8/14/2023 0 Comments U.s.federal government budget![]() ![]() So as the debt limit battle looms, Republicans have some reflecting to do. Supervision and oversight cannot be expected in this setting, since Biden’s interventionist-oriented spending comes after his having dismantled not merely predecessor Donald Trump’s regulatory streamlining, but regulatory restraint as such. Limited government is cast aside, as spending and attendant regulation increasingly displace not just private business activity but ordinary household roles and functions.īiden’s budget is animated by what he calls “whole-of-government” approaches to advance policies on “equity” (ssee the Budget’s “ Fact Sheet”), “ climate crisis,” “competition policy” and more. Democrats and Republicans alike adhere to the theory that Washington will do better things with all that money than either you or the billionaires. We find ourselves bound to multiple trillions of dollars for projects, programs and interventions in which the federal government ought not be engaging in the first place. ![]() Still, the Biden budget highlights more similarities than differences with mainstream Republicans, who are equal co-conspirators in the recent infrastructure and technology spending that erects government/business partnerships and heavy regulatory edifices where free enterprise should instead reign supreme. Of course, presidential budgets are often DOA as written, since, as holder of the purse strings, Congress pushes its own priorities. We run out of billionaires before we run out of red ink. Deficits never end, but “stabilize,” according to the proposal, at around five percent of the entire economy. As it stands, interest on the $31.4 trillion debt will alone top $10 trillion over the decade. The claim is highly suspect since the projections assign $500 billion of the reduction to the year 2033. Biden boasts, not of a plan to eliminate the deficit over the coming decade, but to cut it by what it would otherwise have been hypothetically in Minecraft by $3 trillion. The last budget surplus occurred under Clinton in 2001. Bipartisan support for defense increases despite the talk of exiting “forever wars” seems boundless. Indeed much of the spending of which Biden boasts is bipartisan, and certainly the political parties are united on the “protect Social Security and Medicare” riff rather than looking to major overhauls - such as exempting the unborn that never get a say in the scheme. Is America really going to benefit from handing off these extraordianry sums to the federal government? Hardly, but the the opposition is weak. ![]()
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