Joe Biden and the far-left Democrat Party continues to claim that his economic policies have been a great success and that he has led a “recovery” from the terrible economy Biden supposedly “inherited” from Donald Trump.
Biden has repeatedly insisted that he has implemented “our historic economic progress,” Washington Times reported.
But, in every past recovery, tax revenue has also risen along with that “rising tide lifting all boats.” Today, though, tax receipts have fallen.
“Uncle Sam’s income has plummeted this year, sending the federal deficit spiraling deeper into the red than analysts had predicted and leaving officials grasping for answers,” the paper wrote on Monday.
The paper added:
The Treasury Department said that since Oct. 1, the start of the fiscal year, through the end of May, the government has spent $4.16 trillion but collected only $2.99 trillion in revenue.
Through the same period in fiscal 2022, those numbers were $3.8 trillion in spending and $3.37 trillion in revenue — a shortfall of less than $500 billion.
The government ended the last fiscal year with a $1.38 trillion deficit, and this year’s figure is rapidly approaching that. Indeed, it has already reached the full-year projection that Mr. Biden made in his 2023 budget, and four more months of pain are ahead.
April, usually the best month for the government, brought a $102 billion surplus compared with $373 billion last year. In May, the government collected $307 billion but spent $548 billion, leaving a one-month deficit of $240 billion.
If you want more proof of Joe Biden’s failed stewardship of our economy, this is a good example.
If Biden was actually fixing our economy, revenues would by its very nature be rising as well.
But they aren’t.