Joe Biden, Budget Buster

www.nationalreview.com
4 min read
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This pricey wish list should prompt massive pushback from Republicans and provide a wake-up call to moderate Democrats who still care about deficits and wasteful spending.
President Joe Biden delivers remarks on the economy during a visit to Cuyahoga Community College in Cleveland, Ohio, May 27, 2021. (Evelyn Hockstein/Reuters)

A president's budget is basically his wish list. The chief executive has no power to change tax rates or spending on his own; anything he wants to do must first be approved by Congress.

But with Biden's party controlling both houses of Congress for another year and a half, Biden's pricey wish list should prompt massive pushback from Republicans and provide a wake-up call to the moderate Democrats who still care about deficits and wasteful spending.

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In this document, the Biden administration compiles its various tax-and-spend proposals — the major ones being the multi-year infrastructure and family plans, which cost about $2 trillion apiece — and outlines what they mean for the federal budget. Even assuming that things would play out the way the White House envisions, the result isn't pretty: massive spending, massive deficits, and massive tax hikes.

This is really not the time to push forward with that combination of goals.

In fiscal year 2019, the federal budget was already on an unsustainable trajectory. That year, the government spent $4.4 trillion while bringing in just $3.5 trillion, and the old-age entitlements were projected to spiral out of control in the near future. In 2020, COVID-19 struck, and the government spent $6.6 trillion while bringing in $3.4 trillion. And this year, thanks in large part to Biden's wasteful COVID bill, the Congressional Budget Office…
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