Last year the US spent over $6.5 trillion because the federal government had shut down our economy during the pandemic, and we ended up with a deficit of almost half of that number at over $3 trillion.
Now Biden is proposing an insane budget of $6 trillion next year with the spending amount 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 US doesn’t bring in anywhere close to $6.5 trillion in taxes every year. In fact, the number is much closer to $3.5 trillion with it looking to approach $4 trillion at some point over the next decade. Which means Biden’s ridiculous socialist budget would guarantee us around $3 trillion in budget deficits every single year, with that number growing as his proposed spending grows.
As I said, it’s insane: