During Biden’s disastrous debate performance, the president claimed that Donald Trump was far worse on the national debt than he has been. And after the debate, the media ignored Biden’s whopper of a lie. But it is a lie, indeed.
As economist Stephen Moore noted, Biden’s debate claim was a “$7 trillion lie.”
Moore called Biden’s lie a “classic case of projection.”
He added that CNN’s left-wing “moderator” echoed the left’s lies.
“Debate moderator Jake Tapper joined the chorus of federal finance falsehoods when he claimed Trump had “approved $8.4 trillion in new debt,” while Biden’s actions will increase the debt by (merely) $4.3 trillion over a decade,” Moore wrote.
So, where did this lie come from? Naturally, CNN was using as a source the claims from the extreme, left-wing Committee for a Responsible Federal Budget. So, what is the flaw in the group’s claims? it relies on the always wrong Congressional Budget Office.
Per Moore:
The CBO’s projection for 2021, the last fiscal year of the Trump administration, forecast the federal debt to reach about $35.3 trillion by 2031, that is, over the next decade.
Today, 3½ years into the Biden administration, the latest estimates from the CBO project the debt will hit over $42.5 trillion by 2031.
In other words, the CBO now expects the debt to be $7.2 trillion higher than it had projected when Trump left office — all because of Biden’s reckless spending policies.
Treasury Department figures also show the debt growing much faster under Biden.
Over Trump’s entire term, including the 2020 spate of emergency COVID spending, the debt increased by $7.7 trillion — a staggering total, to be sure.
However, about 15% of that debt total was the result of Treasury’s choice to keep additional cash on hand during the pandemic.
Former Treasury Secretary Steve Mnuchin, unsure how much tax revenue would be collected, borrowed well over $1 trillion — but kept it in reserve, without ever spending it.
Biden, however, spent that reserve, then borrowed another $7 trillion on top of it.
Moore concludes: “Accounting for the changes in cash balances at the Treasury, the debt actually rose $6.5 trillion during Trump’s entire term — and is up $7.9 trillion in less than four years of Biden’s tenure.”
And, guess what? Biden wants to spend even more.
So, yeah, Biden’s claims that he has a lower debt is just a laugh.
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