Are you ready for this? I’m not.
Didn’t President Joe Biden’s parents ever talk to him about the importance of “living within his means?” Why must every liberal politician spend our hard earned money while racking up bigger and bigger debts?
Anyway, Joe Biden’s proposal is the most extreme in generations.
President Joe Biden is pushing for a federal budget of $6 trillion for 2022, the highest level of federal spending since World War II. The proposed budget is planned to increase up to $8.2 trillion by 2031.
Biden’s colossal $6 trillion in government spending would destroy any potential for growth in the economy. Of course, that doesn’t seem to matter to this team. Their priority is a redistribution of wealth–not actual economic growth.
The proposed spending would result in an expected budget deficit as high as $1.8 trillion…and that’s being optimistic — meaning, that $1.8 trillion number assumes our economy will actually recover from the recession completely. (I’m not convinced it will.) Meanwhile, deficits are predicted to stay as high as $1.6 trillion until 2031!
And to rub salt in the wound, not only will be more indebted than ever–but, in Joe’s perfect world, we’ll be looking at higher and higher taxes on corporations and “high-income” individuals, as Biden’s administration attempts to pay for at least some of its social spending.
The administration claims that the plan will make the U.S. more competitive in the global marketplace. Reality check for them: Higher taxes and deficits will have the exact opposite effect.
And, deep down, the Biden administration actually knows that.
By proposing that 15% global minimum corporate tax rate for all OECD countries, the administration has effectively admitted that high taxes may prompt U.S. companies to move overseas.
If companies and high earners were to begin leaving the country, the United States would lose much more than tax revenue.
It would lose the people that make the United States the global innovation hub it now is. And that’s a problem that no amount of government spending will be able to fix.