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BIDEN’S BUDGETARY BETRAYAL OF THE WORKING CLASS – House Budget Committee

$69 TRILLION IN SPENDING OVER 10 YEARS:

  • Government spending would be over $6 trillion every year.
    • $7.2 trillion this year, nearly 33% of GDP and highest peacetime level in history.
  • Government spending would equal nearly 25% of U.S. economic output (GDP) by 2031.
    • Almost 30% higher than the average of the past 75 years. 
  • Government spending more on non-defense agencies than Dept. of Defense, every year.
    • Funding for military would fall to lowest levels, as a percentage of the economy, since WWII.

$17 TRILLION IN NEW DEBT BY 2031:

  • $1.3+ trillion deficits every year for next 10 years
    • $14.5 trillion over ten years.
  • $3.7 trillion deficit this year, highest in American history. 
  • $39 trillion total debt held by public by 2031.
    • Debt would be 117% of U.S economy, highest in history.
  • Interest payments on debt rise to $914 billion by 2031.
    • More than will be spent on Medicare this year.
    • Nearly 10 times what would be spent on Veterans’ health care next year.
    • More than would be spent on entire defense budget in 2031.

$55 TRILLION IN TAXES OVER 10 YEARS:

  • The highest sustained tax burden in American history, by far.
  • Nearly doubles tax collections over 10 years.

 PROJECTS A WEAK ECONOMY:

  • 1.9% projected yearly economic growth for majority of next 10 years.
    • Well below 75-year average of 3% annual growth.
    • If all of this spending, taxes and government takeover won’t help the economy, then why is the President doing it

IGNORES THE INFLATIONARY COST OF MASSIVE GOVERNMENT SPENDING:

  • Budget assumes no significant changes to inflation…HOW!?
    • Since Biden became president, monthly inflation has quadrupled.
    • Core inflation in April increased at the highest level in nearly four decades.
    • And YET, Biden’s budget assumes $69 trillion in new spending will not significantly fuel inflation. 

HARMS WORKING CLASS JOBS:

  • Turns off Tax Relief / Turns on Tax Collections:
    • Creates the highest tax burden in American history:
      • Increases taxes on American families, small businesses, farmers, and employers. 
      • Advantages Chinese Communist Party by taxing U.S. employers at one of the highest industrialized world rates (28%).
      • Calls for a heightened global intangible minimum tax well above worldwide average.  
      • Destroys 7 million American jobs and lowers wages.
    • Raises taxes on those earning less than $400,000 by allowing the Tax Cuts & Jobs Act middle- & low-income tax relief to expire.
    • $80 billion increase to IRS budget to hire more agents to target American families & conservatives
  • Pushes Policies that Hurt Job Growth:
    • Uses unspecified economic triggers to call for a continuation of elevated unemployment benefits keeping millions on government support versus full employment.
    • Acknowledges no significant changes to inflation from $69 trillion in new government spending:
      • Americans know this can’t be true. April inflation reached its highest level in 4 decades; monthly inflation has quadrupled since Biden took office. These are the impacts of trying to inject $7.5 trillion in government spending in the first 100 days.

HURTS SECURITY OF WORKING CLASS FAMILIES:

  • Abandons Border Security:
    • 0% increase in Homeland Security funding for ’22 when border crossings are at a 21-yr high.
    • No money for border wall construction & rescinds illegally paused border wall funds.
    • $4 billion in rewards to Central American countries flooding U.S. with illegal immigrants.
    • Mentions “border security” ZERO times in all 72 pages of the budget proposal.
       
  • Deprioritizes National Security:
    • Funding for military would fall to lowest levels, as a percentage of the economy, since WWII.
    • Diverts billions in defense funding to “climate resilience and energy efficiencies.”
  • Rewards China – Covid 19?…Don’t Worry About It:
    • $124 million in ‘22 funding for the World Health Organization (WHO) – the same WHO that failed to hold the Chinese Communist Party accountable for its role in the spread of COVID-19, praised China’s response to the virus, & dropped their investigation into the Wuhan Lab.

PUTS WASHINGTON’S POLITICAL CLASS AHEAD OF WORKING CLASS:

  • New Abuses of Taxpayer Dollars:
    • Allows the use of taxpayer dollars to pay for abortions, abandoning years of bipartisan compromise.
    • Makes illegal immigrants eligible for taxpayer-funded education grants.
    • Gives wealthy Americans tax credits to buy health coverage.
    • New 2nd Amendment restrictions coming? – Doubles funding for ‘gun violence research’ at CDC & NIH.
      • $40 million in ‘22 for states to implement new red flag & gun licensing laws.
  • Medicare-for-All?
    • Attempts to win over the socialist Left with calls for vast expansions of Medicare & government-run health care.
      • BUT refuses to actually show American taxpayers the true cost or impact to current seniors on Medicare.
         
  • Lots of Green for the Green New Deal:
    • 22% funding increase for EPA
    • $570 billion in Green Energy Incentives and Prioritization
    • $157 billion for electric vehicles
    • $50 billion to make infrastructure “climate change resilient
    • $600 million to the private sector to combat climate change
    • $1.4 billion in ’22 alone for “Environmental Social Justice
    • $1.2 billion in ’22 alone for a “Green Climate Fund” 
    • $691 million in ’22 alone to foreign countries for climate change 

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