Biden Budget Blunder Lays Groundwork for Obama-Era Bust

June 3, 2021 — Blog    — Op-eds and Speeches    — Select Revenue Measures    — Worker and Family Support   

The Wall Street Journal editorial board takes the President’s budget to task for its alarming prediction that stagnation will define the economy’s next decade, writing:

“The White House is essentially conceding that all of its unprecedented monetary and fiscal stimulus really is living for today with little regard for the future.

“It implicitly concedes that the growth it spurs now will have to be paid back later in the form of higher taxes or tighter monetary policy, which might reduce growth. This is the definition of a ‘sugar high.’”

Republicans have been sounding the alarm bells against Democrats’ unrestrained spending and job-killing tax hikes, warning that both will undermine working families, Main Street businesses, and blue-collar workers.

KEY TAKEAWAYS:

President Biden’s budget puts the Obama-Biden record of worst economic recovery in history to shame.

  • Assuming the economy ekes out 2 percent growth or less per year for the next decade, the WSJ editorial writes, “the White House is essentially conceding that all of its unprecedented monetary and fiscal stimulus really is living for today with little regard for the future.”

READ: Booming Economic Recovery Will Become a Biden-Bust

President Biden’s budget forecasts slow economic growth as the “new normal.”

  • Assuming that our country is destined for tepid economic growth, the WSJ editorial summarizes the White House assertion as “productivity growth is fated to slow down, and tax and regulatory policy doesn’t matter.”

President Biden’s budget will hamstring generations of Americans’ economic opportunity.

  • Democrats’ tax and spend agenda will land on the backs of low-income and middle-class families, with the WSJ editorial noting “it means a less dynamic economy, which means fewer opportunities for upward mobility.”

CLICK HERE to read the full editorial.