Daily, Americans struggle to afford groceries, pay rent, and fill up their gas tanks because of President Joe Biden’s reckless spending, which has added over $6 trillion to the national debt.
Since Inauguration Day, prices have increased by 18.6%, which means a family has to spend an extra $922 per month—$11,064 over a year—to stay afloat and afford the same services and goods. While wages struggle to keep pace with price increases, Americans’ average earnings have decreased by 4.2% over the same period.
Instead of restoring fiscal responsibility and changing course, President Biden introduced a fiscal year 2025 budget of $7.3 trillion last week — a dangerous proposal that would put the country on the path to insolvency and further fuel inflation.
For example, under Biden’s plan, the federal government would spend a massive $86 trillion between FY 2025 and FY 2034, per the Committee for a Responsible Federal Budget. Over the same period, the national debt would increase by $18 trillion.
Along with passing substantial spending, President Biden is calling for another $5,5 trillion in new taxes. This includes a business tax rate hike that the Tax Foundation says would eliminate $720 billion from our gross domestic product and put 159,000 Americans out of work.
According to one budget expert, the surge in the president’s taxes and spending would be “the highest sustained income tax burden in American history as a share of the economy.”
With continuing inflation and national debt at an all-time high, many wonder what President Joe Biden is thinking.
Our president is more invested in overtaxing already-struggling families to fund his progressive, left-wing priorities than putting our country on a better fiscal path.
Among his reckless spending, President Biden is proposing a minimum of $50 billion to fund the radical left’s Green New Deal agenda, including $3 billion for the U.N. Green Climate Fund, $1.5 billion to promote “environmental justice,” and $8 billion to train young people to “tackle climate change.”
The budget would additionally provide $104 billion to help the IRS shake down taxpayers and another $500 million for “free” community college.
The shortlist amounts to over $150 billion, which is only a fraction of the wasteful spending in Biden’s budget proposal.
However, on vitally important issues, the president is yanking funding.
Despite the Axis of Evil increasing attacks on our military members and allies, Biden’s budget — when adjusted for inflation — would reduce funding for the Department of Defense. As a result, the U.S. Army would shrink in numbers, the fleet of the U.S. Navy would shrink, while $600 million in funding would be yanked from the U.S. Space Force, leaving us more vulnerable to attack from our enemies and weakening our security.
President Biden’s budget disaster has minimal chances of being passed through Congress. However, suppose the president was serious about strengthening our country. In that case, he must look for ways to save money for taxpayers and ensure we leave behind a better future for our grandchildren and children, who will be left behind to pay the bills.
That is why legislation has been introduced in the U.S. Senate to cut federal spending—not including homeland security, defense, and veteran’s affairs—by 1%- 5%. Only last year, the measure would have saved U.S. taxpayers over $30 billion.
While we cut spending, Congress must also freeze hiring and salaries to address the burgeoning size of the federal government, which now consists of around 2.2 million bureaucrats.
The critical measure would provide significant savings: When President Barack Obama announced a two-year hiring freeze for the federal government in 2010, the Committee for a Responsible Federal Budget estimated that the move could save $60 billion over ten years.
With around 100,000 federal employees set to retire each year and federal salaries averaging $101,000, a hiring freeze could save billions more.
Millions of families across the country are looking for savings in their budgets daily to try to make ends meet. It is well past time the feds did the same. These measures would be a giant step in the right direction.
