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▲ jatora 3 hours ago

okay? and Obama? and Biden? why are you pointing back 30 years ago for this argument I wonder?

▲badlucklottery 2 hours ago | parent | next [-]

Obama inherited a housing crisis and two wars.

Biden had to deal the tail end of a pandemic and the financial fallout of that.

Not saying both couldn't have done much better on the budget but, if you compare them to Bush and Trump, they honestly do look quite competent.

▲bigstrat2003 2 hours ago | parent [-]

Neither of those excuse having a budget in the negative.

▲wat10000 2 hours ago | parent | prev [-]

Both reduced the deficit substantially during their time in office.

▲missedthecue 19 minutes ago | parent [-]

While literally true, this is not very insightful/useful information because Obama entered office at peak deficit spend to counter the mortgage crisis, and Biden entered at peak deficit spend to counter COVID lockdowns. Because both the mortgage crisis and COVID eventually ended, deficit spend came down from those peaks without either president meaningfully reforming the budget.

Structurally, the budget has gotten worse every year since the 1990s. In large part for reasons not attributable to presidents. For example the number of old people (as a % of the population) in the US has doubled since the '90s, thus ballooning medicare and social security spend. Without cutting eligibility to those programs, increased spend was always going to be an inevitability due to seismic underlying demographic trends. Second, the persistent deficit has led to now $2T in annual interest expense. Again, not something an administration can simply "reform" or back out of; that is now structural inherited spend.