With all the chaos and heartbreaking loss of life around the world today, few noticed the Treasury Department drop a financial bomb: The deficit for fiscal year 2023 was $1.7 trillion, growing 23 percent in a single year as the Treasury used $879 billion just to service the federal debt. But “Bidenomics” means the worst is yet to come, and multi-trillion-dollar deficits are the new normal.

The impetus for these massive deficits is federal government spending, which tipped the scales at $6.1 trillion last year. Government receipts, meanwhile, were $4.4 trillion, woefully short of the $5 trillion previously forecasted. A slowing economy and counterproductive tax increases were key drivers behind the $457 billion drop in receipts from the prior fiscal year.

Yet, even these reduced revenues would have resulted in a balanced budget if President Biden had simply allowed spending to return to its pre-pandemic level. Instead, Treasury outlays are up 38 percent today compared to pre-pandemic times.

That’s why it’s so deceptive for the Treasury to have recently announced that the deficit is $1 trillion lower than when Biden took office. Elevated spending levels in 2020 should have been one-time emergency measures, but the Biden administration institutionalized $6-trillion budgets by simply replacing pandemic-era outlays with the Biden agenda.

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