President Joe Biden finally released his budget request for fiscal year 2023 on Monday, almost two months late.
Unsurprisingly, the Biden budget is bloated with excessive spending, harmful taxes, more regulations, and control over Americans lives, along with damaging policy proposals.
The budget matters because the power to tax and spend is the key to everything the federal government does.
If we are going to save America from the politicians, bureaucrats, and cultural elites empowered by expansive government spending, its necessary to reverse the growth of the size, scope, and reach of the government.
Congress should reject Bidens budget proposal and instead focus on solving the most important challenges facing the country, such as reversing government spending and inflation, promoting energy independence, empowering parents, and strengthening the rule of law and free enterprise so that the United States can outcompete any competitor, including Communist China.
There are five major problems with Bidens budget:
1) Reckless and Inflationary Spending
The administration laughably claims this budget values fiscal responsibility.
Government spending is alreadyunsustainable. Unfortunately, Biden would hit the gas pedal on government spending, pretending like there are no consequences.
American families are suffering under inflation levels not seen in four decades,hitting 7.9%last month. Thisinflationhas been fueled by irresponsible government spending and monetary policies, coupled with harmful labor, energy, food, housing, and trade laws that have pushed prices higher.
On top of the spending spree Biden and his allies in Congress went on last year, Bidens budget calls for $72.7 trillion in spending over the next decadeaveraging more than $1.4 trillion in higher annual spending than even this years extravagant budget.
Debt would skyrocket from $30.2 trillion today to more than $44.8 trillion over the next decade. Annual budget deficits would start at $1.2 trillion in fiscal year 2023 and rise to $1.8 trillion by 2032.
Thats like an average family that is already $234,000 in debt spending between $9,300 and $14,000 more than it makes each year, with its total debt reaching $347,000 in just 10 years.
Ordinary households cant spend without restraint, and the federal government shouldnt be able to, either. Yet, Bidens budget represents a total rejection of the idea that the federal government is bound by any sort of constitutional limitations.
The Biden administrations policies are already eating away at households budgets through massive inflation, and this budget would further squeeze them through reckless spending and tax hikes.
2) Radical Policy Priorities
The Biden budget is a liberal wish list, comprising one outrageous policy proposal after another.
Despite a bipartisan rejection of the radical idea that taxpayers should ever fund abortion, it fails to include theHyde Amendment. The Hyde Amendment has saved an estimated2.4 millionlives since 1976. Biden also proposed a 40% increase in Title X funding, dramatically expanding federal subsidies to entities that perform abortions.
Even with gas prices reaching more than$4 per gallon, the Biden budget doubles down on this administrations dubious Green New Deal agenda that would jeopardize Americas energy diversity andchoke our energy supply.
Sending billions of tax dollars to unproven energy sources politically preferred by liberal elites iscronyism. At a time when we are challenged with authoritarianism around the world, weshould insteadbe promoting energy freedom here at home.
Biden proposes an unprecedented level of federal fundingand control be bestowed on theeducation establishment,along with a huge increase in subsidies for college education, even though current subsidies are already inflating tuition pricesthrough the roof.
Even though the core subject of a budget document is the nations finances, the Biden budget still pays fealty to left-wing social causes throughout.
The main budget document uses the word equity 73 times, equitable 39 times, diverse or diversity 18 times, inclusion or inclusive 18 times, and the specific phrase transgender, queer, and intersex five times.
On defense, the Biden administration is touting once again investments in research and development, while reducing our military capacity via retirements of ships and aircraft at a faster rate than replacements.
As the Russian invasion of Ukraine shows, the military needs to be able to deterand if that fails, fighttonight, not five to 10 years from now.
Further, instead of investing in military capabilities and capacity, the Biden administration chooses to request billions of dollars for initiatives that would be better suited in a Green New Deal than in the Department of Defense. When it comes to defense, its a budget that does not take the threat of China seriously and allows inflation to erode defense dollars.
The budget would even allowMedicareto fall into insolvency in 2026 and theSocial Securitytrust fund to be depleted in 2033. Both programs are in need of reform to achieve better results for those who depend on them.
3) Harmful Tax Increases
The Biden budget proposes $2.5 trillion in harmful tax increases that will hit American families.
That doesnt even include across-the-board tax increases from ending the Trump tax cuts for individuals beginning in 2026. All Americans tax rates would increase under Bidens plan, and the standard deduction would be cut in half.
The tax increases would also be devastating for American businesses. A proposed 7 percentage point corporate tax rate hike would give the United States thehighestcorporate tax rate among the 38 Organization for Economic Cooperation and Development nations.
Research shows that labor bears between75% and 100%of the burden of corporate tax increases in the form of lower real wages and reduced employment.
Under Bidens plan, business expensing for capital investments would start phasing out at the end of this year, making it more expensive to add manufacturing capacity or new equipment.
Thats exactly the wrong policy prescription, going into effect just as America needs more investment here at home in order to outcompete China.
Biden is even proposing a first-of-its-kindtax on unrealized capital gainsin an attempt to tax the assets of wealthy Americans. Falsely billed as a billionaire minimum income tax, this convoluted wealth tax proposalwould resultin less investment in America, reduced income for workers, and more power for bureaucrats, lawyers, and accountants.
All the new tax provisions mean more money for the IRS. The budget calls for an 18% boost in the agencys funding.
4) Loaded With Gimmicks
On top of the many problems with the spending, taxes, and policies in this budget, its also loaded up with gimmicks and rosy economic assumptionsincluding a reserve fund that could be used to sneak trillions of dollars of new big-government programs on top of whats directly proposed in this budget.
We know that the excessive government spending, burdensome taxes, and costly regulations called for under this budget are a recipe for economic stagnation. Despite that, the Biden administration imagines its budget will produce low inflation, steady growth, and low unemployment, when in reality, the opposite would be likely.
5) Irresponsibly Late
The president is required by law to submit his budget by the first Monday in February. Biden blew through that deadline and is filing his budget documents nearly two months after they were due.
At 49 days late, Bidens fiscal year 2023 budget is thesecond-latest presidential budgetin history (excluding presidential transition years), trailing only President Barack Obamas 65-day miss for fiscal year 2014.
This blatant disregard for the law and process is justanother exampleof the lack of discipline from Biden and his administration.
In summary, then, the Biden budget is irresponsible and would be harmful for American families in many ways.
Congress needs to turn the tide of federal overspending and inflation. The first step would be to reject Bidens budget request and efforts to revive the failed Build Back Betterbig-government socialist spending bill.
Instead, lawmakers should adopt aBudget Blueprintto roll back excessive government spending, prioritize taxpayer dollars, reform major entitlement programs, restore federalism, promote opportunity for all, and protect rights and our American values.
This piece originally appeared in The Daily Signal
Visit link:
5 Big Problems With Biden's Big-Government Budget - Heritage.org
- Freedom Caucus: The Fight Club of Congress - The Christian Science Monitor - September 29th, 2023 [September 29th, 2023]
- History shows a better strategy than shutdown for reducing the deficit - MinnPost - September 29th, 2023 [September 29th, 2023]
- Haake: For the freedom caucus, chaos is the point - Chicago Tribune - September 29th, 2023 [September 29th, 2023]
- Appeals court sets hearing date on Missouri abortion rights initiative ... - Missouri Independent - September 29th, 2023 [September 29th, 2023]
- Things to Know About the Billionaire Card - a Diamond-Encrusted ... - CEOWORLD magazine - September 29th, 2023 [September 29th, 2023]
- Report on Countries that are Candidates for Millennium Challenge ... - Millennium Challenge Corporation - August 28th, 2023 [August 28th, 2023]
- The Freedom Caucus' shutdown threat recalls tactics of past House ... - NPR - August 28th, 2023 [August 28th, 2023]
- Opinion | Joe Biden op-ed: 60 years after March on Washington, we ... - The Washington Post - August 28th, 2023 [August 28th, 2023]
- Universal Basic Income: Fiscal fantasy or AI necessity? - talkbusiness.net - August 28th, 2023 [August 28th, 2023]
- Hurtling toward a fiscal cliff - POLITICO - POLITICO - August 28th, 2023 [August 28th, 2023]
- Governor Glenn Youngkin - Virginia Governor Ralph Northam - Proclamation - August 28th, 2023 [August 28th, 2023]
- New Zealand - The Heritage Foundation - January 4th, 2023 [January 4th, 2023]
- Singapore Economy: Population, GDP, Inflation, Business, Trade, FDI ... - January 4th, 2023 [January 4th, 2023]
- Mexico Economy: Facts, Population, GDP, Corruption, Business, Trade ... - December 12th, 2022 [December 12th, 2022]
- Economic liberalism - Wikipedia - November 7th, 2022 [November 7th, 2022]
- Don't ask, don't tell - Wikipedia - October 15th, 2022 [October 15th, 2022]
- In first debate, Healey and Diehl clash over the economy, abortion and Trump - WBUR News - October 15th, 2022 [October 15th, 2022]
- Election 2022: What to know about California propositions - Visalia Times-Delta and Tulare Advance-Register - October 15th, 2022 [October 15th, 2022]
- Vice President Kamala Harris calls on Texans to protect reproductive and voting rights during Austin visit - 25 News KXXV and KRHD - October 15th, 2022 [October 15th, 2022]
- How Republicans in the Rio Grande Valley are using faith to draw in Latino voters - CBS News - October 15th, 2022 [October 15th, 2022]
- Letter to the editor: Pierce will work for values that matter to Senate District 25 - Press Herald - September 20th, 2022 [September 20th, 2022]
- Letter to the editor: Left needs heads examined - Washington Times - September 20th, 2022 [September 20th, 2022]
- Book Banning, Curriculum Restrictions, and the Politicization of U.S. Schools - Center For American Progress - September 20th, 2022 [September 20th, 2022]
- Judge considers halting enforcement of Indiana's near-total abortion ban - The Times of Northwest Indiana - September 20th, 2022 [September 20th, 2022]
- Texas Youth Summit draws conservative to plot the culture war - The Texas Tribune - September 20th, 2022 [September 20th, 2022]
- The Weight of Trump - The Atlantic - September 20th, 2022 [September 20th, 2022]
- Tanzania and Zambia want to upgrade the 'Uhuru Railway' but can they? - The Conversation Indonesia - September 20th, 2022 [September 20th, 2022]
- Power games: Plans to shift to a centralised market in power sector must take into account concerns of all stakeholders - The Indian Express - September 20th, 2022 [September 20th, 2022]
- Inside the Academic-Freedom Crisis That Roiled Florida's Flagship - The Chronicle of Higher Education - September 7th, 2022 [September 7th, 2022]
- Liz Trusss energy price cap handout will put her talent for U-turns to the test - The Guardian - September 7th, 2022 [September 7th, 2022]
- FM stresses joint Arab action to overcome regional crises - Jordan Times - September 7th, 2022 [September 7th, 2022]
- The contract of Nigerian citizenship and diaspora voting - Guardian Nigeria - September 7th, 2022 [September 7th, 2022]
- Study ranks Midland as top economic freedom area in Michigan - The Center Square - September 6th, 2022 [September 6th, 2022]
- Another Shocking Decline in Life Expectancy | The Fiscal Times - The Fiscal Times - September 6th, 2022 [September 6th, 2022]
- Liz Truss Has Been Elected As The New Prime Minister Of The United Kingdom. Replace Boris Johnson - Nation World News - September 6th, 2022 [September 6th, 2022]
- Why the Left Is Learning to Love the Military - The Atlantic - September 6th, 2022 [September 6th, 2022]
- Millions of dollars spent secretly at B.C. Legislature - theBreaker - theBreaker - September 6th, 2022 [September 6th, 2022]
- Economy forecast to grow by 7-7.5% in current fiscal Times of India - English Bharat Times - September 6th, 2022 [September 6th, 2022]
- The Union Government Is Arbitrarily Squeezing States Fiscal Freedom To Borrow - The Wire - August 15th, 2022 [August 15th, 2022]
- House Freedom Caucus calls on McCarthy, McConnell to reject 'lame duck' spending this fall - Fox News - August 15th, 2022 [August 15th, 2022]
- JAGs 7th and most ambitious season yet is titled 'The Freedom Practice' - Vermont Biz - August 15th, 2022 [August 15th, 2022]
- Why is the Michigan Medicine nurses' union abridging freedom of speech? - WSWS - August 15th, 2022 [August 15th, 2022]
- Board of Elections certifies recall effort to oust East Cleveland's mayor - News 5 Cleveland WEWS - August 15th, 2022 [August 15th, 2022]
- Bangabandhu's thoughts on economic freedom are still relevant - The Financial Express - August 15th, 2022 [August 15th, 2022]
- Overview: A Year of Taliban Rule in Afghanistan - Voice of America - VOA News - August 15th, 2022 [August 15th, 2022]
- Rochester enters the era of the $250,000 police officer - Rochester City Newspaper - August 15th, 2022 [August 15th, 2022]
- India aims to be developed nation in 25 years: Modi - Gulf Times - August 15th, 2022 [August 15th, 2022]
- EDITORIAL: Welcome to new thinker on the block - Coeur d'Alene Press - August 15th, 2022 [August 15th, 2022]
- Letters to the editor for Sunday, August 14, 2022 - News-Press - August 15th, 2022 [August 15th, 2022]
- The Serious Lack of Good Governance and Economic Freedom: Root Causes of Sri Lanka's Ongoing Turmoil - Heritage.org - July 27th, 2022 [July 27th, 2022]
- The FOIA backlog continued to grow last year - Federal News Network - July 27th, 2022 [July 27th, 2022]
- More money rolling into state's casinos, less tax being collected The Daily Gazette - The Daily Gazette - July 27th, 2022 [July 27th, 2022]
- EDITORIAL: Fentanyl, death by the dose - Washington Times - July 27th, 2022 [July 27th, 2022]
- Liz Truss's tax cuts are not inflationary - The Telegraph - July 27th, 2022 [July 27th, 2022]
- The UN wants to educate children it will succeed only if it feeds them first - The Guardian - July 27th, 2022 [July 27th, 2022]
- Sunburn The morning read of what's hot in Florida politics 7.27.22 - Florida Politics - July 27th, 2022 [July 27th, 2022]
- A first look at the medium-term fiscal program - BusinessWorld Online - July 19th, 2022 [July 19th, 2022]
- Financial Giants Reject West Virginia's Claims That They're Boycotting Fossil Fuels - The Epoch Times - July 19th, 2022 [July 19th, 2022]
- Five Waldo County towns ready to vote on broadband - Republican Journal - July 19th, 2022 [July 19th, 2022]
- Indian Navy expected to spend 70 pc of capital budget in domestic procurement this fiscal: Rajnath Singh - ThePrint - July 19th, 2022 [July 19th, 2022]
- NGO letter opposing T.42 amendments in appropriations - Government Accountability Project - July 19th, 2022 [July 19th, 2022]
- Digital services provided by foreign firms to be taxed from tomorrow - The Kathmandu Post - July 19th, 2022 [July 19th, 2022]
- Ayushman health ID card: A need for fine tuning! - Times of India - July 19th, 2022 [July 19th, 2022]
- Windfall tax on crude goes against incentive of more pricing freedom - The Financial Express - July 9th, 2022 [July 9th, 2022]
- Diversity, equity and inclusion update: June 2022 issue | CU Boulder Today - CU Boulder Today - June 29th, 2022 [June 29th, 2022]
- Menendez, Schiff alarmed that Biden again approves US military aid to Azerbaijan - Armenian Weekly - June 29th, 2022 [June 29th, 2022]
- Egypt is cozying up to Russia. It's time for the US to step in. - Atlantic Council - June 29th, 2022 [June 29th, 2022]
- PM to say to G7 leaders: We must keep up our resolve on Ukraine - GOV.UK - June 29th, 2022 [June 29th, 2022]
- Where have all the Christians gone? | News, Sports, Jobs - Williamsport Sun-Gazette - Williamsport Sun-Gazette - June 29th, 2022 [June 29th, 2022]
- President Biden waives Section 907 restrictions on US aid to Azerbaijan - Armenian Weekly - June 24th, 2022 [June 24th, 2022]
- Senate retirement bill benefits wealthy Americans - The Hill - June 24th, 2022 [June 24th, 2022]
- Ambassador Kierscht Interview with The Key - US Embassy in Mauritania - USEmbassy.gov - June 24th, 2022 [June 24th, 2022]
- Roe v. Wade overturned: How will it affect abortion access in Indiana - The Herald-Times - June 24th, 2022 [June 24th, 2022]
- Constricted devolution of fiscal power - The Kathmandu Post - June 22nd, 2022 [June 22nd, 2022]
- Public office and accountability issues in Nigeria - Daily Trust - June 22nd, 2022 [June 22nd, 2022]
- Shaheen, Portman Participate in Discussion Hosted by Dartmouth on Russia's Unprovoked Invasion of Ukraine | US Senator Jeanne Shaheen of New Hampshire... - June 22nd, 2022 [June 22nd, 2022]
- Congress Ignores Pressing National Business While It Obsesses on Jan. 6 - The Epoch Times - June 11th, 2022 [June 11th, 2022]
- Ukraine Economy: Population, GDP, Inflation, Business, Trade, FDI ... - June 11th, 2022 [June 11th, 2022]
- How would India fare on a modified misery index? Better than US & UK, worse than most others - ThePrint - June 11th, 2022 [June 11th, 2022]
- "Don't Want RBI To Become Extension Of Government": Ex CEA Arvind Subramanian - NDTV Profit - June 11th, 2022 [June 11th, 2022]