Here Are 3 Glaring Consequences Of The $6 Trillion Budget Biden Just Proposed

History will not remember President Biden for his frugality.

The president has already signed into law a massive multi-trillion-dollar “COVID” stimulus spending package and proposed trillions more in “infrastructure” spending. Now, the White House has released its budget request for Fiscal Year 2022—a stunning $6 trillion.

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“President Biden will propose a $6 trillion budget on Friday that would take the United States to its highest sustained levels of federal spending since World War II, while running deficits above $1.3 trillion throughout the next decade,” the New York Times reports

These enormous spending levels would lead to skyrocketing budget deficits.

“The federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic recession to grow at what the administration predicts would be its fastest annual pace since the early 1980s,” the Times continues. “It would recede slightly in the following years before growing again to nearly $1.6 trillion by 2031.”

Our national debt would quickly hit record levels.

“Total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031,” the report adds. “By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record.”

Simply put, the president wants to spend an astounding amount of our money.

Of course, with figures this big and every president in recent history having spent recklessly, it’s understandable that the significance of such spending levels can easily be lost on weary Americans. So to break it down, here are three glaring consequences that everyday Americans will face in their lives if Biden’s proposed blowout budget becomes reality.

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Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic ...

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William K. 3 weeks ago Member's comment

Galloping inflation coupled with slower economic growth AND lower paychecks is a sure recipe for making a lot of people both hungry and unhappy. That much should be obvious to almost everyone. So unles the republicans do something incredibly stupid, Mister Biden will be a one-term president. Unless the republicans try to run mister Trump again. (See previous sentence.)

The present "helicopter distribution" of relief funds is an indication of the wisdom behind what is going on.

Perhaps the USA has run it's course, and now China will be the top world power. Clearly they are already the winners in germ warfare development. Not my idea of a good development.

Dan Richards 3 weeks ago Member's comment

Scary thought!

William K. 3 weeks ago Member's comment

It would be reassuring if anybody who has any information to prove my feelings are incorrect, to present such information. This is a case of where I would really appreciate being proven wrong. Don't you just hate it when all the really bad news is true??