And where is he going to get the money for this? Biden to propose $6T budget, increasing federal spending to WWII levels: report https://thehill.com/homenews/administration/555670-biden-to-propose-6t-budget President Biden is set to propose a budget totaling $6 trillion in the coming days, The New York Times reported early Thursday, about a third higher than pre-pandemic spending levels. The proposal would contain major investments in infrastructure, education and health care, according to the Times, and bring federal spending levels to their highest sustained since World War II. Under the plan, documents for which were obtained by the Times, the federal government would spend $6 trillion in the 2022 fiscal year, and spending would increase to $8.2 trillion by the year 2031. The plan demonstrates that Biden shows little interest in taming the deficit, which would remain above $1 trillion through the next decade, despite an expected economic recovery. The deficit only exceeded that level in the four-year period following the Great Recession, and again after the COVID-19 pandemic slammed the economy. Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of GDP by the end of the decade, exceeding its World War II record in 2024. Writ large, the budget proposal, which the White House is expected to formally lay out on Friday, is an unabashed call for a bigger role for government in the U.S. economy, bringing spending to a quarter of the nation’s annual output, larger than any level before the pandemic. Presidential budgets are rarely passed in their exact form and therefore serve primarily as a messaging document telegraphing the administration’s priorities. "The pandemic has only made things worse. Twenty million Americans lost their job in the pandemic, working- and middle-class Americans," Biden said during an address to Congress earlier this year. "At the same time, roughly 650 billionaires in America saw their net worth increase by more than $1 trillion, in the same exact period. Let me say it again. 650 people increased their wealth by more than $1 trillion during this pandemic and they’re now worth more than $4 trillion. My fellow Americans, trickle-down, trickle-down economics has never worked. It’s time to grow the economy from the bottom and the middle out." It assumes the passage of Biden’s American Jobs Plan and Americans Families Plan, which call for robust investments to rebuild aging infrastructure, bolster climate-friendly technologies like electric vehicles, and dramatically expand the social safety net. According to the Times, Biden will also propose increasing defense spending over the previous fiscal year, though the amount would decline as a share of the economy. That facet of the budget proposal is likely to anger progressives who criticized the president’s first $1.5 trillion budget proposal. It called for $753 billion in defense spending, a slight increase over fiscal year 2021 levels.
"Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of GDP by the end of the decade, exceeding its World War II record in 2024."
Here’s the thing, can someone show me any evidence of an adverse impact on any area of the American economy or general well being from deficit spending in the last 40 years? I’m not saying deficits are good, or don’t have to be managed just posing the absolutely absurd idea that M2 money isn’t what it used to be or at least doesn’t act the way it used to.
I don’t know if deficits don’t matter but do we need to start rethinking the concept of money? A lot of people are going to say that is absurd but we changed the concept of money not too long ago when we moved off of the gold standard. All I’m saying is that debt and deficit of fiat money in a highly efficient economy with increasing automation and artificial intelligence doesn’t exactly work the way I learned it should when I took economics in college.
I see Maxine Waters- Chair of the House Finance Committee on Bloomberg right as we speak. It is good to see that Dems have their best and the brightest at work on these issues. I am pretty sure that she will be recommending that we move to DOGCOIN as the reserve currency before long.
Pissn' and Moanin' about not receiving yet another government freebie, eh? The government should never have been involved in the financing of college in the first place... should have been the banks and the colleges themselves. After all, they are the ones receiving the money... and would they be looking to forget debts owed to them?
And how is Maxine Waters and Dems different from Republicans? Consider the tax cuts and jobs act, it moved no needles in quality of life or economic measures. Unemployment and GDP stayed on trend, deficit ballooned and inflation stayed stable all while billions filtered into the wealthiest households through the stock market. Nothing changed and that was in relatively good and stable economic times. What I’m saying is it’s all the same and it has a lot to do with how efficient our economy is the fact that the fed holds so much public “debt.” I do understand I’m way outside of conventional wisdom but no one can explain this using conventional economics: