The dueling narratives from Biden perplexed some budget watchers who remain deeply concerned about America’s mountain of debt
That’s despite the fact that deficits remain historically high and all of the record-breaking $1.4 trillion deficit drop is driven by the fact that emergency Covid spending has lapsed. Hours later, Biden championed his student debt forgiveness program – a program that completely wipes out the modest deficit savings created by the Inflation Reduction Act. . “It does strike me as contradictory,” Dan White, senior director of economic research at Moody’s Analytics, told CNN on Friday.
The Covid emergency is over And it’s important to understand why the deficit is down so sharply. It’s not because the government has gotten massive spending programs like Social Security or Medicare and Medicaid on a sustainable path. It’s because emergency Covid spending that drove up the deficit to new heights has lapsed. The bailouts for airlines, stimulus checks and forgivable loans are in the rearview mirror, thankfully. “That is the only reason,” White from Moody’s said.
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