BIDEN'S ABSURD BUDGET

Biden's budget will 'drown Americans in debt and inflation': GOP tears into plan to use tax hikes to fund a 25% increase in spending, $36B in climate investments, $2.1B for gun violence and $831million to the 'root causes' of migration

 

Daily Mail 

May 28, 2021

 

 

The budget calls for $831million in spending in Central America to address the 'root causes' of migration

 

 

President Joe Biden's 2022 budget proposal is projecting an economic boom for 2021 that will carry over into next year - with trillions in proposed spending increases the administration says will propel growth through the decade. 

 

The budget office is projecting 5.2 per cent growth for the year, with strong growth continuing into 2022 at a projected 4.3 per cent growth rate before leveling off. 

 

Annual deficits, which spiked amid a flood of spending to counter the coronavirus, will come down - but the accumulated debt held by the public will reach $24 trillion this year - 109 per cent of the nation's Gross Domestic Product. 

 

The deficit would run $1.8 trillion for 2022, even with tax hikes targeted at the rich meant to bring in more revenue. The debt is set to rise over the decade, climbing to 112% in 2022, or $26 trillion. By 2031, the debt will climb to $39 trillion - or 117 per cent of GDP. That would top World War II levels of debt as a per cent of economic output. 

 

The budget anticipates spending rising throughout the decade, hitting $8.2 trillion in 2031. And it is predicting inflation will remain in check, even as prices shot up 3.6 per dent in April compared to last year, due in part to pandemic related supply issues. 

 

GOP reaction was swift and scathing. Sen. Richard Shelby of Alabama, the top Republican on the Appropriations Committee, called it a 'blueprint for the higher taxes, excessive spending, and disproportionate funding priorities.' 

 

Senate Minority Leader Mitch McConnell called it 'the most reckless and irresponsible budget proposal in my lifetime.'