President Joe Biden brags, "My economy is working."

New economic data show the economy is not working and that America is drowning in debt .

A new Congressional Budget Office report projects soaring federal deficits over the next 10 years and an increasingly stagnant economy. The CBO projects that economic growth will "come to a halt" in 2023, with real GDP growth slowing to just 0.1% this year and averaging just 1.9% over the decade. Federal budget deficits are now expected to be $3 trillion higher due to higher spending and interest costs and slower growth. Both spending and taxes will average well above historical levels over the next 10 years. The federal debt will increase to $46 trillion, 128% of GDP, by 2033.

Biden’s economy has also decimated the budgets of millions of families, pushing them deeper into debt as their incomes have dropped. Real disposable income fell more than $1 trillion in 2022, the largest drop since 1932.

According to a report from the New York Federal Reserve, total household debt increased by $1.3 trillion in 2022, up nearly $400 billion in the fourth quarter, the largest increase in 20 years. Household debt is now a staggering $2.4 trillion higher than it was when Biden took office. Struggling to stay afloat, savings fell from $2.2 trillion in 2021 to $600 billion in 2022.

The Biden economy is not working for working people, which is why polls show that the public is so pessimistic about the economy and the future. But the president just keeps promising more of the same, calling for higher taxes and more spending.

He doesn't get it.

Bruce Thompson was a U.S. Senate aide, assistant secretary of Treasury for legislative affairs, and the director of government relations for Merrill Lynch for 22 years.