Lost in the news shuffle of stories like the BLM riots and coronavirus pandemic is the budget-busting spending that continues to put our country closer to economic collapse. Our economy is already suffering from the virus-related lockdowns, and if Joe Biden wins in November, that day of economic Armageddon will be hastened.
The Democrat nominee plans on raising taxes by over $3 trillion and increasing spending by $5.4 trillion over the next ten years if elected. Our country simply can’t withstand such massive spending, and unless Biden has discovered a magical money tree, the dam will eventually break.
Fox Business reported, “Democratic presidential candidate Joe Biden has laid out a multitrillion-dollar spending plan that would raise taxes by $3.4 trillion on mostly wealthy Americans and corporations over the next decade, according to an analysis released Monday.
The former vice president’s campaign platform would raise federal spending by about $5.4 trillion — or roughly 24% of gross domestic product by 2030, according to new findings from the Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School…
The largest areas of new spending in Biden’s proposals are education ($1.9 trillion), infrastructure and research and development ($1.6 trillion), housing ($650 billion), Social Security benefits ($290.7 billion), health care ($1.6 trillion) and paid family leave ($527 billion).”
Of course, he will make the rich “pay their fair share,” even though they already pay the vast majority of taxes in the country. 80% of the tax increases will be on those making over $400,000, which is something Biden and his supporters celebrate. The wealthy are being punished for providing goods and services that benefit us all.
In reality, it’s the bottom 50% of income earners that are not paying their “fair share” of taxes.
According to Market Watch, “the top 0.1% of families pay the equivalent of 39.2% and the bottom 20% have negative tax rates. That is, they get more money back from the government in the form of refundable tax credits than they pay in taxes.”
That’s right. The lowest income earners actually profit from the government, and that hardly seems fair.
If anyone is getting screwed, it is the top 1% of income earners in this country. The top 20% of income earners pay nearly 90% of federal income taxes.
The budget deficit is out of control, and this problem has only been exacerbated during the coronavirus pandemic due to increased stimulus payments to individuals and businesses to offset the millions of jobs that have been lost due to government-induced business closures.
CBO projects a federal budget deficit of $3.3 trillion in 2020, more than triple the shortfall recorded in 2019. That increase is mostly the result of the economic disruption caused by the 2020 coronavirus pandemic and the enactment of legislation in response. At 16.0 percent of gross domestic product (GDP), the deficit in 2020 would be the largest since 1945.The deficit in 2021 is projected to be 8.6 percent of GDP. Between 1946 and 2019, the deficit as a share of GDP has been larger than that only twice.
Joe Biden’s “tax the rich” policy will slow economic growth while leaving future generations with the burden of paying the price—both in taxes and economic misery—for his decisions. Both parties have failed miserably at ensuring a sound fiscal future, and Joe Biden will push the country one step closer to falling over the fiscal cliff. If he wins, Congressional Republicans have to stop being part of the problem and grow a backbone by standing up to Biden and the Democrats… before it’s too late.