Biden’s All-Politics Budget

President Biden rolled out his new budget plan in a Philadelphia union against a wall of posters saying “USA 46” and “Investing in America,” plus art of the White House. It was obviously the unofficial launch of his re-election campaign, period — not remotely an effort to address the fiscal disaster the nation’s headed for.

Sure, his staff brags the plan would cut the deficit by $3 trillion over the next decade. But the fact is that it increases the red ink the next two years, because it gooses spending with a host of new social programs, to $6.8 trillion the first year and rising.

Of course the supposed deficit reduction comes overwhelmingly from tax hikes — some $5.5 trillion over the next decade.

And those are increases Biden couldn’t get a Democratic Congress to pass. With the GOP running the House, this is anything but “the start of a healthy dialogue” that White House budget director Shalanda Young claims.

Yet Uncle Sam needs to start closing his budget gaps now. Don’t trust us? Well, The New York Times reports: “The federal deficit is expected to be so large over the next decade that it would take about $16 trillion in spending reductions or new revenues to balance the budget by 2033.” But many Democrats “oppose deficit reduction as a priority.”

More from the Times: “The national debt has grown to $31.4 trillion.” And: “Biden has signed laws that are set to add just under $5 trillion to the debt over the next decade.”

Plus: “The total amount of debt held by the public will equal the total annual output of the U.S. economy in 2024, rising to 118 percent of the economy by 2033.” Yet Biden’s still pushing a pack of new spending, conveniently “paid for” by taxing “the rich.”

Never mind that, for example, his call to hike the corporate tax rate from 21% to 28% guarantees slower economic growth, and so fewer jobs and lower wages (plus slamming retirement funds invested in stocks).

The economy’s already at risk of recession; this alone could push it over the edge.

Meanwhile, thanks to Biden’s policies, real wages have been falling ever since he took office — yet his prescription is more of the same.

As we feared, the prez’s budget is simply one more try at the old: Look at all the goodies I want you to have, but those nasty Republicans say no. He’s happily sacrificing any semblance of fiscal responsibility just to keep on playing politics.