Pay Attention to His Language
Washington, D.C., March 9, 2023
Tags: Spending Cuts and Debt
Pay close attention to President Biden’s language today. He’s going to claim his new budget proposal will reduce deficits by $3 trillion over the next 10 years, and the mainstream media will dutifully report that as a great thing. But you need to understand what’s going on here.
Remember: a DEFICIT is how much more we spend that we take in. DEBT is the cumulative amount we’ve borrowed to cover deficit spending. Over the next decade, the Congressional Budget Office estimates your government will spend over $18 TRILLION more than it taxes you. That’s the deficit, and most of that deficit will be added to our existing $31 trillion in national debt. It’s outrageous.
So when Biden comes along today and talks about some magnificent reduction of $3 trillion, he’s talking about DEFICIT reduction over the next decade, not a debt reduction.
He’s saying, “Instead of spending $18 trillion more than we take in over the next 10 years, we’re only going to spend $15 trillion more.” That’s a paltry amount. He’s essentially saying he’ll grow the national debt to $46 trillion instead of $49 trillion. That’s not a good thing.
Shaving only 3 from $18 trillion in deficit spending over the next decade isn’t nearly enough. Not even close!