At $7.3 Trillion, Biden’s Budget Twice the Size of Obama’s
Numbers eventually just become a string of zeroes so when Biden proposes a $7.3 trillion budget, let’s get some perspective here.
Republicans used to talk about Obama’s insane runaway spending. Here’s Heritage objecting to the $3.5 trillion in federal spending in 2014.
Ten years later, we’re at $7.3 trillion.
President Biden unveiled his election-year budget pitch Monday, calling for $5.5 trillion in tax increases by raising rates on the wealthy and corporations — while spending $7.3 trillion on defense, federal benefit programs, affordable housing and student debt cancellation, among other proposals…
The Committee for a Responsible Federal Budget (CRFB) noted the Office of Management and Budget (OMB) estimates project the national debt would surge to $45.1 trillion — or 105.6% of Gross Domestic Product (GDP) — by 2034 under the plan, up from $27.4 trillion.
I have to admit that I underestimated Biden while writing, “A trillion here, a trillion there, pretty soon, you’re talking real money.”
Bill Clinton introduced us to the $2 trillion budget, Bush to the $3 trillion budget, Obama to the $4 trillion budget and then $6 trillion spending sprees became the norm. Biden’s last proposed budget was $6.8 trillion. Another term will inevitably take us to a $7 trillion dollar budget and beyond…
By the time the next election rolls around, a $34 trillion debt will turn into a $35 trillion debt.
Beyond indeed.
Tax hikes, apart from their disastrous effect, won’t fund this either. That’s another shell game no matter how Biden and his media lackeys claim that he’s “cutting the deficit”.
But let’s just pause for a moment to consider the escalation here, of how it took decades for $2 trillion to turn into $3 trillion and then $4 trillion, but we’ve doubled the budget to over $7 billion in a decade.
What’s next?
