Joe Biden likes to say, “show me your budget, and I’ll tell you what you value.” When looking at his latest budget request, it’s clear this president values higher taxes, massive spending, and more government.
Last Thursday, Joe Biden submitted his official budget request to Congress for Fiscal Year 2024. It should come as no surprise that this $6.9 trillion spending spree would do nothing to alleviate the economic pain that is hurting hard-working Americans. In fact, Biden’s reckless tax-and-spend blueprint will only worsen the economic burden on American families by doubling down on the same failed policies that got us here.
Case in point: during a time of record inflation, Biden has promised to increase taxes on hardworking Americans and job creators. With this budget, he has kept that gross promise.
Biden’s budget proposal includes a stunning $4.7 trillion in new and expanded taxes, the largest tax hike since the 1960s. His job-killing proposal would increase the federal income tax and hit American energy producers with a $31 billion tax increase to bankroll his radical green agenda. In fact, Biden’s budget text mentions the word “climate” 148 times. Talk about priorities.
Biden’s budget puts partisan priorities ahead of safety and security. His budget proposal cuts funding to the Department of Homeland Security (DHS), further neglecting the historic crisis at our southern border and putting America’s national security at risk. He even wants to raise the U.S. corporate tax rate from 21 percent to 28 percent, which is even higher than Communist China’s. Only Joe Biden would see soaring taxes, a neglected border, and weakened businesses as a political success. While Biden’s budget proposal is a clear appeasement to the radical Left’s Green New Deal agenda; every American will suffer the consequences.
The president fails to acknowledge his reckless spending agenda comes at an extreme cost.
In total, the Biden budget would add $17.1 trillion to the deficit over the next decade, ballooning the U.S. national debt to over $50 trillion. This is beyond reckless, as every taxpayer and business owner in America knows, if you spend beyond your means—you’ll go bankrupt.
Joe Biden could not be more out-of-touch. Biden’s inflation has cost American families an additional $10,000 per household since he took office. His failed economic agenda, crippling tax increases, and overregulation have plagued small businesses and job creators. At the same time, Biden’s assault on domestic energy production has hurt Americans’ pocketbooks and weakened our country on the global stage. More wasteful spending is certainly not the answer.
Everyone knows that you can’t spend more than you have without acquiring debt. And eventually, someone has to pay the bill. It’s unfortunate that our president does not seem to grasp this basic principle of fiscal responsibility. But, what do you expect from a career politician who has spent the last 40 years in Washington. Every day, Oklahoma families make tough choices on how to run their households and manage their finances. Unfortunately, the Biden administration refuses to take responsibility and do the same.