Joe Biden Unveils Monster Budget Plan
On March 9, 2023, President Joe Biden rolled out a $6.9 trillion budget plan that would feature greater welfare spending and higher taxes on rich individuals and corporations to finance such spending.
The Biden budget plan would raise funding on a slew of government programs, prolong Medicare’s solvency, drop prescription drug prices, and slashes the deficit by roughly $3 trillion in the next decade. Despite the Biden regime’s efforts to tame big spending, Bloomberg reported that the “deficit in 2024 would increase from $1.6 trillion to $1.8 trillion, and the gross federal debt would swell to $51 trillion after a decade. “
In sum, the Biden regime’s budget plan would tack on $77 billion to defense and non-defense spending while also hiking taxes by $5.5 trillion in the next decade.
In a year that GOP leaders have said they would pursue at least $150 billion in spending cuts and refuse tax increases, Biden instead proposes adding $77 billion across defense and non-defense spending while increasing taxes by $5.5 trillion over the next decade.
. “I guarantee you I will protect Social Security and Medicare without any changes,” Biden said on March 9. “I won’t allow it to be gutted or eliminated as some MAGA Republicans threatened to do.”
“My budget will not cut benefits, and it definitely won’t sunset programs,” he continued.
On the tax front, the Biden regime wants to double the capital-gains rate for individuals making at least $1 million, slap on a 25% minimum tax on billionaires, and establish a new top income tax bracket at 39.6% for individuals earning over $400,000. On top of that, Biden regime wants to increase corporate taxes by taking the rate from 21% to 28%,
Similarly, the Biden regime budget featured a $842 billion Pentagon-only request, which Bloomberg reported is the “largest defense budget in the post-Vietnam era excluding costs of the wars in Iraq and Afghanistan, a 3.2% increase over the $816 billion that Congress appropriated this year. “
Overall, DC has no interest in abiding by principles of fiscal conservatism. With the national debt approaching close to $32 trillion, it’s the height of fiscal malpractice to continue pushing forward with multi-trillion dollar budgets. The US could be staring down the barrel of a fiscal collapse if it doesn’t reverse course and start cutting its spending. The only way this will happen is with a totally different political class in power in DC.