President Biden on Friday released his massive $6 trillion budget for fiscal 2022 pushing a surge in spending on social programs and broadly defined infrastructure through tax hikes on businesses and higher-earners.
The budget — which would set the US on course for higher spending as a percent of the economy than ever before and continue to balloon the national debt — calls for a 16-percent increase in non-defense spending. But it’s also an aspirational document that requires Congress to enact it.
Critics of Biden’s first budget say it would undermine the economic recovery with higher taxes and inflation as COVID-19 fades.
“Biden’s budget is doubling down on a cradle-to-grave government… that’s a lot more woke,” said Russ Vought, who was budget director to former President Donald Trump and is now president of the Center for Renewing America.
“Biden has cut, copy and pasted economic policy from the 1970s. And at a time of inflation, record debt and gas lines, it’s not a serious budget.”
The document was not released until the Friday afternoon before the three-day Memorial Day weekend. --->READ MORE HERE
 |
| Kevin Lamarque/Reuters |
President Joe Biden will unveil a $6 trillion budget proposal on Friday that would push federal spending to its highest sustained levels since World War II.
Biden’s budget plan asks the federal government to spend $6 trillion in the 2022 fiscal year and for total spending to hit $8.2 trillion by 2031, according to documents first obtained by The New York Times.
Should Biden’s budget be accepted by Congress, the federal government will spend more as a share of the economy each year than at any other time since World War II, with the exception of 2020 and 2021, which saw trillions in COVID-relief spending.
The two programs fueling the massive expenditures are Biden’s American Jobs Plan and American Families Plan, which aim to boost the nation’s infrastructure, such as highways, transit systems, and airports, as well as social safety net additions to housing, manufacturing, elder care, and other categories. --->READ MORE HEREFollow links below to related stories:
+++++The Six Trillion Dollar Man+++++
Biden’s Proposed Budget Is Likely to Remove the Hyde Amendment
Biden unveils budget request some experts warn would run up a $1.8 trillion deficit
Biden Budget Proposes Unlimited Taxpayer-Funding of Elective Abortions for Medicaid Recipients
DecadeBiden's $6 Trillion Budget Calls for Annual $1.3 Trillion Deficits for a Decade
Report: Biden's $6 Trillion Budget Calls for Controversial Retroactive Tax Increase
Six takeaways from Biden's budget proposal
If you like what you see, please "Like" us on Facebook either here or here. Please follow us on Twitter here.
No comments:
Post a Comment