October 21, 2024 | Biden Blames Trump for his $1.8 Trillion Deficit – What Propaganda

I am sick and tired of all the constant lies. The Biden Administration blames Trump for its $1.8 trillion deficit. The interest expenditures will be about $1 trillion alone. Now, if you just accept that at face value, you are part of the problem when the United States will crash and burn. This makes it sound like tax revenues have declined. In 2020, the last year of Trump’s presidency, the total tax revenues collected were $3.42 trillion. In 2023, the revenues taken in from taxes was $4.4 trillion. And the U.S. government now estimates its total revenue will be $5.49 trillion for fiscal year 2025.

If we confiscate 100% of the top 10 wealthiest people, according to Forbes, we would get $1.5 trillion, but that still will not eliminate the deficit. It would destroy all of those companies, create huge unemployment, and wipe out our countless pension funds, But hey. They are the problem, and they are never the politicians who are off to rob others and hand it to you for your vote.

Since the war with Russia began in February 2022 during Biden’s Administration, he has pushed for a total of $175 billion. Interestingly, $106 billion directly aids the government of Ukraine, while the balance funds “various” U.S. activities associated with the war in Ukraine, namely overthrowing the Russian government and surrounding countries. This is never documented or fully explained.  Thus, Ukraine accounts for about 10% of Biden’s deficit.

But hey! This is all Trump’s fault for not raising taxes back to 94% as they were for World War II, 91% for Korea, and 70% for Vietnam. If we look at the accumulative interest expenditures and war, about 70% of the national debt has been for playing policeman of the world. This has NEVER benefited the people.

They always say to tax the rich. As I said, if you take ALL the assets of the top 10 billionaires, you would NOT eliminate this $1.8 trillion deficit. But that is just the tip of the iceberg. They changed the definition of who the rich are. Before World War II, the definition of the rich was $5 million, while a Cadillac was $600.  The began to raise it to $250,000 a year, but then it was clarified as “household” income. So, if you and your wife combined were at $250,000, you were that horrible, evil, greedy rich person they need to shake upside down to get every penny in your pocket.

Once upon a time, it was theorized that if the government borrowed, it would be less inflationary than printing. But those days are gone. That is when it was illegal to borrow against government debt. Today, debt is just money that pays interest the same as it was during the American Civil War.

If we add each year the total interest expenditures, you will see that generally, about 70% of the national debt is based on just interest, as we will reach $1 trillion this year. Guess what? China holds about 10% of the US national debt, so interest is going to China, but it does not stimulate the US domestic economy. We should stop borrowing, for it would be cheaper and less inflationary if we just printed to cover the deficit rather than borrow. Then, capital will lend to the private sector, and we will see a huge economic boom. Things have changed in economics – it is about time we recognize Keynesian Economics has failed.

Martin Armstrong October 21st, 2024

Posted In: Armstrong Economics

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