If you can’t even get close to balancing the budget when unemployment is low, tax revenues are near record highs, and the economy is booming, when can you do it?
by Eric Boehm
Reason.com
The budget plan President Joe Biden unveiled on Monday would hike taxes, increase federal spending to unprecedented levels, and lock in budget deficits that average nearly $2 trillion annually for the next decade.
But possibly the craziest detail is the fact that the White House is trying to frame all of that as being an exercise in fiscal restraint.
No, really. In a “fact sheet” released alongside the budget, the White House touted how the proposal would cut the deficit by $3 trillion over the next 10 years. “Strong and shared growth that benefits all Americans isn’t just good for working families and the economy; it will also lead to better fiscal outcomes,” the administration claims, adding that Biden believes “long-term investments in our nation and its people should be paid for.”