Troy Smith
During a speech commemorating Dr. Martin Luther King Jr. for National Action Network, Joe Biden referred to Republicans as ‘fiscally demented’.
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This comes just one day after Biden made advances on a woman in the audience of Ebenezer Baptist Church in Atlanta, Georgia.
Despite the fact that economists have predicted that 2023 may be the worst financial year in decades, Biden blames Republicans. See the clip below.
“Fiscally Demented”
Joe Biden: Republicans are “fiscally demented.” pic.twitter.com/yMHELTWHxR
— Townhall.com (@townhallcom) January 16, 2023
In late 2022, the Congressional Budget Office confirmed the devastation that the Biden Presidency has brought to American Economy. House Budget Committee Republican Leader Jason Smith revealed that low-income families are spending up to 20% more for basic necessities.
This year, families in the lowest income quintile will spend over 20 percent more of their income just to get by than they did last. Families in the second and middle quintile will spend about 15 percent more of their income
House Budget Committee Republican Leader Jason Smith (MO-08
The report goes on to detail specific instances of price increases since Biden entered Office.
Inflation is at a forty-year high of 8.3 percent. Inflation has increased 13.7 percent since Biden became President. Real wages have decreased 4.3 percent since President Biden took office. Gas prices have risen 55 percent since President Biden took office. 1 in 6 households are behind on utility payments. The average mortgage payment is 42 percent higher than one year ago. The average monthly payment for used cars has increased 27 percent since Biden took office. When Biden took office, CBO projected real GDP would grow 2.9 percent in the first quarter of this year. Real GDP fell by 1.6 percent.
https://budget.house.gov/press-release/cbo-confirms-families-are-falling-behind-in-bidens-economy/
During his speech, President Biden also asserted that he has lowered the deficit by over $1 Trillion. This claim has also been debunked.
The Committee for a Responsible Federal Budget reported on this back in April of 2022, revealing that the largest reason for deficit decreases was the expiration of COVID relief. That report can be quoted as saying…
While deficits are projected to decline from $2.8 trillion in 2021 to $1.4 trillion in 2022, this is mainly because Congress and the Administration increased deficits in 2021 (by $1.2 trillion), not because they reduced deficits in 2022.
Indeed, the main source of falling deficits is the expiration of most COVID relief such as enhanced unemployment benefits and recovery rebates. The remaining decrease is largely the result of strong income growth and high inflation.
https://www.crfb.org/blogs/no-president-biden-has-not-implemented-historic-deficit-reduction
Not only did President Biden not decrease the deficit, but he also increased it. The CRFB showed that through Democrat-passed legislation like the American Rescue Plan, Biden has added over $2.5 Trillion to the deficit.
