We all know our national budget deficit is ridiculously through the roof and has been for years. But just how much it will add this year depends on the math you use.
First, let’s start with the numbers the Treasury Department used for fiscal year 2023, which ended September 30. The national budget was $1.7 trillion.
However, that might not necessarily be accurate, at least according to CNN.
To understand this, we have to go back a year when the fiscal 2022 deficit was listed as $1.4 trillion. This was supposedly calculated to include the impact of Biden’s student loan forgiveness plan, which the Supreme Court shot down.
Since it didn’t actually go through as planned, CNN says this means the $400 million it would have added should be subtracted from 2022 and instead added to 2023.
So, 2022’s deficit was only about $1 trillion, CNN reported. In the grand scheme of things, that doesn’t sound all that bad, right?
But adding that $400 million to 2023’s already-record high $1.7 trillion means that we’ve added a whopping $2.1 trillion in just one year. It also means that in just one year, the national budget deficit more than doubled under President Joe Biden.
And that certainly doesn’t look good.
The deficit explodes to 1.7 trillion higher then projected. Bidenomics is crushing our economy, the working class, private business and destroying the American dollar! Every thing the man touches turns to 💩! https://t.co/aVHpCzAbhh
— Brooklyn (@FlorabamaB) October 21, 2023
Now, to be sure, it’s not a good look no matter what math you use, we still spent far too much and too little time.
As Maya MacGuineas, president of the Committee for a Responsible Federal Budget, says, “We are a nation addicted to debt.” She also stated that, given the economic growth and low unemployment rates Biden has been touting for months now, the nation should have been working hard to “reduce our deficits.”
Instead, our debt load has only grown. And given the rising interest rates, that will only continue as time passes unless something drastic is done.
Don't see many mainstream headlines on it but …
National debt just hit $100,000 per person & budget deficit has basically *doubled* in a year. It's now a stunning $2 trillion dollars.
Because interest rates are also rising, we could soon be paying one TRILLION per year in…
— Brian Sullivan (@SullyCNBC) October 20, 2023
Hopefully, we can soon get leadership in the White House who will work to reverse the disasters of Biden’s economy. If not, we’ll quickly be completely bankrupt.
Our budget deficit is $1.7 TRILLION.
Congress must stop its reckless spending sprees, address unauthorized federal programs, and cut down on massive waste, fraud, and abuse if we are ever going to save this country from eventual default. https://t.co/7cFa4XNvyn
— Rep. Ken Buck (@RepKenBuck) October 16, 2023