Former presidentish Joe Biden shuffled off into the sunset almost exactly 22 days ago, but his demented legacy of radical overspending, over-borrowing, and overregulating lives on — and the latest Treasury figures are one more glaring example of how deep the hole is the Biden Cabal dug for us.
Look, I know these spending stories might seem dry and boring, and I feel like I lose readers every time I get into one of them — but this is real End of the Republic stuff, as Donald Trump, Elon Musk, and the DOGE boys seem to understand. So bear with me once more as we stare into the abyss and hope that it is not gazing into us.
"The train is out of control," Geiger Capital warned on X on Monday. "The first four months of FY 2025 produced a deficit of $838 billion. That’s $306 billion more than the deficit recorded in the same period last fiscal year."
Keep your flashlight on me as I walk you through the tall weeds.
The year-over-year deficit increased by more than a third in the last quarter of Bidenomics, and yet revenues only increased by less than 1%. Washington is spending a whole lot of money we don't have to almost zero effect, like transfusing fresh blood into a corpse.
This is the Biden economy that the press assured us was all hunky-dory in their attempt to push Kamala Harris over the finish line.
"We’re running a $2.5 TRILLION annual deficit" for 2025, Geiger concluded.
The economy's official growth rate last year was 2.8%. That's an extra $815 billion in a $29.1 trillion economy. But the federal deficit last year — the money Washington conjured up out of nothing to pay for s*** we didn't need — was $1.8 trillion. What that means is that our 2.8% growth was an illusion, a Washington accounting gimmick financed by our grandkids and great-grandkids.
The weeds are looking like redwoods right now, I know, but stay with me.
If Washington had done nothing more radical last year than spend within our means, the economy would have shrunk by about $1 trillion. That's a nasty recession where the economy ended the year almost 3.5% smaller than it began.
So where'd all that funny money go?
Would you believe... right back to the government?
Of course you would. 2024 was a great year for governments. For the private sector, not so much — particularly for American citizens trying (and failing) to find honest work in the real world.
Remember last quarter when the Bureau of Made-Up Labor Statistics vanished over 800,000 jobs they'd given Biden credit for in the previous 12 months but that had never been created? Well, there's more:
Joe Biden's final jobs report is out and it's a doozy.
— Peter St Onge, Ph.D. (@profstonge) February 10, 2025
- 589,000 jobs revised into oblivion
- 70% of jobs created in the government sector
- 99.2% of jobs going to foreign-born workers
This is the mess they’re handing Donald Trump. pic.twitter.com/zUmz4pfBKU
CLARIFICATION: I should have pointed out in the original version of this column that 70% and the 99.2% referenced by St Onge are two different data sets — total jobs created and private-sector jobs created.
Another nearly 600,000 imaginary jobs were removed from the stats. The vast majority of real jobs were government workers paid with your and my tax dollars. But good luck collecting new revenue from you or me because only eight out of every 1,000 new jobs went to American citizens.
Put simply: much of the spending in the Biden Cabal's signature legislative wins was backloaded into what they hoped would be his second term, his reelection guaranteed by phony jobs numbers and oodles of debt dressed up like a drag queen named Ro Busty Growth.
Now, the flood of funny money is accelerating on Trump's watch — leaving the GOP Congress and the DOGE boys with even more fat to cut.
They're up to the job, but they need your vocal support, just as loud as you can shout it.
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