• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Biden’s $5.8T Plan Makes Every Crisis America Faces Worse: Top GOP Member on Budget Committee

Biden’s $5.8T Plan Makes Every Crisis America Faces Worse: Top GOP Member on Budget Committee

March 30, 2022
KENNETH RAPOZA: ‘This Time Is Different’: Trump’s China Trade Talks Could Repeat The Fate Of Every Deal Since 2006

KENNETH RAPOZA: ‘This Time Is Different’: Trump’s China Trade Talks Could Repeat The Fate Of Every Deal Since 2006

July 1, 2025
EXCLUSIVE: ‘Trans’ Inmate Back In Male Prison Years After Allegedly Raping Female Cellmate

EXCLUSIVE: ‘Trans’ Inmate Back In Male Prison Years After Allegedly Raping Female Cellmate

July 1, 2025
Jury Reaches Partial Verdict in Combs Trial; Will Resume Deliberations Wednesday

Jury Reaches Partial Verdict in Combs Trial; Will Resume Deliberations Wednesday

July 1, 2025
FBI’s New HQ Is A Total Slap In The Face To Democrats

FBI’s New HQ Is A Total Slap In The Face To Democrats

July 1, 2025
Polling Data Blows Giant Hole In Left’s Anti-SCOTUS Narrative

Polling Data Blows Giant Hole In Left’s Anti-SCOTUS Narrative

July 1, 2025
JENNY BETH MARTIN: Joe Biden Didn’t Enforce The Law, But Donald Trump Is

JENNY BETH MARTIN: Joe Biden Didn’t Enforce The Law, But Donald Trump Is

July 1, 2025
EXCLUSIVE: Chip Roy Explains Why He’s A No On Senate-Passed Version Of Trump’s Megabill

EXCLUSIVE: Chip Roy Explains Why He’s A No On Senate-Passed Version Of Trump’s Megabill

July 1, 2025
House Hardliners Waste Little Time Throwing Cold Water On Senate Version Of Megabill

House Hardliners Waste Little Time Throwing Cold Water On Senate Version Of Megabill

July 1, 2025
Here’s What The Senate Changed In The Big Beautiful Bill

Here’s What The Senate Changed In The Big Beautiful Bill

July 1, 2025
Chinese Operatives Spent Years Spying On Navy Bases In US, DOJ Alleges

Chinese Operatives Spent Years Spying On Navy Bases In US, DOJ Alleges

July 1, 2025
Trump Appoints Tom Homan As ‘The Border Czar’

Trump’s Border Czar Shreds CNN for ‘Disgusting’ Coverage of ICE Tracking App

July 1, 2025
House GOP Turns Up Heat On Universities Suspected Of Gouging Students With Tuition Rates

House GOP Turns Up Heat On Universities Suspected Of Gouging Students With Tuition Rates

July 1, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Wednesday, July 2, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Biden’s $5.8T Plan Makes Every Crisis America Faces Worse: Top GOP Member on Budget Committee

by Western Journal
March 30, 2022 at 2:03 pm
in News
250 2
0
Biden’s $5.8T Plan Makes Every Crisis America Faces Worse: Top GOP Member on Budget Committee

(Photo by NICHOLAS KAMM/AFP via Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The top-ranking Republican member on the House Budget Committee said President Joe Biden’s proposed $5.8 trillion 2023 budget makes every crisis the American people are facing worse.

“When you testified last year on President Biden’s fiscal year ’22 budget, alarm bells were already going off about the impact that the president’s agenda would have on the economy, what it would have on inflation and the security of our southern border,” Rep. Jason Smith of Missouri told Office of Management and Budget Director Shalanda Young during a Tuesday hearing on Capitol Hill.

“At that time, the crises created by President Biden and the House and Senate Democrats’ agenda were already piling up,” he continued. “That list has only grown since, including an energy crisis with folks paying over $4 a gallon at the pump. In fact, since President Biden has been in office, gas prices went up 79 percent. That’s tough for the folks back home.”

Smith also listed what he called a crime crisis and an education crisis in the country.

“So now we have President Biden’s fiscal year ’23 budget, a proposal that deliberately makes every crisis American families are facing, because of President Biden and the one-party Democrat rule in Congress, that much worse,” the congressman said.

President Biden’s FY23 budget makes every single crisis that the American people are facing much worse. pic.twitter.com/yDxzmkut6y

— Rep. Jason Smith (@RepJasonSmith) March 29, 2022

Smith referenced Biden’s observation on Monday that “budgets are statements of values.”

“He values an economy where everything from the clothes you put on your back, food you put on your table to the gas is more expensive,” the congressman said.

The inflation rate was 7.9 percent in 2021 — the highest since 1982.

“He values open borders and energy dependence,” Smith said. “He values debt, a lot of it. Sixteen trillion dollars to be exact. The American people are not going to buy this budget, because frankly we can’t afford it.”

President Biden likes to say, “show me your budget, and I’ll tell you what you value.”

It’s clear from this budget that the President values a government that tells citizens how to live their lives, unaffordable prices, open borders, and energy dependence. pic.twitter.com/SVRy88Dqdz

— Rep. Jason Smith (@RepJasonSmith) March 29, 2022

The lawmaker noted that the president’s 10-year plan calls for spending $73 trillion and taking in $58 trillion in total taxes.

The proposal would take the nation’s overall debt from approximately $30 trillion to $45 trillion by 2032.

Sen. Rick Scott: “Biden’s budget is bad for American families. We already know we have $30 trillion worth of debt. Under his budget, the debt will increase over the next ten years to $14.4 trillion, which is over $100,000 per family.” https://t.co/kGxjU3UZoh pic.twitter.com/TA4XF6Oa9z

— The Hill (@thehill) March 29, 2022

That translates to over $1 trillion each year for the next decade.

“Just paying interest on that national debt is going to cost us $1.1 trillion,” Smith said.

He also addressed Biden’s proposed tax increases, which include taking the corporate tax rate from 21 percent to 28 percent, and a 20 percent wealth tax on those with assets of $100 million or more, asking Young the rationale behind the plan given the need for strong economic growth as the nation continues to emerge from the pandemic.

“The president’s been very clear, he will not subscribe to trickle-down economics,” the OMB director said, and his budget “invests” in the middle class.

[firefly_embed]

[/firefly_embed]

“Trickle-down economics” is a pejorative term Democrats use to describe the tax policies instituted under former presidents Ronald Reagan and Donald Trump.

Young also conceded that in spite of Biden’s promise that “nobody making less than $400,000 a year will pay a penny more in federal taxes,” his budget calls for tax rate reductions enacted under Trump to expire after 2025.

“So by expiration of the Tax Cuts and Jobs Act, that is going to raise taxes on every average-day American by $2,000 a year, and those are people making less than $100,000 a year, so in fact this budget does that,” Smith said.

“It also increases taxes on gasoline and fossil fuels by $45 billion over the next 10 years,” he further noted.

Should Biden's budget proposal be rejected?

Completing this poll entitles you to our news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use.
Yes: 100% (23 Votes)
No: 0% (0 Votes)

Richard Stern — a federal budget policy expert with the Heritage Foundation — told The Western Journal in an emailed statement that “Biden’s tax plan would fall squarely on the backs of hard-working American families.”

“Make no mistake, these tax hikes would directly result in lower wages, higher consumer prices, and reduced job opportunities for generations to come,” he said.

Stern also contended the “reckless plan” continues the spending policies that have sent inflation to a 40-year high.

On Monday, The Wall Street Journal editorial board highlighted that Trump’s tax cuts have worked as advertised.

Biden himself admitted as much when introducing his budget that same day, saying the gross domestic product grew 5.7 percent in 2021, the highest since Reagan was president in the early 1980s.

“This has led to a substantial increase in government revenues and dramatically improved our fiscal situation,” the president said, with the Trump tax cuts still in place.

The federal treasury took in a record $4 trillion in fiscal 2021, which included a 21-year high in corporate income tax revenue.

“In the first five months of fiscal 2022 through February, federal receipts climbed a remarkable 26% from a year earlier. That’s $371 billion more — to $1.8 trillion in five months. Individual income taxes rose $271 billion, or 38%, to $975 billion. Corporate income taxes rose 31%, or $28 billion, to $117 billion,” said the Wall Street Journal editorial, citing Congressional Budget Office numbers.

The treasury is on track to take in $4.5 trillion in fiscal 2022.

The editorial concluded, “The current tax system is throwing off revenue to spend if the politicians would show a modicum of restraint. Yet the Biden Administration is proposing $2.5 trillion in tax increases over 10 years.

“That would take the tax share of GDP to new records, and it’s the last thing that taxpayers or the economy need.”

This article appeared originally on The Western Journal.

Tags: Biden administrationBig GovernmentDebtDemocratseconomicsgovernment-spendingJoe BidenpoliticsRepublicansTaxesTWJ ReportsTWJ Stories
Share196Tweet123
Western Journal

Western Journal

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th