Biden's New Budget Plan Means Trump-Era Mega Spending Will Continue

The reality of federal spending under Donald Trump did much to put to rest the obviously wrong and long-disproved notion that Republicans are the political party of “fiscal responsibility.” With George W. Bush and Ronald Reagan, it was pretty much “full speed ahead” as far as federal spending was concerned. Under George W. Bush, some of the biggest budget-busting years were those during which the Republicans also controlled Congress.

Trump, of course, carried the GOP’s spendthrift tradition far beyond any old levels in dramatic fashion, calling for untrammeled deficit spending, money printing, and a series of multitrillion-dollar bailout and “stimulus” packages.

This time around, there’s little reason to assume the Democrats will depart from the GOP trend. After all, in the past year, expressing concerns about deficit spending or any other problem with runaway spending now is regarded as hopelessly old fashioned. It’s now de rigueur to spend a trillion here or a trillion there in addition to the usual gargantuan budget. We’re in the era of the new New Deal. Need an extra trillion? Just print it.

Nonetheless, while Democrats are likely to keep spending increases at the new ratcheted-up Trump levels, the Dems will have their own ideas about how to spend it. And this has been one of the primary differences between the two parties all along. Both parties love to spend money. They just like to spend it in slightly different ways.

The Myth of Budget Cuts

But even in this regard, differences in spending tend to be overstated and distorted. For example, now that Biden has released his new proposed budget, the White House is using the event as an opportunity to claim that during the Trump years, social spending endured years of cutbacks and budgetary neglect.

For example, White House spokesperson Jen Psaki claimed the Biden administration was “inheriting a legacy of chronic underinvestment.” (In Washington-speak, “investment” just means taxpayer-funded spending.)

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