How Washington’s “Best and Brightest” Got It So Wrong
It is baffling how Washington’s supposed “best and brightest” could remain clueless for such a long time. Despite President Biden’s false claims about cutting the federal budget deficit, The Washington Post finally admitted on Sunday that Biden will actually double the deficit this year, reaching a staggering $2 trillion. The paper’s elite editors and reporters are mystified by the fact that the U.S. deficit continues to explode even as the economy grows. But could it be that the Beltway was deceived by Biden’s false boom, driven by manipulated statistics?
Skeptics now suggest that the Commerce Department has renamed its Bureau of Economic Analysis to Biden’s Economic Alterations. Over the years, Americans have witnessed numerous instances of bait-and-switch statistics, where impressive job growth numbers are later revised downward, conveniently after the victory lap. Strikingly, almost all of these “errors” in federal economic reports have consistently favored Biden. This begs the question: how much of our recent economic growth is nothing more than a statistical illusion or political fraud?
Biden claimed that he significantly reduced the federal budget deficit, but the truth is far from it. The Washington Post finds itself “confounded” by the surge in red ink, which brings to mind President Harry Truman’s famous quote: “Give me a one-handed economist! All my economists say ‘on the one hand…[and then] on the other’.” Perhaps it’s time for economists in D.C. to rely less on presidential press releases and instead examine the federal ledgers of expenditures and revenue.
The numbers reveal a startling reality. While federal spending shot up by 16% in fiscal year 2023, tax revenue plummeted by 7%. It should come as no surprise, then, that we find ourselves drowning in astronomical budget deficits. This explosion of the Biden Deficit completely changes the narrative surrounding the upcoming debt-ceiling showdown. House Speaker Kevin McCarthy proudly declared that the compromise deal marked the beginning of historic change in Washington. However, former Republican Rep. Justin Amash saw through the smoke and mirrors and claimed that Biden emerged as the greatest victor with a debt limit suspension until 2025. The bill itself, misleadingly named the Fiscal Responsibility Act, was nothing short of a legislative disgrace, authorizing perpetual trillion-dollar deficits.
Unlike federal regulations that prohibit financial fraud, budget deals seem to enjoy a safe haven from such oversight. Politicians are well aware that government spending equals power, making it near impossible to ask them to reduce expenditure. With the end of the month approaching, we can expect another showdown between Congressional Republicans and the Biden administration over federal spending. In a baffling move, Biden expressed his desire for federal courts to rule that the president is entitled to unlimited spending, exploiting a twisted interpretation of the 14th Amendment. However, the real problem lies with the 13th Amendment, which explicitly outlawed involuntary servitude. Americans are increasingly losing their financial independence due to the reckless plundering and blundering in D.C.
Under Biden’s leadership, the purchasing power of the dollar has plummeted by 17%, leaving ordinary Americans worse off. Home mortgage rates have nearly tripled to 7.5%, and consumer credit-card interest rates have almost doubled. It is ironic that Biden often touts himself as “Middle-Class Joe.” This nickname, however, only reinforces the biased press coverage he has consistently received throughout his career. In 1974, he moved into one of Delaware’s largest mansions, hardly a middle-class act. NPR reported in 2019 that Biden has earned $17 million since leaving office, further highlighting the stark contrast between his personal wealth and the lives of actual middle-class Americans.
Could the recent scrutiny of Biden’s soaring deficits be a signal that the liberal elite is ready to abandon ship prior to the 2024 presidential election? Team Biden insists that everything is under control, but they were shocked and outraged last month when the U.S. debt was downgraded by a top credit-rating firm. While The Washington Post may try to assure its readers that the U.S. budget crisis is not as dire as Argentina’s, any discussion of America’s downward financial and economic spiral is still a cause for concern.
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