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Wednesday, March 30, 2022

Biden Budget Typical for a Democrat: An Orgy of Spending and Taxes

President Joe Biden’s budget proposal, which the president released today, calls for the federal government to collect a record $4,638,000,000,000 ($4.6 Trillion) in taxes in fiscal 2023.

At the same time that the federal government is collecting those record taxes, according to Biden’s proposal, it would also spend $5,792,000,000,000 ($5.8 Trillion) —resulting in a fiscal 2023 deficit of $1,154,000,000,000 ($1.2 Trillion).

According to Table S-4 in Biden’s budget proposal, the federal government will run a cumulative deficit of $14,421,000,000,000 ($14.4 Trillion) in the ten years from fiscal 2023 to fiscal 2032.

The $1,154,000,000,000 ($1.2 Trillion) deficit the Biden budget proposes running in fiscal 2023 is the smallest federal deficit it anticipates in any of the next ten years.

In fiscal 2021, according to Table S-4 in Biden’s budget proposal, the federal deficit was $2,775,000,000,000 $2.8 Trillion).

In fiscal 2022, the Biden budget proposal estimates it will drop to $1,415,000,000,000 ($1.4 Trillion).


In a section headlined “Building a Better America,” the Biden budget credits President Biden for living up to what it calls his “commitment to fiscal responsibility.”

“The Budget also delivers on the President’s commitment to fiscal responsibility,” it says.

It's a typical budget: Unsustainable spending, recessionary taxation, radical policy priorities, loaded with earmarks and gimmicks, and was 59 days late, as required by law. 

Any who has studied economic history should know that more spending and more taxation will not create prosperity. Look at what Britain did during the 1930s. Their economy had a very different outcome than the United States. 



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