Biden’s Budget Report Card: A Failing Record
With the summer approaching, it’s time to look back and grade President Biden’s budget and economic performance thus far as he enters the next half of his term's junior year.
- When reconciling the differences between GDP and GDI, we experienced negative growth in four of the last five quarters.
- Even Obama’s chief economist sees a recession on the horizon.
- Biden’s policies are projected to cause the slowest economic growth in almost a century.
- President Biden oversaw the largest two-year decline in labor productivity in history; 2022 was the largest yearly decline in history.
- Total labor productivity has fallen almost two percent since President Biden took office.
- Productivity growth is almost two percentage points lower than it was under the Trump Administration.
- When President Biden took office, the nonpartisan Congressional Budget Office projected that deficits as a share of the economy would equal 10.3 percent and 4.6 percent in his first two years, respectively.
- Reckless spending resulted in deficits of 12.3 percent and 5.5 percent in each of those years, respectively—making combined deficits in those years $837 billion, or 25 percent higher than they would have been without President Biden’s policies.
- The President’s budget proposes the largest sustained deficits in American history, totaling over $17 trillion over the next decade.
- President Biden has added $367.6 billion in total new regulatory costs on the economy.
- This is 68 percent larger than the combined regulatory costs added under President Trump ($5.5 billion) and President Obama ($213.5 billion) during the same period in their respective administrations.
- Prices are up 15.3 percent since President Biden took office, amounting to $1,128 per month of increased costs for the average family of four.
- Inflation remains over two times higher—and core inflation remains three times higher—now than it did when President Biden took office.
- Real wages (wages adjusted for inflation) are down 4.9 percent since President Biden took office.
- This amounts to a reduction in earnings by $265 per week in real terms for the average taxpayer.
House Republicans will continue our work to hold the President accountable for this inexcusable economic agenda by reining-in out-of-control spending, stopping the Administration’s excessive overreach, and pushing for reforms that will grow our economy.