and pushed government spending roughly 10 percentage points higher than its historical average, up to 30.5 percent of GDP.

Meanwhile, under President Biden’s FY23 budget, deficits for the next decade would average approximately $1.6 trillion – $600 billion higher than the last decade.

This should make the situation clear. First, the deficits by year (actual):

Revenue, by year (actual and projected):

Revenue versus spending, 2022:

National Debt, by year (actual and projected):