I wrote yesterday to announce my new book on America’s fiscal crisis.
Today, let’s look at how Joe Biden’s new budget will make that bad problem even worse.
I’m going to start with two charts. The first one shows that government spending in recent years has climbed above the trendline (and the trendline showed excessive spending growth even before the fiscal orgy that took place under Trump and Biden).
The second chart shows that taxes also are above the trendline.
These two charts come from a tweet by Brian Wesbury.
And they basically tell you everything we need to know about our current fiscal mess.
But there’s more bad news to share.
Next, here’s a tweet from Preston Brashers about Biden’s plan to further bloat the IRS budget in order to have more audits of families and small businesses.
Biden’s proposal is based on the notion that a massive expansion of the IRS will magically generate additional tax revenue to finance ever-larger government.
History tells us that this perpetual-motion-machine approach won’t work.
Last but not least, we have this tweet from Steven Moore about Biden’s preposterous claim that he has reduced red ink.
All politicians lie. They are not good people. But Biden is an extreme example.
Here’s what really happened: Yes, the deficit fell in 2022, but only because there was a massive amount of one-time pandemic spending in 2021.
But if you look at the actual effect of Biden’s policies, he has increased red ink in every single year.
P.S. Remember that our real fiscal problem is too much spending. Red ink is merely one of the symptoms of that problem (as are punitive tax burdens and money printing).
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Image credit: Gage Skidmore | CC BY-SA 2.0.
