The Biden White House will often gaslight about how this administration has lowered the deficit while bragging about "Bidenomics" which often keeps X's Community Notes folks busy:
13.2 million new jobs.
— President Biden (@POTUS) July 20, 2023
The strongest economic recovery in the world.
It's no accident.
It’s Bidenomics in action. pic.twitter.com/RPqhVPjofd
I'm all for fiscal responsibility.
— President Biden (@POTUS) May 10, 2023
In two years we lowered the deficit by $1.7 trillion. My budget lowers it $3 trillion more.
But instead of cutting programs folks rely on, we should cut wasteful spending on special interests and make sure the wealthy pay their fair share.
Enough of the White House's fantasy. Now onto reality...
The New York Post's Miranda Devine spotted yet another example of what "Bidenomics" has actually helped bring about, and it's disastrous:
Bidenomics strikes again https://t.co/iEXdqrGYQA
— Miranda Devine (@mirandadevine) November 10, 2023
If this continues, what could possibly go wrong?
Yesterday, the US government tried to borrow $24 billion by selling a bunch of 30 year debt.
— Wall Street Silver (@WallStreetSilv) November 10, 2023
It was a huge disaster. In order to get enough people to buy, the rate had to dramatically increase. Even then, then primary dealers had to buy 25% of the debt. The primary dealer are… pic.twitter.com/3gbAoAUPdx
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Here's that full post:
Yesterday, the US government tried to borrow $24 billion by selling a bunch of 30 year debt.
It was a huge disaster. In order to get enough people to buy, the rate had to dramatically increase. Even then, then primary dealers had to buy 25% of the debt. The primary dealer are the buyers of last resort who have to buy. China, Japan, Saudi Arabia, Russia ... none of them are buying our debt. In fact, most are selling what they already have.
With few buying, the US government is borrowing more than ever. $1.5 trillion in the past 4 months and they announced another $1.5 trillion in the next 6 months. The US government will have to offer higher and higher rates to attracted lenders.
YIKES.
$3 trillion in federal debt in just ten months is breaking markets.
— Peter St Onge, Ph.D. (@profstonge) November 10, 2023
If this keeps up the Fed has to step in. Which would convert every last dime into inflation 🥳 https://t.co/PH0k4leL2B
🤡🌎 ... our debt is rapidly running out of control. The US government is trying to borrow so much money that the market cannot buy it all.
— Clown World ™ 🤡 (@ClownWorld_) November 10, 2023
$1.5 trillion additional money borrowed in the past 4 months and another $1.5 trillion expected in the next 6 months. The debt is growing… https://t.co/wpalP8qd7T
So yeah, "Bidenomics" is going just great.
Eventually socialism always runs out of other people’s money. https://t.co/j6DZzRYvGW
— Mr T 2 (@GovtsTheProblem) November 10, 2023
Margaret Thatcher was correct.
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