President Joe Biden will be reportedly seeking $6 trillion in federal spending for the 2022 fiscal year, rising to $8.2 trillion by 2031. The $6 trillion is in addition to his $1.9 trillion American Rescue Plan. He said he’d push priorities of investing in infrastructure, childcare, and other public works in a “national rebuilding effort,” but GOP leaders have noted that the proposal would put the nation on track for its highest level of spending since World War II.
Senate Minority Leader Mitch McConnell said not one Senate Republican would vote the more than $4 trillion in spending unveiled by Biden and that the infrastructure bill already includes spending beyond infrastructure.
“There’s more money in there for electric cars than there are for roads, and bridges, and ports, and water lines … broadband, which we would all concede is infrastructure. A whole lot of the rest of this money is for a whole lot of things that have nothing to do with infrastructure,” McConnell said.
Republican Sen. Shelley Moore Capito has proposed a $568 billion infrastructure project instead of Biden’s infrastructure plan, signaling the discussion on bipartisan legislation. McConnell notes that they’d agree to do a roughly $600 billion package that actually deals with infrastructure. The rest of Biden’s bill is just a progressive shopping spree.
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A report from The New York Times suggests that President Biden won’t include major additional policies in the budget and that the administration has “declined to detail” on their plans. They cited President Biden’s pledge to overhaul and upgrade the nation’s unemployment insurance program as part of the American Families Plan, which was not included in the budget. The Times even said that the United States would run “significant deficits” as it borrows money to finance Biden’s plans.
Biden’s proposed spending is 16% above baseline in 2022, on top of his already-passed $1.9 trillion stimulus. For reference, the federal government spent $4.5 trillion in 2019 and an estimated $5.1 trillion in 2022. At this point, a balanced federal budget is completely out of the picture and the numbers will continue to rack up as long as a liberal-based agenda is involved.
Biden’s budget will reportedly be financed by increased taxes on corporations and wealthier Americans, but the hikes won’t be enough to finance the entirety of his plan. When he talks about raising the corporate tax, he’s also talking about raising the taxes on anything that anyone buys. It affects consumers on all income levels since corporates will just pass the taxes back to consumers in the overall cost of the product or service.
Many big-spending states such as California and New York already have budget surpluses from the ARP federal bailout money, which many economists believe is a key cause of the current levels of inflation.
Manhattan Institute economist Brian Riedl explains that when you add $1.9 trillion to an economy that is already $400 billion away from its optimal performances, you’re going to have a lot of excess spending, which results in higher prices and inflation.
Democrats are trying to bankrupt and destroy a country where a few politicians walk out wealthy and the rest find basic necessities and food unaffordable anymore. The left is trying to fund everything in their agenda – even if it destroys the middle class along the way.