Biden’s $7-trillion budget game takes more of your money. Guess where it goes
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The president’s budget for fiscal year 2024 is less a display of prudent finance as it is reminiscent of a carnival shell game. If you don’t pay close attention to the details, you’ll wind up suckered by the man moving the ball around. President Joe Biden’s political talking points may appease his Democrat colleagues, but the details should alarm Americans who stand to lose in this $7-trillion shell game on the national stage.
The first attempt at distraction in this game is the assumption that the Treasury needs more tax revenue to reduce the deficit. At first glance, that checks out mathematically – but it ignores the larger reality.
Fundamentally, the nation does not have a revenue problem; it has a spending problem. Tax revenue has never been higher, whether measured in nominal terms, or adjusted for inflation, or as a percent of GDP, or as a percent of income. Rather, it is government spending which has ballooned to unsustainable levels and created record-breaking deficits.
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Consider that federal expenditures were about $4.8 trillion in 2019 but were over $6 trillion in 2022. That’s a 25%-increase in three years — far outpacing economic