President Joe Biden’s budget is stuffed full of frivolous spending, fantasy math, and more than a little insanity – all courtesy of your wallet.
If accepted by Congress in its current form – which, thankfully, is an unlikelihood – the $5.8 trillion budget would be a 32% increase over federal spending just four years ago.
According to one breakdown by the Heritage Foundation, the plan would see $72.7 trillion in spending over the next decade — averaging more than $1.4 trillion in higher annual spending. And while the budget consists of nearly $6 trillion in spending, it anticipates only $4.64 trillion in revenue, leaving a deficit of about $1.1 trillion.
Which means, as usual, more borrowing.
The Heritage Foundation estimates that debt would balloon from today’s $30.2 trillion to more than $44.8 trillion over the next 10 years, and that “[a]nnual budget deficits would start at $1.2 trillion in fiscal year 2023 and rise to $1.8 trillion by 2032.”
Which begs the question: where would all this money be going, that justifies spending ourselves straight into the poorhouse?
Well, here are just a few of the extravagant increases Biden’s budget includes:
- $65 billion for the Department of Energy to upgrade infrastructure including thousands of electric school buses
- $45 billion in total climate change spending
- $1.4 billion to deploy a nationwide, publicly-accessible network of electric vehicle chargers and other alternative fueling infrastructure
- $1.4 million to launch an Office for Environmental Justice
- Another $1.6 billion for the TSA
- $1.6 billion for immigration judges (not border security) to process illegal aliens – $621 million more than in 2021
- $1 billion to support Violence Against Women Act of 1994 programs – nearly twice as much as in 2021 – including support for transgender survivors, building community-based organizational capacity, combat online harassment and abuse, and address emerging issues in gender-based violence.
- $10 billion to assist with refugee resettlement programs around the world
- $2.6 billion to advance gender equity and equality around the world
To accomplish all this, the plan proposes raising corporate taxes (have fun with that, American workers) and raising the tax rate for the top 1% of earners making $540,000 and above.
And – for those of you doing the quick math – no, that won’t be nearly enough.
Reporting by Media Research Center.