Joe Biden: Expert discusses ‘pathetic’ spending plan
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Joe Biden sent Congress a $6 trillion (£4.2 trillion) budget plan that would ramp up spending on infrastructure, education, and combating climate change, arguing it makes good fiscal sense to invest now, when the cost of borrowing is cheap, and reduce deficits later. But Fox News host Larry Kudlow has explained why the plan will not work. He said that Americans will not get benefit from it.
Speaking to Fox News, Mr Kudlow said: “Besides all of the tax stuff, they’re going through this rigmarole to transform the whole economy.
“The Green New Deal, higher taxes, massive spending, social safety net, great society, critical race theory.
“Whatever they are doing. When you look at their numbers for this budget that came out late on Friday.
“You know what their growth rate is for the whole 10-year period? Less than two percent.
“So after all of this stuff, transformation, everything they want to do, no growth.
“It isn’t worth it. It’s pathetic.
“People will not get higher wages. People will not get more jobs.
“People will not get more family income. People will not get new skills. People will not get anything if you have two percent of less growth.”
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The budget also faces strong opposition from Republicans, who want to tamp down US government spending and reject his plans to hike taxes on the rich and big corporations.
Mr Biden’s plan for the 2022 fiscal year calls for $6.01 trillion (£4.2 trillion) in spending and $4.17 trillion (£2.9 trillion) in revenues, a 36.6 percent increase from 2019 outlays before the coronavirus pandemic bumped up spending.
It projects a $1.84 trillion (£1.3 trillion) deficit, a sharp decrease from the past two years because of the COVID-19 pandemic, but up from 2019’s $984 billion (£694 billion).
The blueprint builds on a partial “skinny budget” the White House released last month that mapped out $1.5 trillion (£1 trillion) in discretionary spending.
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The plan drew praise from Democrats, including House Speaker Nancy Pelosi, and criticism from Republicans – who blasted the proposed higher debt levels – and some progressive groups, who said it should have scaled back military spending.
Senate Budget Committee Chairman Bernie Sanders called Biden’s budget “the most significant agenda for working families in the modern history of our country,” and said it would create millions of good-paying jobs, while reducing poverty.
Senate Majority Leader Mitch McConnell heaped scorn on the plan, and warned Democrats to “move beyond the socialist daydream and the go-it-alone partisanship.”
“President Biden’s proposal would drown American families in debt, deficits, and inflation,” Mr McConnell said in a tweet.
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