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Buddy's Budget Blog

Biden’s Budget is intergenerational theft

When small business owners make irresponsible budget decisions, they face the consequences. But if the federal government fails to balance its budget, it is the taxpayers who face the consequences. This phenomenon is playing out right before our eyes.

President Biden’s FY2023 budget calls for $73 trillion in spending, a 66% increase from the previous decade, including $16 trillion in new public debt. These staggering numbers come after several rounds of COVID-19 relief packages spiked federal spending to its highest sustained level in American history.

This budget is far from balanced and will sit atop our great-grandchildren’s shoulders, who are at-risk of growing up in a world where the U.S. dollar is no longer the world’s currency.

We must cut up the credit cards and end the waste, fraud, and abuse that is prevalent on every level of government. 

Unfortunately, we have a Commander-in-Chief who does not recognize those economic realities. His famous refrain, that he won’t raise taxes on anyone making less than $400,000 a year, is misleading at its best and a dangerous mistruth at its worst. Even if his proposed $58 trillion in tax increases did not touch a single middle-class American’s wallet, he is ignoring perhaps the biggest drain on the average taxpayer’s bank account: inflation.

Currently, inflation is at 8.5%, a forty-year high and more than 250% higher than the White House predicted in its FY22 budget. If that statistic alone is not sufficient evidence that this Administration does not comprehend the full scope of their fiscal failings, this proposed budget will add an additional $12,000 inflation tax for American families in 2023.

For the single mom trying to make ends meet, it doesn’t matter if that extra money   is paid at the pump, the grocery store, or the tax office. It’s unaffordable, and it is the direct result of this Administration’s policies.

Inflation is taxation, and the working class is footing the bill.

This Administration tells those living on a fixed income to “lower your expectations” but refuses to hold themselves to the same standard. Perhaps this is because they still believe inflation is a “high-class problem” or “transitory.” More likely, it’s because they see how low Biden’s approval ratings have fallen and are making expensive promises to buoy it.

The American people see right through this Hail Mary.

If a trucker can figure out how to pay for $4.27/gallon gas, a retired veteran can make room for 9.0% higher electricity, and a schoolteacher can navigate an additional $296 a month for basic household expenses, then this Administration and Congressional Democrats can figure out how to pay their bills, too.