CBO chimed in on inflation today and Biden FAKE economic numbers

[HJCane]

First the CBO who is wrong 100% of the time predicted today inflation drops to 4.7% by year end 2.7% next year and 2.3% in 2024. Look for those figures to be dead wrong as usual.
Then good old Joey (Brandon) and his flock of lemmings.
Claims he cut the deficit this year a lot. Well that's true if you go off of the HUGE increase to the deficit in 2021. His relief package 2+ trillion jacked up the deficit so high and since we aren't repeating that this year the deficit is down. In addition the relief package did increase economic activity so more revenues are coming in BUT it also caused the sharp spike in INFLATION.

As for his payroll jobs numbers utter hogwash. We still haven't created ONE job better than when he took office.
Meaning non farm payrolls the day he showed up February 2020 were 152.54 million and we are still around 151.34 million jobs. So that is utter nonsense.
People returning to work is not job creation.
When Trump arrived January 2016 143.205 million jobs and by January 2020 152.208 million so around 9 million JOBS ADDED.
That's job growth.......................

 

[genghiscane]

* correction.
The CBO is wrong 100% of the time when a Dem is president.

 

[NO.SHORECANE]

We haven't gotten back to pre pandemic number of jobs. Brandon hasn't created anything.

 

[HJCane]

We haven't gotten back to pre pandemic number of jobs. Brandon hasn't created anything.

That's what I wrote my friend but the Liberal masses believe the noise.

 

[central17]

* correction.
The CBO is wrong 100% of the time when a Dem is president.

I had hoped Trump would have cleaned up the Obama changes to calculations to bring the basis back to accuracy. Instead he just bragged about how he made the flawed Obama calculations better. The way government now calculates unemployment, inflation and many other indicator are misleading if not fraudulent.

EG, Old way to bring down unemployment was to have more people work. Now it is to say more people "have left the workforce" Where did they go? Were the beamed up by aliens?

 

[KOWBOY88]

Liberals believe in new math

 

[deuce1906]

There was a surplus collected by the treasury…

U.S. Treasury reports record budget surplus in April as revenues soar

The U.S. government posted a $308 billion surplus in April - a record for any month - as receipts nearly doubled from a year earlier amid a strong economic recovery from the COVID-19 pandemic, the Treasury Department said on Wednesday.

www.reuters.com

 

[HJCane]

There was a surplus collected by the treasury…

U.S. Treasury reports record budget surplus in April as revenues soar

The U.S. government posted a $308 billion surplus in April - a record for any month - as receipts nearly doubled from a year earlier amid a strong economic recovery from the COVID-19 pandemic, the Treasury Department said on Wednesday.

www.reuters.com

Yes economic activity was UP but due to the stimulus relief packages. That also drove up inflation.

 

[HJCane]

There was a surplus collected by the treasury…

U.S. Treasury reports record budget surplus in April as revenues soar

The U.S. government posted a $308 billion surplus in April - a record for any month - as receipts nearly doubled from a year earlier amid a strong economic recovery from the COVID-19 pandemic, the Treasury Department said on Wednesday.

www.reuters.com

May 11 (Reuters) - The U.S. government posted a $308 billion surplus in April - a record for any month - as receipts nearly doubled from a year earlier amid a strong economic recovery from the COVID-19 pandemic, the Treasury Department said on Wednesday.

The April surplus compared to a $226 billion deficit for April 2021, when receipts were reduced by a one-month delay in the annual tax filing deadline.

The previous record monthly surplus was $214 billion in April 2018. April has traditionally been marked by budget surpluses due to the traditional April 15 tax filing deadline, but deficits for that month were recorded in 2009, 2010 and 2011 after the financial crisis, and in 2020 and 2021 due to the pandemic, a Treasury official told reporters.

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Receipts last month rose 97% from the year-earlier period to $864 billion, also a record for any month, the Treasury said.

The growth in receipts was driven by an increase of $400 billion, or 274%, in individual non-withheld tax payments to $546 billion, with part of the rise accounted for by last year's tax deadline delay. But individual taxes withheld from paychecks also grew 8% to $245 billion in April.

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Outlays last month were $555 billion, down 16%from April 2021. The decline reflected lower spending for COVID-19 relief, including the end of direct payments to individuals and lower payments for unemployment and small business relief.

For the first seven months of the 2022 fiscal year, the government reported a deficit of $360 billion, down 81% from the year-earlier deficit $1.932 trillion. It was the lowest deficit for the first seven months of a fiscal year since a $344 billion gap for the same period of fiscal 2017, prior to the enactment of a Republican-backed tax cut package.

It's a fake out because the DROP is easy when you had a SEVERE increase in the deficit the year prior. Once they stopped the relief money it was predictable that deficit spending would decline.