The White House is planning to spend $80 trillion during the next decade, but only take in $64 trillion. This is a $16 trillion budget deficit. They say this is fiscally responsible.
It is important to explain this bit of legerdemain. Biden’s conclusion was reached by comparing the 10-year deficits with the 10-year projections. This magically translates to $3 trillion less in spending than current budget projections.
The plan does not mean it will reduce the deficit. It just means that his magical projections over the next 10 years are $3 trillion lower than previous magical projections.
Abracadabra, hocus pucus, presto! Playing with magic money is fun!
Biden’s Monday budget is full of guns and butter. It also contains a lot of hope. Biden is hoping that when it blows up and destroys the American economy’s mighty engine, he won’t be alive to hear his name substituted for an obscenity.
You’d normally expect the opposition to rise up and indignantly oppose Biden’s massive $7.3 trillion budget for the 2025 fiscal year. Republicans have targeted “woke” spending in the budget. All $3 billion of it.
They’ve also revealed billions of dollars in green initiatives. This effort is not serious. The GOP is more interested in scoring cheap political points rather than raising the alarm on this national emergency.
The Committee for a Responsible Federal Budget (a nonprofit organization that advocates for lower budget deficits) notes: “The level borrowing under the president’s budget is unprecedented, outside of a war or a national emergency.”
Reason:
Even more absurd is the idea of running annual budget deficits exceeding $1 trillion, especially in light of today’s economic climate. For more than two decades, the unemployment rate in America has been below 4 percent. Over the last year, the US economy has grown faster than all other major world economies. We live in relative peace. Biden proposes to increase taxes on wealthy Americans and corporations. Tax revenues are at levels not seen since the 1960s.
Simply put: If you’re not even close to being able to balance the budget in those conditions, then when will you be able to?
The White House must have intellectual honesty and tell the American public that they expect them to continue to finance an unstable debt pile that will burden children in the future and sap economic growth over the long term. The claim that the budget is fiscally responsible only adds insult to injury.
The administration is not concerned. Its reckless actions of piling up debt as quickly as possible make this clear. The White House races the clock in hopes that the collapse can be delayed until Biden has retired and is enjoying a comfortable retirement.
Will Trump be more accountable than Biden? He was not during his first term. Maybe the emergency spending and deficit will force him to act responsibly.
