In case there was ever any doubt that we’d never see a balanced federal budget ever again, Biden’s latest budget proposal is proving that the numbers are made up and the points don’t matter.
According to The Hill:
Biden is set to propose a budget totaling $6 trillion in the coming days.
The proposal would contain major investments in infrastructure, education and health care, according to the Times, and bring federal spending levels to their highest since World War II.
Under the plan, documents for which were obtained by the New York Times, the federal government would spend $6 trillion in the 2022 fiscal year, and spending would increase to $8.2 trillion by the year 2031.
The federal budget deficit would reportedly hit $1.8 trillion by next year under the proposal and be pared down slightly before increasing again nearly $1.6 trillion by 2031.
For reference, in 2019 (pre-pandemic) the federal government spent $4.5 trillion, equal to 20.8% of GDP. The Congressional Budget Office’s baseline projections from January of that year estimated that spending would come in at $5.1 trillion in FY 2022, and $7.5 trillion by FY 2030 (projections didn’t expend to 2031). Instead Biden is proposing spending 16% above baseline in 2022. And this all on top of his $1.9 trillion stimulus already passed this year.
Author: Matt Palumbo
Source: Bongino: Biden to Propose Unprecedented $6 Trillion Budget