Countless times since Joe Biden’s been president, he’s spoken about inflation in dangerously incorrect ways.
The president continues to suggest that more spending is the key to dodging inflation. He’s openly claimed that America can spend its way out of high prices when this simply isn’t the case.
The spending bills that Biden’s managed to pass thus far have not only caused inflation, but they’ve also run up the national deficit. This is a factor the Biden administration continues to ignore.
To this very day, the president is still trying to get Congress to approve more spending packages for vaccine booster shots, Ukraine, and recycled versions of the Build Back Better Act.
At the same time, the president has ironically complained about the woes of student loan debt. Yet, what Biden fails to understand is that the national deficit isn’t something he can hide from, per The Blaze.
What Biden Will Never Admit About America’s National Debt Crisis
The White House is in a state of denial when it comes to the US national deficit. Several members of the Biden administration claim that bringing down the deficit is possible with more spending.
In 2022, debt financing is not a viable option, especially considering where America’s GDP stands today. If the president continues coming up with more ways to spend, he’s going to drag the country into a recession.
Already, economists with Deutsche Bank and other firms are predicting a recession by the middle of next year. These predictions aren’t new; yet, the Biden administration has not released a statement or any serious policies to prevent a 2023 recession.
The federal approach that the Biden administration is considering in “forgiving” student loan debt also won’t help the national deficit. What it will do, however, is increase Americans’ taxes at the worst time possible, while also sending inflation soaring to new heights.
The True Culprit of the National Deficit
When it’s all said and done, the culprit of the US national deficit is government spending. No matter how the White House or Democrats try to justify various spending packages, they are still the reason why the national deficit is so high.
Bringing down the national deficit will depend upon whether Congress accepts or rejects new expenditures proposed by the White House. This is one huge reason why the midterm elections coming up in November are so pivotal.
Biden will not voluntarily act to bring down the national deficit. Therefore, the American people must elect lawmakers who will make Biden do the right thing, or, at the very least, stop him from passing more bad policies.