Staff Reports
Hold onto your hats, folks. Let’s dive into the latest fiscal circus featuring none other than President Joe Biden and former President Donald Trump. Spoiler alert: Biden’s spending spree outshines Trump’s whiskey-fueled square dance by a country mile.
An impartial review by the Committee for a Responsible Federal Budget has outlined a stark contrast in spending styles between Sleepy Joe and the Donald. While Trump managed to keep his executive action spending relatively contained, Biden seems to have dipped into the national wallet as if he found a hidden stash under the mattress. According to the committee, Biden’s executive actions are set to add a jaw-dropping $1.2 trillion to the national debt, compared to Trump’s modest addition of $13 billion. Yes, you read that right: Biden’s dipped far deeper into Uncle Sam’s pockets.
Reports find that Biden executive action added more to national debt, but Trump outspent Democrat https://t.co/LS220LMkJg
— The Washington Times (@WashTimes) July 17, 2024
Most of Biden’s debt-bloating decisions revolve around his “generous” student debt forgiveness plan, set to inflate the federal deficit by a projected $620 billion. This financial fairy tale might be trimmed by about $330 billion if the courts decide to drizzle a bit of fiscal sanity and reel in Biden’s grandiose Income-Driven Repayment proposal. On top of that, Biden’s tweaks to Medicaid, Medicare, and other health reforms add to the extravagant spending.
In classic Trump fashion, his executive actions did raise some debt, but they were pennies compared to Biden’s golden goose chase. Trump’s notable contributions to the national debt – eliminating certain Affordable Care Act payments and altering prescription drug rebates – were practically a thrifty venture compared to Joe’s splurging. The kicker? Trump’s executive actions had a safety net: His introduction of $443 billion worth of new tariffs acted as a buffer against ballooning debt.
Yet, the narrative isn’t quite so cut and dried. Despite what the liberal media might want everyone to believe, both presidents ended up authorizing a similar amount in overall federal spending. However, Biden’s administration approved a few more serious spending cuts in an attempt to temper the nation’s plunging finances. The debt-ceiling deal alone produced an eye-popping $1.9 trillion in spending cuts. Compared to Trump’s $5.3 trillion in spending and $500 billion in cuts, Biden, believe it or not, looks like a rare figure of fiscal responsibility – but only just.
Let’s not forget that Trump also ushered in a sizable amount of tax cuts – $2.9 trillion, actually – in efforts to resuscitate the American spirit and workforce, while Joe Biden’s tax policies saw meager change, coming off as more of a shoulder shrug than a solution.
Here’s a final head-scratcher: With Biden increasing the 10-year interest costs by $500 billion while Trump managed to push it up by $1 trillion, it’s clear that fiscal juggling isn’t as straightforward as we might like. Sure, Biden’s spending cuts, largely due to the debt-ceiling deal, offer a temporary band-aid for the national debt hemorrhage. However, this short-term relief can’t gloss over the need for a concrete, sustainable fiscal plan.
In the grand scheme, both Biden and Trump have their fiscal missteps. The real question remains: Who will steer the national ship away from the financial iceberg it seems determined to hit? It’s a question requiring more than spectacle and soundbites – it demands real answers and actionable plans. In the meantime, the national debt keeps climbing, and taxpayers brace for the inevitable fallout.
