Americans for Limited Government President Rick Manning today issued the following statement responding to President Joe Biden’s June 14 speech, when Biden stated in part that “I don’t want to hear anymore of these lies about reckless spending. We’re changing people’s lives!… by the end of the fiscal year, we will have cut the federal deficit by another $1.6 trillion — in one year.”
“President Joe Biden may be tired of hearing about how his reckless spending has played a major role in spiraling inflation in Americans’ day to day lives, but he can’t run away from the facts,” Manning said. “When he took office inflation was 1.4%. but today, inflation is raging at 8.6% and is in no way transitory. Home mortgage rates were at 2.6%, now they are up over 6%. And real wages that were up 4% in 2020 are now down 3% the past 12 months.”
Our nation in 2020 faced an unprecedented crisis where $3.1 trillion dollars were spent above and beyond the budget, Manning said, “in an attempt to restore the economy that was deliberately tanked due to Covid. He mistakenly insisted on spending another $2.4 trillion in 2021 on Covid and infrastructure.”
Biden has culpability in the nation’s current stagflation but can’t admit it, Manning said.
“In the absurd world of Washington, D.C., Joe Biden bragged in the same speech that the deficit was cut more under him than at any time in history,” Manning said. “While technically true, every sentient person in America knows that the budget deficit was reduced due to spending less money on the Covid crisis, and not because of any action taken by President Biden.”
In fact, Sen. Joe Manchin and Republicans in the Senate refused to spend an additional $3 trillion on Build Back Better, with Manchin noting that inflation was out of control due to reckless spending.
The White House Office of Management and Budget projects that 2022 will have the third largest deficit in American history at $1.4 trillion.
(Americans for Limited Government is a conservative advocacy group.)
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