The Biden Administration economic recovery – note the revenue increases as the year unfolds – continues in spite of Republican opposition. Employed people pay taxes, except if they are rich.
The federal budget deficit was only $259 billion in the first four months of fiscal year 2022, the Congressional Budget Office estimates in a report just released. This amount is less than the deficits recorded for the same period in the two prior years under profligate Republican rule that cut taxes on the wealthiest people. (AutoInformed: Trump on Track for Largest Deficits in U.S. History.)
Moreover, the shrinking Biden deficit is roughly one-third of the deficit recorded during the same period last year ($736 billion) under fiscally-irresponsible Republicans. It is also only about two-thirds of the shortfall recorded for the same period two years ago ($389 billion), right before the start of the coronavirus pandemic, which severally hurt the US economy under the do-nothing, document destroying Trump rule. (AutoInformed: Ten-Month US Budget Deficit Now at $867 billion. $Trillion Deficits Now Certain Under Current Economic Policies)
Revenues were $331 billion (or 28%) higher and outlays were $146 billion (or -8%) lower from October through January 2022 than during the same period last fiscal year. (AutoInformed: Trump’s Losing Trade Wars – Auto and Other Deficits Grow)
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
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