President Biden opined at a Florida rally, “Look, you know, you can hear it from Republicans, ‘My God, that big-spending Democrat Biden. Man, he’s taken us in debt.’ Well, guess what? I reduced the federal deficit this year by $1 trillion $400 billion. One trillion 400 billion dollars. The most in all American history. No one has ever reduced the debt that much. We cut the federal debt in half.”
He’s repeating the same lie he told last week in New Mexico where he said, “We cut the federal debt in half. A fact.” That’s a problem as debt and deficit are two different animals.
He’s trying to blend the federal debt and the federal deficit using half-truths from each to equal a whole lie.
The federal debt is comprised of our total borrowing plus interest. The federal deficit is the difference between spending and revenue in a given fiscal year.
The facts are that the Biden administration has continued to increase spending to historically high levels of over $31 trillion. What was cut in half was our deficit 2001 – 2002.
The reasons the deficit was cut in half was taxes, fees, fines, regulations, etc. which also increase federal tax revenues to historic high levels. They’re taxing everything now including your income from a garage sale, selling furniture or a guitar on Facebook, Paypal transactions, etc. It’s gotten real the past 2 years.
Then there is that pesky Wuhan virus thing that cost hundreds of billions for emergency pandemic relief spending, much of it ‘forgivable’.
There are lies and then there are Biden lies.