Biden Plans to Reduce the Deficit -- in 2030
Americans, President Joe Biden's budget proposal suggests, should not worry that he plans to significantly increase federal deficits over the next eight years.
Why? Because he intends to begin reducing them -- but not eliminating them -- nine years from now.
Of course, even if the now 78-year-old Biden were to run for reelection in 2024 and win the presidency again, he would be out of office in nine years.
Page 26 of Biden's budget proposal carries a profoundly ironic subhead. It says: "Putting the Nation on a Fiscally Responsible Path."
"The Budget charts a fiscally responsible path for delivering a stronger, more prosperous economy," it says.
"In response to the Nation's longer-term fiscal challenges, the Budget's proposals would reduce the deficit in later years," it explains.
In "later years"? What does that mean?
"Over the long term, the United States does face fiscal challenges," the Biden budget admits.
"There is also uncertainty about the interest rate outlook."
But it would be a mistake to reduce federal deficits any time soon, Biden's budget argues.