Deficit shrinks in the first year of Joe Biden's presidency
Last edited Tue Oct 26, 2021, 03:48 PM - Edit history (1)
Defncit shrinks in the first year of Joe Biden's presidency
When it comes to the deficit, we've endured a consistent pattern for four decades. As the deficit shrinks in the Biden era, the pattern remains intact.
https://www.msnbc.com/rachel-maddow-show/deficit-shrinks-first-year-joe-biden-s-presidency-n1282276
It starts with a Republican presidential candidate denouncing the deficit and vowing to balance the budget if elected. That Republican then takes office, abandons interest in the issue, and expresses indifference when the deficit becomes vastly larger. Then a Democrat takes office, at which point GOP lawmakers who didn't care at all about the deficit suddenly decide it's a critical issue that the new center-left president must immediately prioritize.
During the Democratic administration, the deficit invariably shrinks — a development Republicans tend to ignore — at which point the entire cycle starts over with a new round of national GOP candidates denouncing the deficit and vowing to balance the budget if elected.
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That was plainly true. The White House and congressional Republicans swore up and down in late 2017 that they could slash taxes for the wealthy and big corporations without increasing the deficit because, as they repeatedly insisted, "tax cuts pay for themselves." We didn't need additional evidence that their ridiculous belief was, and is, wrong, but the evidence soon followed anyway.
And then, of course, the pandemic hit, at which point the deficit reached record levels.
The latest data shows the deficit shrinking once more, just in time for GOP officials and candidates to start pretending to care about the issue again.
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