President Biden should be more concerned with his economic crisis before the recovery goes into a complete nosedive, but instead his administration is preoccupied with forcing through trillions in new wasteful spending that will impede future growth.
The administration’s budget even acknowledges that growth isn’t a priority; it only forecasts meager 2% GDP growth by 2023 with it dropping even lower until 2029. They’ve also spent their time focused on radical and unpopular social policies like removing the popular Hyde Amendment to start using taxpayer funds for abortions.
Another worrying sign for the recovery, is Democrats’ obsession with raising taxes. So much so that Biden’s budget has broken his promise not to raise taxes on those making less than $ 400,000. It does this by relying on the expiration of middle-class tax cuts in order to achieve a historically high level of tax on Americans.
Even the left-leaning Tax Policy Center acknowledged Biden’s broken promise, saying that next year 75% of middle-class families would see higher taxes – that number jumps to 95% by 2031.
Democrats can’t decide what to spend your taxpayer dollars on, so rather than make tough choices, they’ve proposed the largest spending increase in American history; $ 6 trillion in government spending with $ 3 trillion in new taxes. Much of that would go to far-left socialist programs designed to reengineer American society and force you to do what a bureaucrat in Washington decides is good for you.
Biden’s agenda will crush small and mid-size companies, resulting in fewer jobs. One example is his proposal to revert America’s business tax rate to one of the worst in the world again at 28% – a move that would return us to the old tax code that incentivized jobs to be shipped overseas.