Commentary: Biden's Spending Spree Is 7 Times More Expensive Than the New Deal
To say that President Joe Biden’s spending has gotten out of hand would be an understatement.
With little more than 100 days of executive experience underneath his belt, Biden has proposed more spending than any president in America’s 244-year history.
To date, the president has pushed for a whopping $6 trillion to be used for various radical Democratic policy proposals, such as government electric vehicles and student loan forgiveness. His outrageous spending is even more concerning when it is compared to large budget plans of the past.
For instance, former President Franklin Delano Roosevelt’s New Deal, passed in 1933 during the Great Depression, was the most the United States had ever spent legislatively until last year.
When adjusted for inflation, the New Deal cost approximately $856 billion, according to Fox News. Calculations show that Biden’s $6 trillion packages cost seven times more than that of the New Deal.
What is in these packages that is costing America so much money? And how is the United States going to pay for it?
Biden started his gargantuan spending spree in March with the American Rescue Plan, which totaled $1.9 trillion. The American Rescue Plan was packaged as an additional coronavirus relief bill, following the $2.2 trillion CARES Act, which passed less than a year prior.
The CARES Act — short for the Coronavirus Aid, Relief, and Economic Security Act — offered $1,200 stimulus checks to eligible individuals and delayed tax payments.
The American Rescue Plan extended pandemic unemployment assistance but also included unrelated pork such as financing the arts, humanities, public broadcasting, museums and libraries.
Under the guise of helping Americans during the COVID-19 pandemic, the bill snuck in a section modifying the treatment of student loan forgiveness — a policy Democrats have been fighting in support of for a long time.
Then, Biden rolled out the $2.3 trillion American Jobs Plan, which dedicated $50 billion alone to the Democratic environmental agenda to “address the climate crisis.” Developed as an infrastructure bill, The American Jobs Plan includes spending an additional $174 billion to compete in the electric vehicles market.
To “win” the EV Market, Biden plans to replace 50,000 fully functioning diesel school buses with new electric school buses. This would be a waste of money, needlessly replacing buses that are still working correctly.
Next, Biden announced the American Families Plan with a massive price tag of $1.8 trillion. A cornerstone of the American Families Plan is adding years of universal education — free preschool and two years of free community college. It will cost $200 billion for preschool education and $109 billion for community college.
The free school, however, is not free to America’s taxpayers. In fact, none of it is.
Under Biden’s plan, taxpayers would be contributing to 16 years of public education for not only American children, but Dreamers, whose parents illegally brought them into the country as minors.
In other words, Biden is forcing taxpayers to pay for the education of illegal immigrants.
The bill also changes the eligibility requirements for the Pell Grant, so that illegal Dreamers can score nearly $26,000 in college scholarship money from the government. This means that $26,000 of federal money could go to an illegal student instead of a deserving American citizen.
To supplement these plans, Biden is calling to raise the corporate tax rate from 21 percent to 28 percent and increase the capital gains from 20 percent to nearly 40 percent. Americans with inherited wealth could face up to a 61 percent tax on their estate.
The Biden administration claims to be “reforming our tax code so that it rewards work”, but its actions show otherwise.
If Biden were really rewarding work, he wouldn’t be taxing unmerciful amounts of money on those who spent years working earning those funds. Nor would Biden be adding more federal programs that take away a person’s incentive to work and make them more reliant on the government.
Biden has not even hit his six-month mark yet, but his detrimental impact on America’s economy will last for decades to come.
This article appeared originally on The Western Journal.
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