While speaking about the economy at the White House, President Biden unloaded on GOP hypocrites for never lowering the deficit under Trump.
Video of Biden:
The President said:
For all of the talk, Republicans make about deficits, it did not happen a single quarter under my predecessor. Not once. The bottom line is that the deficit went up every year under my predecessor before the pandemic, and during the pandemic. It has gone down both years since I’ve been here. Those are the facts.
Why is it important? Because bringing down the deficit is one way to ease the inflationary pressures in the economy where the consequence of a war, gas prices, oil, food, it is just a different world at this moment because of Ukraine and Russia. We have reduced federal borrowing, we helped combat inflation. This is a great deal of good news but this process did not happen by itself.
The previous administration increased the deficit every year it was in office, in part because of its reckless $2 trillion tax cut. I know you’re tired of hearing me say that, but a $2 trillion tax cut that was not paid for. Was not paid for and the tax cut that largely benefited the biggest corporations, fifty five of which earned $40 billion in profit and paid not a single penny of income tax in 2020, and the wealthiest Americans, like the billionaires who want average pages 8% in federal taxes.
The previous administration not only blew the deficit but it undermined the watchdogs, the inspector generals whose job it was to keep the pandemic relief funds from being wasted.
The President is correct.
Republicans did nothing while in power but spend trillions of dollars to benefit the wealthy and corporations. The GOP only cares about the deficit now because they are out of power and need a weapon to use against Democrats, but Biden is calling out their hypocrisy, and cutting off an avenue that Republicans will use to change the subject from overturning Roe.
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