The
President has touted his budget as fiscally responsible when it is anything but
responsible. He attempts to take credit for cutting this year’s deficit by $1.3
trillion over last year’s, but that is mainly the product of pandemic era
spending coming to an end.
In
fact, most of this so-called deficit reduction results from the President and
majority in Congress going on a $2 trillion liberal wish list spending spree
that stoked the flames of inflation. Taking credit for deficit reduction
resulting from the discontinuation of this irresponsible spending binge is
comparable to an arsonist taking credit for containing a fire by refraining
from dousing it with more gasoline.
Even
worse, the only reason the President and majority in Congress haven’t thrown
more gasoline on the flames of inflation is one or two Senators on their side
of the aisle refused to go along. If the President and most of his party had
their way, this year’s deficit, and future year deficits, would be hundreds of
billions of dollars higher.
Notably,
the President’s reckless tax and spending spree, which Democrats spent all of
last year working to pass, is relegated to little more than a budget footnote.
Yet, even assuming the reckless tax and spending spree isn’t going anywhere,
the President’s Budget still includes unprecedented levels of spending, tax
hikes, and debt and deficits.
Under
the President’s Budget, spending would average 23.4 percent of our economy over
the next ten years. Historically, this is a level of spending previously only
seen for brief periods in response to a recession or national emergency. Moreover,
his Budget includes $2.5 trillion in job killing tax hikes.
Despite
record level tax hikes, the Budget fails to balance or even put our debt and
deficits on a sustainable path. Our annual deficit, the amount we would spend
each year beyond what we take in as revenue, would exceed $1 trillion in each
of the next ten years and reaches $1.8 trillion by 2032. Moreover, our public
national debt climbs to 106.7 percent of our economy, which would be the
highest recorded level of debt in our nation’s history.
So,
while the President provides lip service to fiscal responsibility, his budget
is the same old tired liberal tax and spend agenda with red ink as far as the
eyes can see.
