Biden proposes another massive spending spree

SIGN UP FOR THE DAILY JWR UPDATE. IT'S FREE. Just click here.

Ronald Reagan once said that the nine most terrifying words in the English language are: I'm from the government and I'm here to help. We'll add that, these days, the seven most ludicrous words in the English language are: I'm Joe Biden, and I'm fiscally responsible.

The Biden administration this week unveiled its budget blueprint for fiscal 2025. It raises taxes, hikes spending to pandemic-era levels and embraces a federal public sector that devours more than a quarter of gross domestic product. And yet Biden wants taxpayers to believe this represents a prudent financial path forward.

Indeed, the president claims his spending plan will trim deficits by $3 trillion over the next decade. And if you believe that, we've got some tony beachfront property in Gabbs to show you.

In fact, "the level of borrowing under the president's budget," the Committee for a Responsible Federal Budget pointed out, "would be unprecedented outside a war or national emergency."

Biden seeks to spend $7.3 trillion, an 18 percent increase over two years. For perspective, Washington burned through $3.65 trillion in fiscal 2015, about half the amount this administration proposes to spend next year.

Yet the president desperately tries to couch this spending blowout as an example of restraint, bragging about deficit reduction. His own projections, however, call for $16.3 trillion of red ink over the next 10 years and a $1.8 trillion hole in fiscal 2025. Only in the Neverland world of Washington could a president pat himself on the back for borrowing "only" $16 trillion in the coming decade.

"The White House should have the intellectual honesty," Reason's Eric Boehm wrote, "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."

It's worth noting that the administration's numbers are based on optimistic growth projections and low inflation. In other words, if future Biden tax hikes pass Congress and put a crimp in investment — as they are likely to do — the rosy scenarios evaporate and the raging river of red ink turns into an ocean.

"The price tag of President Biden's proposed budget," a House Republican statement argued, "is yet another glaring reminder of this administration's insatiable appetite for reckless spending," adding that the president's proposal is a "road map to accelerate America's decline."

Biden's budget has no chance of passing this Congress. But for Biden to claim his proposed spending spree is the work of a deficit hawk is an affront to common sense and the American taxpayer.

(COMMENT, BELOW)

Previously:
• Dems increasingly desperate over No Labels
• Biden hams it up during stemwinder
• Economies roar in red states
• To establish 'absolute tyranny over these States'
• Biden condemns himself in attack on shrinkflation
• If only Taylor Swift were dating the national debt
• Biden bows to Putin, environmentalists
• Defenders of 'democracy' want Voter ID off ballot
• 'No one is safe if they had any hand in' Oct. 7
• Biden infrastructure bill: A failure to launch
• US government revenues hit record highs
• Why Biden can't convince voters he's beat inflation
• Why Biden can't convince voters he's beat inflation
• Biden needs to stop the mixed messages
• The hating class as brave defenders
• Blinken only emboldens Hamas terrorists
• White House green Slush fund throwing around cash
• Biden immigration policies souring even Dems
• Dems fret as the bad news mounts for Biden
• Billions in coronavirus money still sitting around
• Senate delegation reassures Israel; where's the House?
• Senate delegation reassures Israel; where's the House?
• Chicago takes victim blaming to an absurd new low
• The utter failure of money to improve education
• Group identity drives American division
• The downside of Biden's drug price control scheme
• WARNING: Here's why top insurers are fleeing
• 'They even laughed in my face'
• Red states power Biden's economy
• 'If you have private insurance, you can' … OOPS!
• Ignoring the Bill of Rights when its convenient
• Hunter cops a plea --- but the Biden probes continue
• Will we every truly know the depth of pandemic fraud?
• Hello there, Big Brother! Please, come right in
• Its not perfect, but it's a start on immigration reform
• IRS wants to branch out
• Gas stove ban conspiracy theory comes true
• Biden's busy bureaucrats beef up regulatory state
• Don't even dare think of emulamating New Yawk!
• Where have all the nation's college students gone?
• Soft-on-crime policies hit hard wall of political reality
• Joe Biden and Monty Python is no comedy
• Global warming was supposed to wreak havoc on polar bears. Looks like someone forgot to tell the polar bears