Biden’s proposal would contain major investments in infrastructure, education and health care, and bring federal spending levels to their highest sustained level since World War II.
Biden’s budget calls for the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031.
Trump’s proposed budget for 2021 was $4.8 trillion.
“The levels of taxation and spending in Mr. Biden’s plans would expand the federal fiscal footprint to levels rarely seen in the postwar era, to fund investments that his administration says are crucial to keeping America competitive. That includes money for roads, water pipes, broadband internet, electric vehicle charging stations and advanced manufacturing research. It also envisions funding for affordable child care, universal prekindergarten, a national paid leave program and a host of other initiatives. Spending on national defense would also grow, though it would decline as a share of the economy,” reports the New York Times.
U.S. is on track to run annual deficits of $1.3 trillion, sparking inflation fears. The president’s plan would increase the country’s debt burden to 117 percent of gross domestic product by the end of the decade.
“The pandemic has only made things worse. Twenty million Americans lost their job in the pandemic, working- and middle-class Americans,” Biden said during an address to Congress earlier this year. “At the same time, roughly 650 billionaires in America saw their net worth increase by more than $1 trillion, in the same exact period. Let me say it again. 650 people increased their wealth by more than $1 trillion during this pandemic and they’re now worth more than $4 trillion. My fellow Americans, trickle-down, trickle-down economics has never worked. It’s time to grow the economy from the bottom and the middle out.”
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