No, Biden’s budget is not like ‘wacko’ Reagan’s
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President Joe Biden recently released his budget proposal. The president is required by law to submit a request to Congress prior to the start of a new fiscal year. Ultimately, what’s passed will be dictated by Congress. The president’s budget request has become more of a wish list that plays a role in setting the temperature for the policy battles to come on Capitol Hill and in the regulatory agencies. Sadly, Biden’s budget contained a series of tax hikes that would batter the American economy.
Biden defended his plan by claiming it would decrease the deficit by nearly $3 trillion over the next ten years. This is an apples to oranges comparison, making deficit reduction promises based on historic, COVID-related emergency spending. The budget never actually balances and deficits would begin to rise again, in both nominal terms and as a percentage of gross domestic product towards the end of the ten-year window. The savings numbers therefore mean very little.
Another disingenuous defense of the Biden budget has gained traction – the president’s claim that his corporate tax hike is in line with the policy from the Reagan administration. The president, in rolling out