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Tax ‘n Spend, Tax ‘n Spend, Tax ‘n Spend

It’s hard to believe that it was less than 30 years ago that Democratic President Bill Clinton famously announced to the nation that “the era of big government is over.” Joe Biden’s new $7.3 trillion budget is an attempt to ensure that big, expensive, intrusive, and incompetent government is here to stay. And so are the higher taxes – $5 trillion over the next decade – to pay for it.

We’re not sure if avowed “Democratic Socialist” Bernie Sanders could have envisioned a progressive paradise like this.  We shine the spotlight on the budget because Americans need to know what’s in store if they opt for “four more years.”

      • Ten-year deficits that would add an average of $1.5 trillion to the debt with not even a pretense of approaching a balanced budget – ever.
      • Ten-year spending: An additional $1.7T of spending increases – on top of the $6 trillion in Biden’s first term.
      • Tax revenues approach an all-time record of 20% of GDP with $5 trillion tax hikes – mostly on American businesses large and small.
      • Ten-year interest costs rise by $12.2T.
      • Spending and waste reductions – none that we could discover.

We don’t think either party right now is supporting the deep cuts in wasteful spending that are necessary to tame the volcano of expenditures in Washington, but this chart from the House Republicans is an interesting compare and contrast between the two parties right now.

Biden says that the lines are now drawn between the two parties’ vision of America’s fiscal future. Finally, he’s starting to tell the truth.

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