At Reason, Eric Boehm explains that Joe Biden’s budget makes even less sense considering the current economic environment of low unemployment and relatively decent growth. He writes:
“The level of borrowing under the President’s budget would be unprecedented outside a war or national emergency,” notes the Committee for a Responsible Federal Budget, a nonprofit that advocates for lower deficits.
Running annual budget deficits well in excess of $1 trillion makes even less sense when you consider the current economic environment. The unemployment rate in the United States has been under 4 percent for more than two years. America’s economy grew faster than any of the world’s other major economies over the past year. We are relatively at peace. Tax revenue is hitting levels not seen since the 1960s, and Biden is proposing to raise taxes on corporations and wealthier Americans.
Put simply: If you can’t even get close to balancing the budget under those conditions, when can you do it?
The White House should have the intellectual honesty to tell the American people that it expects them to continue financing an unstable pile of debt that will burden their children and sap long-term economic growth. To claim that this budget is fiscally responsibility merely adds insult to injury.
Action Line: Americans pay trillions to their government every year, and every year, the government spends trillions more. You couldn’t run your household like that for long before things became problematic. As Boehm suggests, if the government can’t balance the budget in times like these, when can it? Click here to subscribe to my free monthly Survive & Thrive letter.
E.J. Smith - Your Survival Guy
Latest posts by E.J. Smith - Your Survival Guy (see all)
- Know Thyself: “Don’t Just Do Something, Stand There” - November 1, 2024
- Could Germany Forget How to Build Cars? - November 1, 2024
- J.D. Vance Is Ready for the White House - November 1, 2024
- Survive and Thrive October 2024: How You Know If You’re Spending Too Much - October 31, 2024
- Dreaming of Queen Mary 2, MJ, and YOU - October 31, 2024