Biden’s Deficit Spin

In recent speeches, President Joe Biden has been misleadingly taking credit for cutting federal deficits by historic amounts, though most of the reduction in deficits is the result of expiring emergency pandemic spending. Deficits fell between fiscal year 2020 and 2021 far less than initially projected after Biden added to them with more emergency pandemic and infrastructure spending.

And the deficits under Biden and beyond are projected to remain historically high compared with pre-pandemic levels.

In recent remarks, Biden took credit for cutting the deficit by $350 billion in FY...