Biden tries to brand himself as deficit cutter, not big spender

[mystery-ak]

Biden tries to brand himself as deficit cutter, not big spender
by Naomi Lim, White House Reporter |
August 28, 2022 06:00 AM

President Joe Biden has been trying to convince voters he is a deficit cutter and not a big spender before November's midterm elections.

But although Biden's hyped student loan debt forgiveness announcement this week has energized Democrats, it has also rankled Republicans, independents, and budget experts as Federal Reserve Chairman Jerome Powell warns the public to expect "some pain" as the central bank attempts to tame inflation.

BIDEN STEPS OUT ONTO 2022 CAMPAIGN TRAIL WITH MESSAGE OF CHOICE

Biden's executive order this week canceling $10,000 in federal student debt for borrowers earning less than $125,000 a year and $20,000 for eligible Pell Grant recipients came after the White House Office of Management and Budget's midsession review.

The OMB amended its projected budget gap this week to $1 trillion in fiscal year 2022, $1.7 trillion less than last year, $400 billion less than March, and the lowest deficit since 2019 before the pandemic. But that was before the White House bowed to pressure Friday and provided an estimated cost for Biden's student debt forgiveness proposal. The administration predicts the program's price tag will be roughly $24 billion a year for the next decade if 75% of eligible borrowers participate. That $240 billion number is short of the Penn Wharton Budget Model's $300 billion to $980 billion forecast.

Bipartisan Policy Center Senior Vice President Bill Hoagland ripped the OMB's update, which was due July 15, as unhelpful. That is because it does not account for new legislation, including the $280 billion manufacturing and innovation CHIPS and Science Act and the $430 billion climate and healthcare Inflation Reduction Act, in addition to the student debt cancellation scheme, according to Hoagland.

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https://www.washingtonexaminer.com/news/white-house/biden-deficit-spending-midterms

[catfish1957]

Some threads, I just probably need to skip

[DefiantMassRINO]

Might as well brand Jeffrey Dahmer as a vegan.

[aligncare]

Operative word being “tries.”  The cockroach under my sink this morning tried to get away. It didn’t.

[Kamaji]

Operative word being “tries.”  The cockroach under my sink this morning tried to get away. It didn’t.

[LMAO]

Despite the cheerleading from the press of a big Biden come back, they are all over the map with a strategy for the midterms

[catfish1957]

Despite the cheerleading from the press of a big Biden come back, they are all over the map with a strategy for the midterms

Good observation.  Slip shod and flinging mud at best.  It might be wishful thinking on my behalf, but it reaks of desparation.

[rustynail]

Facing a terminal debt load the deficit is meaningless.

[catfish1957]

Facing a terminal debt load the deficit is meaningless.

I've tried to avoid being that doom and gloom and scaring people.  But anything outside a conservative revival, and return to sound fiscal policy?

You are right.  Soon, and flip a coin at this point, will be whether this upcoming dystopia will be in the form of Weimar/Zimbawe hyperinflation....  Or will it be the 1930's on steroids.

Where that needle lands will depend on the actions of the Fed Chair the next 18 mo.'s to 2 years.

[GtHawk]

Brandon is calling it deficit reduction? I recall back in the day when checks were a thing, people who wrote a check off one bank account with nothing in in it then deposited the check into another bank account and withdrew the non existent funds before the check bounced(check kiting) were committing a crime. Funny how when democrats do it on a national level it's called 'deficit reduction'.

[Kamaji]

Brandon is calling it deficit reduction? I recall back in the day when checks were a thing, people who wrote a check off one bank account with nothing in in it then deposited the check into another bank account and withdrew the non existent funds before the check bounced(check kiting) were committing a crime. Funny how when democrats do it on a national level it's called 'deficit reduction'.