Because the federal government shut down our economy during the pandemic, the US spent over $6.5 trillion last year, and we ended up with a deficit of nearly half that amount, at over $3 trillion.
Now, Biden is proposing an astonishing $6 trillion budget for the coming fiscal year, with expenditure increasing every year for the next decade:
THE HILL – President Biden is set to propose a budget totaling $6 trillion in the coming days, The New York Times reported early Thursday, about a third higher than pre-pandemic spending levels.
The proposal would contain major investments in infrastructure, education and health care, according to the Times, and bring federal spending levels to their highest sustained since World War II.
Under the plan, documents for which were obtained by the Times, the federal government would spend $6 trillion in the 2022 fiscal year, and spending would increase to $8.2 trillion by the year 2031.
The plan demonstrates that Biden shows little interest in taming the deficit, which would remain above $1 trillion through the next decade, despite an expected economic recovery. The deficit only exceeded that level in the four-year period following the Great Recession, and again after the COVID-19 pandemic slammed the economy.
Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of GDP by the end of the decade, exceeding its World War II record in 2024.
Writ large, the budget proposal, which the White House is expected to formally lay out on Friday, is an unabashed call for a bigger role for government in the U.S. economy, bringing spending to a quarter of the nation’s annual output, larger than any level before the pandemic.
It assumes the passage of Biden’s American Jobs Plan and Americans Families Plan, which call for robust investments to rebuild aging infrastructure, bolster climate-friendly technologies like electric vehicles, and dramatically expand the social safety net.
The United States doesn’t collect anywhere near $6.5 trillion in taxes each year. In actuality, the figure is closer to $3.5 trillion, and it is expected to surpass $4 trillion in the next decade. That means Biden’s socialist budget would ensure annual budget deficits of roughly $3 trillion, with that number rising as his projected expenditure increases.
This is insane.
See, the thing about World War II is that we were fighting a WORLD WAR. We are in the midst of what should be a record-setting natural recovery from an artificially-induced economic coma, and this idiot’s plan is to spend like a pathological gambler on tilt. https://t.co/2wn4v7ZdaQ
— Ben Shapiro (@benshapiro) May 27, 2021
Running for president in 2012, Mitt Romney warned of “the way of Greece.” He was talking about economic collapse. There is nothing compassionate about economic collapse. It is brutal, cruel, destructive. Conservatives need to shout on this subject, intelligently and persuasively. https://t.co/8Z8n0Y8soS
— Jay Nordlinger (@jaynordlinger) May 27, 2021
Hopefully sensible Democrats will oppose something as absurd as this budget, but don’t hold your breath.