President Biden’s Budget: Big Spending, Big Taxing, Big Inflation
Our country has a spending problem. I feel like a broken record when I say that, but I’ll keep saying it until we can fix it. We need to get our country back on the right fiscal track, and that starts with reining in on our government’s relentless habit of irresponsible spending.
That means making tough choices about where we spend our tax dollars. Sadly, President Biden’s Fiscal Year 2024 budget proposal is a bloated, over-spending mess that makes no serious attempt at lowering our spending. Rather than proposing changes that would correct our country’s current economic trajectory, the President proposed trillions of dollars in new taxes for hard working American families and businesses and more spending on unsuccessful initiatives.
In the next ten years, President Biden plans to increase government spending by $2.2 TRILLION. We are already in an economic crisis with inflation at a record high rate; increasing spending would just add fuel to the inflation fire and cause interest rates to skyrocket. The nonpartisan Congressional Budget Office estimates that the U.S. will be paying over $10.5 TRILLION in the next decade on interest alone. That’s more interest to be paid in the next ten years than has been paid in the history of our country. That’s how deep we are in debt and how much increased interest rates are spiraling out of control. Americans are already struggling to pay their bills, the last thing they need is to continue paying higher and higher interest rates to fund wasteful government spending.
The proposed budget also practically hands American jobs and companies to foreign nations, even the Chinese Communist Party. The President is proposing an increased tax hike on corporations, from 21% to 28%. The tax hike on American businesses risks over 145,000 jobs. And what incentive do businesses have to stay in America if we’re making it less profitable for them? The answer is none. It makes more sense for them to leave. China, for example, taxes their companies at 25%. Ireland only levies a 12.5% tax on corporate income. In the UK, the normal corporate rate is 19%. This is a lose-lose situation.
This is bad policy, and it’s the American people who will pay the price, not President Biden. This out of touch budget does nothing to get our country back on track to fiscal responsibility. It does nothing to lower gas prices, increase national security, lower inflation, or make the lives of the American people better. It’s more of the same big government, big spending, big taxing plan that has failed us time and time again.
Although the proposed budget is disappointing, I will not lose sight of what’s important. I will not lose sight of the crises that the American people are facing. Luckily, House Republicans stand between President Biden’s proposed budget and the American people picking up the check. House Republicans will do everything we can to block the Biden Administration from enacting policies that will diminish our chances of digging ourselves out from this hole. I’ve said it before, and I’ll say it again: it’s time we came together on a bipartisan basis to deliver real solutions to Americans and restore our country’s economic sanity.
3-10-23 2:20PM KAWX.ORG
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