WASHINGTON — On Wednesday, President Joe Biden slammed former President Donald Trump’s “MAGA” movement as extreme, while praising his Democratic administration’s efforts to lower the U.S. deficit, which had risen under his Republican predecessor.
In what could be a foreshadowing of a midterm campaign address, Biden took aim at what he called “MAGA” Republicans, accusing them of sheltering billionaires at the expense of working-class Americans while merely giving lip service to fiscal prudence.
MAGA is a play on Trump’s campaign slogan “Make America Great Again.”
Republicans have chastised Biden and his Democratic colleagues for an unprecedented surge in inflation, which some blame on overspending in Washington during the COVID-19 outbreak, as well as global supply restrictions.
On Wednesday, Biden emphasised that the annual deficit is decreasing, owing to increased revenue as the economy recovers from the pandemic and the winding down of COVID emergency spending – something that never happened under Trump.
“The bottom line is that the deficit increased every year under my predecessor, both before and during the pandemic.” And it’s gotten worse in the two years I’ve been here.”
Biden slammed Republican U.S. Senator Rick Scott’s economic plan, claiming that it would raise taxes on 75 million Americans, the vast majority of whom earn less than $100,000 per year. Scott is in charge of Republican efforts to elect Republicans to the Senate.
Allow me to explain the Ultra-MAGA Agenda. “It’s extreme, as are most MAGA things,” he explained. “I’m not interested in hearing Republicans talk about deficits or their Ultra-MAGA agenda.” I’d like to hear anything about fairness. “I’d like to hear about decency.”
Requests for reaction from Scott’s campaign staff were not immediately returned.
According to the Republican National Committee, nothing Biden has done has decreased the debt, and his legislative proposals, if implemented, would only raise it.
Since 2001, the United States has recorded annual budget deficits. Since 2016, increases in Social Security, healthcare, and interest on the federal debt have surpassed growth in federal revenue.
The annual deficit has risen to roughly $3 trillion in recent years as a result of pandemic spending and revenue loss. Republicans brought in a major tax-cut plan under Trump in 2017, which some believe has contributed more than $1 trillion to the national debt.
Because of its reckless $2 trillion tax cut, the previous administration raised the deficit every year it was in power. “I know you’re sick of hearing it from me, but a $2 trillion tax cut that wasn’t paid for,” Biden remarked.
Trump supporters have pointed out that the economy under Trump has seen historically low unemployment as well as record highs in the stock market.
According to an administration official, Biden noted that the budget deficit fell by more than $350 billion in his first year and is projected to fall by more than $1.5 trillion this year – the largest deficit reduction in a single year on record and a revision up from the $1.3 trillion projected in the president’s budget released earlier this year.
In addition, the Treasury Department expects to pay down the national debt this quarter for the first time since 2016.
Biden is still pushing for a roughly $2 trillion bill to extend the social safety net and combat climate change, but Democratic U.S. Senator Joe Manchin has essentially stopped it, citing budget concerns.