Bumbling Biden Builds Back… Worse?
Nearly there. The weekend is just around the corner.
While you’re relaxing, you may want to spend at least some of the time figuring out how to protect your income, spending, and wealth from Bumbling Biden’s Blowout Budget.
Where Have You Gone, Donald?
If you didn’t miss President Trump before now, my God, are you going to miss him soon!
I admit I preferred Candidate Trump’s “false economy” quotes and promises to raise interest rates to historically normal levels to President Trump’s wasteful spending and incessant rate-cutting.
But still, the country’s finances were in far better hands under him than they are now.
Let me explain why.
Never Let a Holiday Go to Waste
While you were packing your bags for this past weekend’s remembrances and festivities, Sneaky Joe Biden released his 2022 budget.
You’d think if it were going to be a popular plan, he’d want the press and the people all over it.
But since it’s such a stunning waste of your money, he preferred to keep it under wraps.
Looking at the plan, I don’t blame him for the stealthy approach.
“Nothing is so permanent as a temporary government program,” Milton Friedman once wrote.
Remember when President Obama released his 2009 $747 billion relief package? That was supposed to be temporary. Now it’s a permanent fixture in the budget.
Remember the Covid relief package? That, too, will be a permanent part of spending.
Before the pandemic, spending was an already idiotic $4 trillion.
With this new budget, it will be $6 trillion. It’s lunacy.
The Government’s Money or Your Money
Before we continue, we’ve got to get this out of the way:
The US government doesn’t make any money. Any revenue it receives is from your tax receipts. That’s right; it’s all your money. The USG doesn’t produce anything except a vast bureaucracy.
So when Spendthrift Joe decides to allocate $6 trillion to his pet causes, eyebrows are indeed raised.
Of course, leftists are thrilled he’s going to spend that much on their shared goals. They don’t pay much taxwise anyway.
But the hardworking people in America, like yourself, have every right to ask, “What are you doing with my money?”
Here’s What Pickpocket Joe Proposes to Do With Your Money
put all my substance into that fat belly of his
Billy Wigglestick, Henry IV, Act II, Scene 1
The chunky stuff in the budget is Biden’s twin terrors. The American Jobs Plan costs a mere $2.3 trillion. The American Families Plan will cost $2.5 trillion, not the $1.8 trillion the president initially said.
Thanks to ChéNN – I felt dirty just clicking on the site – here’s a partial list of the billion-dollar items in the budget. It’s not an exhaustive list:
- $36.5 billion for Title I schools, in which children from low-income families make up at least 40% of enrollment. It’s a $20 billion increase from 2021 enacted levels.
- $30.4 billion for Housing Choice Vouchers to expand housing assistance to 200,000 additional families, and a $500 million increase for Homeless Assistance Grants to support more than 100,000 households, including survivors of domestic violence and homeless youth.
- An increase of more than $14 billion compared to 2021 enacted levels across nearly every agency to tackle the climate crisis.
- $10.7 billion in discretionary funding in the Department of Health and Human Services increased $3.9 billion from 2021 enacted levels. The proposal also includes $621 million specific to the Department of Veterans Affairs’ Opioid Prevention and Treatment programs.
- $8.7 billion in discretionary funding for the US Centers for Disease Control and Prevention.
- $6.5 billion to launch the Advanced Research Projects Agency for Health (ARPA-H), a new program aimed at driving innovation in health research that will initially focus on diseases like cancer, diabetes, and Alzheimer’s.
- $2.1 billion for the Department of Justice to address gun violence, which is an increase of $232 million above 2021 enacted levels.
From the WSJ:
What’s worse is the OMB (Office of Management and Budget) knows the harmful effect of this budget on GDP growth. Going from a pandemic recovery rate of 5.2%, growth sits under the 2% line for much of the next decade.
I know the US already has the world’s largest economy, and it’s tough to grow from such a vast base. But it’s not impossible, as we saw under President Trump.
These new colossal spending increases will crowd out private investment. After all, if you’re giving your money to the government, you can’t invest it yourself.
A far better way to run an economy is to get the government out of it.
But many executive agencies are getting significant budget increases. The last time anyone saw the Department of Health and Human Services was on the back of a milk carton. And yet, that famously useless department gets a 23.1% budget increase? For what?
Another useless Department, Commerce, gets a 27.7% increase. If you can explain to me what the Commerce Department does, write email@example.com.
The EPA, leader of the Watermelon Brigade (green on the outside, but Stalin Red on the inside), gets an unsurprising 21.3% increase.
The real canary in the coal mine is this budget forecasts revenue as a share of GDP averaging 19.3% between 2022 and 2031.
But revenue has only averaged 17.3% since 1970. Moreover, revenue has exceeded 19% of GDP just five times since World War II.
If that’s the case, then this is pie in the sky stuff.
Well, There’s Just One Thing Left To Do
My advice to you is to start drinking heavily.
Future Senator John Blutarsky
Well, it’s tempting. But that’s not what I mean.
It’s up to you to protect your income, lifestyle, and wealth as best you can under a hostile regime.
That’s why we’ve got to keep a weather eye out for the opportunities when they present themselves. And that, for better or for worse, requires sobriety.
Having a sober look at your finances is always a good idea. Running your dreams past your accountants and lawyers is an intelligent thing to do. They may be more doable than you think.
Engaging the services of an offshore or international professional may be the best thing you can do. A free 15-minute consultation may be all you need. However, it never hurts to talk to the right people about your options.
This is a stick-up.
And you’ve got to make sure you’re out of Dodge before you get fleeced.
Until tomorrow, have a great day!
All the best,