Biden Incorrectly Claimed to Have Lowered the National Debt by $1.7 Trillion
In his 23 months in office as the President of the United States of America, Biden wrongly claimed on Tuesday that he lowered the national debt by $1.7 trillion. This is non-correspondent to the fact that the debt grew by nearly $3.7 trillion.
This error was made while using the terms “deficit” and “debt” interchangeably during remarks touting the slight decline in the annual inflation rate to 7.1% in November. He stated that the government has done all of this while lowering the federal deficit in the two years we’ve been in office $1.7 trillion. He then followed by restating that the federal debt was lowered to $1.7 trillion.
According to a published post by New York Post, when Biden took office, the national debt was roughly $27.75 trillion in accordance with the Congressional Research Service. As of the current time, the federal debt is about $31.43 trillion.
Biden Touted His Administration for Slightly Lowering the Rate of Inflation
The President always openly states the fact that the national deficit is declining. Yes, it is definitely declining but not due to Biden’s actions. Much of the reduction is due to the expiration of bipartisan COVID-19 pandemic relief programs approved in 2020.
Biden claimed last Tuesday that there is no administration to ever cut the deficit by that much. This fiscal year’s federal deficit is said to be the fourth-highest on record in accordance with the Treasury Department with $1.38 trillion in federal spending beyond what authorities collected in revenue. In fact, United States of America’s deficit topped out at $3.13 trillion in fiscal 2020 before declining to $2.77 trillion in fiscal 2021.