President Biden’s Fiscal Train Wreck

In Analysis by Michael Rae

On 2023’s Labor Day, President Biden boasted of cutting the U.S. government’s budget deficit at a speech in Philadelphia.
“Unlike the last president, in my first two years—all this stuff, guess what?—I cut the deficit $1.7 trillion, cut the debt $1.7 trillion.”
There’s just one problem. President Biden’s fiscal policies are exploding the U.S. government’s budget deficit during his third year in office. Here’s the Washington Post‘s Jeff Stein’s introduction to that hard truth:
The federal deficit is projected to roughly double this year, as bigger interest payments and lower tax receipts widen the nation’s spending imbalance despite robust overall economic growth.
After the

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