Steve Forbes Speaks Up On Change That Americans Want And Scolds Both Parties

He argued that Republicans are nearly as addicted to government spending as Democrats. He insists that the American people don’t want either party to spend the way they have been.

Forbes gave an interview to Fox Business anchor Stuart Varney in which he debunked the claim that President Joe Biden is reducing the federal deficit. He stated that it only appears that the deficit is coming down due to higher inflation and that government spending was through the roof in 2020 as it attempted to control the fallout from the COVID-19 pandemic.

October 06, 2022

He insists that the government is still massively overspending, but they can put on an excellent show to hide at least some of that spending for the time being.

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The government is also bringing in more revenue from taxes than it has in the past. The expected amount in 2022 is looking to be around $5 trillion. That compares with just $4 trillion in 2021. Federal collections will reach 20.2% of the country’s gross domestic product (GDP) in 2022. This figure would be a record high for those numbers. In modern history, the number generally averaged around 17.2% of GDP.

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The White House has contended that its budget cuts the deficit by $350 billion, and officials say that the second budget proposal would reduce the deficit by $1.3 trillion. However, this is only in comparison to the record high deficit spending that occurred in the last two years due to excess spending to fight the fallout from COVID-19. Essentially, they are giving themselves high marks for bringing a deficit down that was already sky-high.

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Steve Forbes said that Republicans shouldn’t pat themselves on the back too quickly for being deficit hawks, either. He said they also spend irresponsibly but may do slightly less than the Democrats. Forbes essentially summed it all up by saying that he and most Americans are tired of dealing with two parties most interested in spending on their preferred government priorities while pretending that this is not exactly what they are doing.

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He says he feels that the American people can see right through what both parties are doing and that they are tired of hearing about it from both parties. According to Forbes, the people have lost trust in both parties to manage the budget.