As Joe Biden looks to release the “biggest-ever” federal budget, it is a good time for Americans to reflect upon the implications of the fiscal and regulatory tentacles of today’s federal government,” cautions Wayne Crews of the Competitive Enterprise Institute.
A Spending Surge Like No Other
Mr. Crews assigns blame to both parties. Crews notes that it is time to consider the proposal by Republicans to cut a deal to spend $1 trillion on infrastructure with the already enacted and underway American Rescue Plan, followed by “Jobs” and “Families.”
One finds nothing much “American” about such national top-down spending and regulatory schemes. In nominal terms, America progressed from the Framers until Ronald Reagan before experiencing a $1 trillion budget. George W. Bush gave us our first $2 trillion and $3 trillion budget; Trump ushered in $4 trillion. That’ll double to $8 [trillion] under Biden by 2031.
Intergeneration Wealth vs Intergenerational Federal Debt
Even after adjusting for inflation, James Freeman reminds WSJ readers, “federal spending has more than doubled since Reagan days and now President Biden is promising a spending surge like no other.”
Mr. Crews hopes for “stirrings of a movement to not just allow but expect Americans” to be able to “help themselves, their families, and provide for their own secure retirements and health care, and to pass down intergenerational wealth instead of intergenerational federal debt.”
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