THIS ISN’T NORMAL OR SUSTAINABLE: Biden Budget Deficits Look Like Those Normally Seen In Recessions.

To hear President Joe Biden tell it, the US economy is booming. Meanwhile, the Biden administration is running monthly budget deficits that you would normally see during a deep recession.

With two months left to go, the deficit for fiscal 2023 now stands at $1.61 trillion, after the federal government charted another massive shortfall in July.
And Biden wants to spend even more.

To put the $1.61 trillion deficit in perspective, prior to the pandemic, the US government had only run deficits over $1 trillion four times — all in the aftermath of the 2008 financial crisis. Trump almost hit the $1 trillion mark in 2019 and was on pace to run a trillion-dollar deficit prior to the pandemic. The economic catastrophe caused by the government’s response to COVID-19 gave policymakers an excuse to spend with no questions asked. Now the Biden administration has settled into the new status quo – running ’08 financial crisis-like deficits every single year.

The July budget deficit came in at $220.78 billion, according to the latest Monthly Treasury Statement. The shortfall was due to a double whammy of big spending and falling government tax receipts.

Well, get used to that.