Last month president Joe Biden set his first ambitious funding request to Congress, a whooping $6 trillion budget proposal for 2022. On a first glimpse, it’s a budget for increased spending in areas like infrastructure, education and climate change. But if you are economist, you will easily notice that this budget may drastically change, reshape and bankrupt America.
His “vision” has Uncle Sam spending as much, as a percentage of GDP, as at the height of World War II — forever. Indeed, the budget would rise to $8.2 trillion a year by 2031.
But this is not a budget to fight the ‘evil’ countries like in the World War II. This is a budget for investments in electric cars, highly paid (and unionized) home health aides and universal day care (packaged as “pre-school”).
And yes, American parents will surely need that “free” daycare as both of them will have to work extra hours so they can pay their bills and daily life expenses. With the inflation already pushing lately, can you imagine where the prices will go with such a Washington’s vast spending? To the moon!
Biden’s budget also includes $1.3 trillion yearly budget deficits for the next decade and this part of the budget surely puts our future and future of our kids deeply in debt. Yet, POTUS is breaking his promise not to increase the taxes for those earning $400,000 or less.
It looks like this budget was curated to only support those loyal to the Democratic party. The only real winners here are the vast new classes of government-paid and -subsidized workers he’d create.
November 2020 was like yesterday and we all remember what Biden, then just president candidate, told the voters. This is not what getting back to normal after Trump’s years people really expected.
This budget proposal should have been turned down on arrival in the Congress. There is nothing to be discussed here.