Issues & Insights (issuesinsights.com) "President Joe Biden brags that the budget he released on Monday would cut the deficit by $3 trillion, even while offering truckloads of new goodies to Americans.
"That will get headlines.
"What won’t make the news is the fact that his Fiscal 2025 budget provides clear and incontrovertible evidence that he has caused a fiscal and economic disaster of epic proportions.
" 'How do we know this? Because buried in the back of the annual budget document is a table called “Baseline by Category.” This is a forecast of spending, revenues, and deficits that would result if the government is left on autopilot.
"So, we dug out Biden’s first budget — released in early 2021 — to see what the administration said would happen if Biden did nothing. In other words, what would spending, revenues and deficits look like if all of President Donald Trump’s policies remained in effect. Let’s call this the Trump baseline.
"Then we compared that with the latest “Baseline” projection in Biden’s new budget — which assumes that all of Biden’s current policies remain in effect for the foreseeable future. We will call this the Biden baseline.
"What did we find?
In his latest budget, Biden says that deficits over the next five years will total $9 trillion. Again, that’s assuming that the government is left on autopilot over that time. The Biden baseline puts us on course to borrow a total of $9 trillion from 2025 through 2029.
"But the Trump baseline would have produced deficits over these same years of $6.1 trillion.
"As a result, we now know that Biden’s policies have boosted projected deficits by $2.9 trillion from 2025 to 2029.
"How is that possible, when Biden claims that he’s cut the deficit by more than any president in history?
"Let’s look at the details. " . . .
$7.3 Trillion Biden Budget Will Be DOA in Republican House – RedState
"Remember when the United States taxed and spent its way out of debt and into prosperity?
Me neither. But that's what the Biden administration wants to try.
Earlier on Monday, President Joe Biden rolled out his massive, treasury-busting budget proposal, which includes, among other wackadoodle items, yet another attempt to tax the nation into prosperity. Fortunately, House Republicans are already preparing to round-file the whole thing.
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