Back in World War II when America was fighting for its existence, the government spent more than $4 trillion in today's dollars to defend itself from Germany and the Japanese Empire.
Today, the New York Times is reporting that President Joe Biden will propose a budget of $6 trillion for 2022, rising to $8.2 trillion by 2030 with trillion-dollar budget deficits as far out as the green-eye-shade guys can see, including a $1.8 trillion deficit in 2022 falling slightly to $1.6 trillion by 2030.
Documents obtained by The New York Times show that Mr. Biden's first budget request as president calls for the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031.
The growth is driven by Mr. Biden's two-part agenda to upgrade the nation's infrastructure and substantially expand the social safety net, contained in his American Jobs Plan and American Families Plan, along with other planned increases in discretionary spending.
The "Ambition" of Biden and his party is to purchase the loyalty of important factions of the electorate.
The levels of taxation and spending in Mr. Biden's plans would expand the federal fiscal footprint to levels rarely seen in the postwar era, to fund investments that his administration says are crucial to keeping America competitive.
Needless to say, this is exactly the kind of spending program Joe Biden's most radical, most irresponsible supporters have been urging him to propose.
Thursday, May 27, 2021
Biden Will Propose a $6 Trillion Budget in 2022
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