Countries can’t tax their way to long-term prosperity. President Joe Biden wants to try anyway.
On Thursday, Biden released a $6.8 trillion budget plan. Spending would grow to around $10 trillion annually in a decade. It’s part proposal, part politics. Before diving into the details, take a moment to consider that amount. It’s all but impossible to fathom how much money that is. It’s possible, however, to provide some context. Last year, total federal spending was $6.3 trillion. In 2015, the government spent $4.6 trillion. In 2000, spending was around $3 trillion. This proposal is a slight reduction from spending totals inflated by coronavirus relief packages, but it’s a dramatic increase over historical norms.
There are so many goodies for key voting blocs that Biden might as well be Oprah. You get green energy subsidies. You get paid leave. You get money for child care and home care. You help buying your first home. You get free community college. There’s even more money for the Border Patrol, in case you’re wondering how that issue is playing politically.
