Still More Evidence That Bidenomics Is ‘Working’
I & I Editorial Board
July 20, 2023
Thirteen days after President Joe Biden told the nation that “Bidenomics is working,” the Congressional Budget Office released a report showing just how well it’s working – bankrupting the country far faster than anyone expected.
The report looks at spending and revenues for the first nine months of this fiscal year, which started in October. What it reveals is remarkable, both because it shows how reckless the Biden administration has been with spending and how it’s sapped the economy of strength.
The topline number is that the federal deficit so far this fiscal year has already topped $1.4 trillion, which is $875 billion higher than the same months last year and bigger than the deficit for all of fiscal year 2022.
The CBO finds that overall spending this year is running 10% higher than last year. At the same time, revenues are down 11% compared with last year, which defies claims by the administration that the economy is strong.
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https://issuesinsights.com/2023/07/20/still-more-evidence-that-bidenomics-is-working/
