March 09, 2023
Biden Budget: A Weaker, More Vulnerable AmericaAn Economy That's Weak
- The Biden administration has destroyed the American economy, causing 15 consecutive months of 40-year high inflation. Prices for groceries, gas, and other household necessities have skyrocketed and continue to burden American families.
- The Biden administration has proposed trillions of dollars in new spending, which will add to the already record-high national debt. This reckless spending spree will burden future generations with massive interest payments, a depressed economy, and less financial freedom to respond to emergencies.
- They have also proposed raising taxes on individuals, families, and businesses, which will result in even higher prices, lower wages, and fewer jobs. Small businesses, the backbone of our economy, will struggle to find workers, pay higher taxes, and serve their customers.
- President Biden's budgets fail to prioritize the safety and security of the American people. He fails to adequately fund border and homeland security, leaving U.S. citizens vulnerable to the crime, gangs, and drugs pouring into our country.
- President Biden proposes to increase non-defense spending at more than twice the rate of defense. The President’s incredibly misplaced priorities send all the wrong messages to our adversaries.
- President Biden not only proposes cuts to Homeland Security, but he wants to establish a nearly $5 billion dollar fund to facilitate the processing and release of illegal migrants into our country.
- By prioritizing progressive initiatives that will only embolden our adversaries while failing to adequately fund our troops and support their safety & success – the Biden budget puts a higher priority on woke diplomacy than actual diplomacy and countering China and Russia.
- The Left has advanced a partisan agenda that traps people in a cycle of poverty and government dependence.
- Biden’s budget doubles down on radical progressive economic policies like burdensome regulations, higher taxes, and more government spending. This crushes opportunity and mobility, forcing more and more Americans to become dependent on the government.
- Currently, there are 11 million job openings in America and 5.7 million unemployed individuals. Excluding COVID, the labor force participation rate is tied for its lowest rate in 46 years.
- The federal government spent more than $1.1 trillion on means-tested welfare programs in 2022.
- The Biden Administration repealed commonsense work requirements for able-bodied adults and is, instead, paying people more to stay home than to work.
- The Biden Budget proposes trillions in new entitlement program spending, on top of the already unsustainable fiscal trajectory the budget is on.
- The Budget would resurrect an expansion of the Child Tax Credit spending program at an astonishing cost of $429 billion for just three years. This proposal would transform the tax credit to a unconditional cash grant and gut the current work requirements. In 2021, this program at a 13% improper payment rate, costing taxpayers more than $5.2 billion.
- Other new entitlement programs, such as government funded child care, government paid leave, government preschool, an expanded earned income tax credit, and more housing subsidies would cost working taxpayers hundreds of billions of dollars, undermine families, and insert politicians and bureaucrats into some of the most personal aspects of peoples’ lives. It is no wonder that many of these recycled big government proposals have already been rejected by Democrats.
- Biden proposes more than $200 billion in new spending to expand Medicaid and override States’ authority to determine health policies for their populations.
- President Biden's proposed budgets represent a significant expansion of the federal government's role in our daily lives. The proposed programs and initiatives represent the Left’s significant government overreach that has limited individual freedom and hindered economic growth.
- President Biden's budgets have failed to address government waste, fraud, and abuse. It is essential to hold our government accountable for its spending and ensure that taxpayer dollars are being used responsibly.