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Biden To Speak On 'Bidenomics' Amid Poor Polling And Deficit Report


President Biden is shortly due to deliver remarks at the White House on 'Bidenomics' and his 'investing in America agenda.' Livestream

  • Ahead of the remarks the White House has released a factsheet arguing the positive economic impacts of Biden's green energy investment.
  • Biden's remarks come in the aftermath of a budget report which showed that federal deficit nearly doubled over the year to USD$2 trillion and amid polling showing persistent negative voter sentiment attached to the term 'Bidenomics'.
  • The White House has blamed the administration of former President Donald Trump for ballooning the deficit with tax cuts. Press Secretary Karine Jean-Pierre said ahead of the report: “This is what we believe is a MAGA-nomics deficit,.
  • The Washington Post and New York Timesclaim that that the tax gap could be contributing to the deficit.
  • WaPo: "The latest Internal Revenue Service estimates are the that almost $700 billion in taxes went unpaid in 2021.... This estimate, however, is based on outdated assumptions about how the economy runs. Former IRS Commissioner Charles Rettig puts the true tax gap at more than $1 trillion..."
  • NYT: "Mr. Biden and Democrats approved some tax increases in 2022. But in a surprise, individual and corporate tax receipts appear to have fallen in 2023 by at least two percentage points from the previous year."

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