President Trump claimed to be an excellent deficit fighter, and he blamed Republicans for preventing him from decreasing inflation
Joe Biden, President of the United States has responded to criticism that excess government spending under his control has contributed towards the US Inflation Crisis. Biden furiously denies that he has been fiscally reckless but blames Republicans for hindering him from curbing runaway costs.
“I don’t want to hear any more of these lies about reckless spending,” Biden shouted on Tuesday at the AFL-CIO’s convention in Philadelphia. “We’re changing people’s lives.”
Trump had a higher federal deficit than Trump. The president claimed that this is in direct contrast. In fact, he claimed to achieve the largest deficit cut on record, a targeted $1.6 trillion in the government’s current fiscal year after paring $350 billion in his first budget.
Factcheck.org points out that in spite of the fact that Biden was elected, the nonpartisan Congressional Budget Office, (CBO), estimated within a few days, that the federal deficit could be cut by $2.3 trillion in 2021 and 2022, assuming there is no major emergency spending. The fact checker called Biden’s claims taking credit for the cuts misleading when he began touting his alleged budgeting successes in April.
Biden claims that he has cut his deficit by $300Billion, bringing the total to $1.95 Trillion. If he hits that target, it would be $350 billion worse than the CBO’s status-quo projection. And cutting the deficit wouldn’t mean reducing federal debt. The government would still be spending upward of $1.2 trillion more than it collects annually, and the nation’s $30.5 trillion debt – which amounts to $243,000 per taxpayer – would continue to balloon.
Critics have blamed the heavy debt load and Biden’s spending programs, including his $1.9 trillion American Rescue Plan and $1.2 trillion infrastructure bill, for contributing to a surge in inflation to a 40-year high. The CBO has estimated that Biden’s proposed “Build Back Better”Agenda will increase deficit by $3 trillion over the next ten years.
Biden, however, claimed inflation was not a problem when he spoke to AFL-CIO. This is the largest US labor union federation. “worse everywhere but here.”US inflation rates rose to 8.6% last May. It was the highest rate since 1981. This rate was significantly higher than 7.1% in the G7 and dwarfs rates in Japan, France, Switzerland and Israel (both 2.5% and 4.8% respectively).
Biden blamed the inflation crisis on Russian President Vladimir Putin. Biden blamed Republican legislators for preventing him from ending headlong price rises on Tuesday.
“The problem is, Republicans in Congress are doing everything they can to stop my plans to bring down costs for ordinary families,”He stated. “That’s why my plan is not finished and why the results aren’t finished, either.”
Republicans were quick and furious at the president. “Unhinged ranting won’t change the fact that Joe Biden’s reckless spending caused inflation,”In response, Senator Tom Cotton (R.Arkansas), said.