In his first State of the Union address, President Joe Biden stated that he would be “the only president ever to cut the deficit by more than one trillion dollars in a single year” and that “by the end of this year, the deficit will be down to less than half what it was” before he took office.
While the President’s math is accurate, his claims of credit for reducing the deficit are misplaced and lack important context.
As we’ve noted before, the Fiscal Year 2022 deficit is slated to decline dramatically relative to 2021, and the debt-to-GDP ratio is likely to fall by the end of the fiscal year as well. But that is to be expected when most of the $5 trillion in COVID relief was disbursed in 2020 and 2021 while revenues sank due to the slowdown in economic activity.Committee for a Responsible Federal Budget
They all do it. Taking credit when it’s not deserved. Or deflecting blame when things go awry. But never taking responsibility.