Remember when deficits were a problem?
The (more or less) bipartisan Congressional Budget Office (CBO) This year’s federal budget deficit The budget was increased by $400 billion on Tuesday, bringing the projected deficit this year to $1.92 trillion, a 27 percent increase from the CBO’s original estimate at the beginning of the year.
According to the report, the main drivers of this change are Military aid to countries like Ukraine and Israel student loan forgiveness, domestic spending on Medicaid, and the federal government’s failure to collect payments made last year. Banking crisis.
The Associated Press described in Orwellian terms the role that aid to over-educated liberals played in the growing budget deficit: “Reducing student loan borrowers’ balances”
(If you have mortgage or credit card debt, ask your lender to lower your balance. Tell them it will have a positive impact on your finances. And let us know how it goes.)
None of these data are Everything Joe Biden touches becomes expensiveBiden is notoriously terrible with money, both personally and when it comes to taxes, and seems unable to pass up an opportunity to spend all the money he can get his hands on.
That being said, $400 billion That’s a big amount.
How long will this continue?
In fact, in our view, it has been that way for quite some time.
As I wrote, Defeat Biden And in these pages, major American voting groups don’t seem to care about big budget deficits, not since Obama/Biden beat Romney/Ryan in 2008, the year the debt clock was hung from the ceiling at the Republican National Convention. Fiscal responsibility became a political loser.Both candidates have significant debt burdens, so they likely won’t be a big factor in the 2024 election. Indeed, debt hawks seem irrelevant in both major parties, especially the one in power.
President Joe Biden and former President Barack Obama walk along the West Colonnade of the White House on April 5, 2022. (Official White House Photo by Adam Schultz via Flickr)
If you want proof that most Americans don’t care about this, Look at most of the top pages In today’s news world, especially in the mainstream media, reports about Justin Timberlake’s drunk driving in the Hamptons are likely to be much more prevalent than they used to be. (What a jerk!)NVIDIA Elevates to “World’s Largest Company” Status (wonderful!)and Joe Biden Record-breaking fundraising On the weekend (He’s old… and stupid!).
Biden’s last and greatest hope
And the deficit wasn’t the only data released today. The Commerce Department reported: US Retail Sales May data showed a slight increase of 0.1%, while April sales were revised down to -0.2%, despite claims by some mainstream media and the Biden campaign. Americans are feeling the pain(It wasn’t. rise Are household debt and past due payments a clear indicator? Apparently not for partisan hacks. All of these are signs of growing consumer tension.
All this bodes ill for the current administration, politically speaking. Expect Biden to play the only card he has in his deckBiden’s only hope of jumpstarting the economy with just a few months until Election Day is to use government resources to relieve some of the pressure on American families. How he will do that remains to be seen, but we can expect him to try.
Biden world is, of course, praying that inflation somehow slows sufficiently. The Federal Reserve should cut interest rates in time to make a difference. While that seems unlikely in the 2024 election, Breitbart Business Digest will continue to monitor the situation closely and keep you updated.
