President Biden is set to propose a budget totaling $6 trillion in the coming days, The New York Times reported early Thursday, about a third higher than pre-pandemic spending levels.
The proposal would contain major investments in infrastructure, education and health care, according to the Times, and bring federal spending levels to their highest sustained level since World War II.
Under the plan, documents for which were obtained by the 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 plan demonstrates that Biden shows little interest in taming the deficit, which would remain above $1 trillion through the next decade despite an expected economic recovery. The deficit only exceeded that level in the four-year period following the Great Recession and again after the COVID-19 pandemic slammed the economy.
Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of gross domestic product by the end of the decade, exceeding its World War II record in 2024.
Writ large, the budget proposal, which the White House is expected to formally lay out on Friday, is an unabashed call for a bigger role for government in the U.S. economy, bringing spending to a quarter of the nation’s annual output, larger than any level before the pandemic.
Presidential budgets are rarely passed in their exact form and therefore serve primarily as a messaging document telegraphing the administration’s priorities.
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Biden to propose $6 trillion budget, increasing federal spending to World War II levels: report https://t.co/s4cnVp7uey pic.twitter.com/htKHk78m0g
— The Hill (@thehill) May 27, 2021
So Republicans will wail, gnash their teeth and point fingers at Biden for all this spending. However, history has shown that no President and neither party has been all that interested in taming our debt. A recent example would be all the money wasted on Trump’s wall. Trump signed every spending spree bill that came across his desk. Usually, spending on the wall was his excuse. Not once did he complain about the price tag. Not once did he veto any of these massive bills. Not a peep out of anyone in his party.
All politicians regardless of party are flaming hypocrites, especially when it comes to runaway spending.
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