Biden: 'The Democrats Are the Ones That Are Fiscally Responsible’

Melanie Arter | October 25, 2022 | 10:27am EDT
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President Joe Biden speaks about the midterm elections during and event at the headquarters of the Democratic National Committee October 24, 2022, in Washington, DC. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
President Joe Biden speaks about the midterm elections during and event at the headquarters of the Democratic National Committee October 24, 2022, in Washington, DC. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)

(CNSNews.com) - President Biden on Monday accused Republicans of being “fiscally reckless,” exploding the deficit, and wanting to cut Social Security and Medicare, while he said Democrats in contrast “are fiscally responsible.”

In a speech at the Democratic National Committee headquarters in Washington, D.C., Biden said that Republicans are “telling exactly what they want to do if they win - they’re going to increase everyday cost.”


He said that while Democrats are making sure that the biggest corporations pay “a bigger share than they’ve been paying,” Republicans will allow some of them to go back to paying zero in federal taxes, “leaving the burden to teachers, nurses, firefighters, working folks to pay more of their fair share to keep things going.”

“We, the Democrats, are the ones that are fiscally responsible.  Let’s get that straight now, okay?  We’re investing in all of America, reducing everyday costs while also lowering the deficit at the same time.  Republicans are fiscally reckless, pushing tax cuts for the very wealthy that aren’t paid for, and exploiting the deficit that is making inflation worse,” Biden said.

“Look, folks, Democrats are going to protect Social Security and Medicare. Republicans have been very clear: They’ve stated boldly that they want to cut Social Security and Medicare and — to the point that they’ll shut down the government, they say, and send the nation into default, which raises prices for everyone, if we do not cut Social Security and Medicare. I ain’t gonna do it,” he said.

The president pledged to protect “the right to choose, the right to privacy, the right to vote - our very democracy.” He said that “Republicans have already introduced legislation that will ban abortion with no exceptions to rape or incest or the life of the mother, in many places.”

“At the same time, Republicans are threatening to take away the constitutional right to marry the person you love,” Biden said.

He said that his administration “inherited a nation in crisis, the pandemic with no end, an economy on the brink, a national debt that increased” by $8 trillion and COVID “ruining American lives” from former President Donald Trump “and the MAGA Republicans.” 

Biden said that “Trump is the first president since Herbert Hoover … to lose jobs over the course of his presidency - fewer jobs when he came to office.”

We created, with your help, 10 million new jobs so far. When Trump and the Republicans left office, unemployment was 6.4 percent.  We got it down to 3.5 percent, a 50-year low. On his watch, literally hundreds of thousands of small businesses were closing.  They make up 50 percent of the economy — these small businesses.  

Today, we have the highest number of people applying to start small businesses than ever during an economic recovery — ever, ever, ever, and you all know I was determined, with your help, to bring back manufacturing, back to the United States, instead of companies going overseas for cheaper labor.  

On Trump’s watch, American manufacturing was hollowed out. On my watch, “Made in America” isn’t just a slogan, it’s a reality. A reality. Seven hundred thousand manufacturing jobs — in advanced technologies with companies like IBM and Intel investing billions of dollars to build industries of the future here in America. 

Later this week, I’m going up to Syracuse, New York, where I went to graduate school — my deceased wife was from.  You know, where the little company called Micron is investing $100 billion to build semiconductors — the biggest investment of its kind in our history. 

We passed the most consequential infrastructure bill since Eisenhower Interstate Highway system. We’re building our roads, bridges, ports, airports; delivering clean water, high-speed Internet to every American, and we’re just getting started.

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