$69 TRILLION IN SPENDING OVER 10 YEARS:

• Government spending would be over $6 trillion every year.
  • $7.2 trillion this year, nearly 33% of GDP and highest peacetime level in history.
• Government spending would equal nearly 25% of U.S. economic output (GDP) by 2031.
  • Almost 30% higher than the average of the past 75 years. 
• Government spending more on non-defense agencies than Dept. of Defense, every year.
  • Funding for military would fall to lowest levels, as a percentage of the economy, since WWII.

• $1.3+ trillion deficits every year for next 10 years
  • $14.5 trillion over ten years.
• $3.7 trillion deficit this year, highest in American history. 
• $39 trillion total debt held by public by 2031.
  • Debt would be 117% of U.S economy, highest in history.
• Interest payments on debt rise to $914 billion by 2031.
  • More than will be spent on Medicare this year.
  • Nearly 10 times what would be spent on Veterans’ health care next year.
  • More than would be spent on entire defense budget in 2031.

• The highest sustained tax burden in American history, by far.
• Nearly doubles tax collections over 10 years.
  • Breaks promises and raises taxes on American families earning under $400,000.

• 1.9% projected yearly economic growth for majority of next 10 years.
  • Well below 75-year average of 3% annual growth.
  • If all of this spending, taxes and government takeover won’t help the economy, then why is the President doing it? 

• Budget assumes no significant changes to inflation…HOW!?
  • Since Biden became president, monthly inflation has quadrupled.
  • Core inflation in April increased at the highest level in nearly four decades.
  • And YET, Biden’s budget assumes $69 trillion in new spending will not significantly fuel inflation. 

KEY POLICY POINTS 

• Turns off Tax Relief / Turns on Tax Collections:
  • Creates the highest tax burden in American history:
    • Increases taxes on American families, small businesses, farmers, and employers. 
    • Advantages Chinese Communist Party by taxing U.S. employers at one of the highest industrialized world rates (28%).
    • Calls for a heightened global intangible minimum tax well above worldwide average.  
    • Destroys 7 million American jobs and lowers wages.
  • Raises taxes on those earning less than $400,000 by allowing the Tax Cuts & Jobs Act middle- & low-income tax relief to expire.
  • $80 billion increase to IRS budget to hire more agents to target American families & conservatives. 
• Pushes Policies that Hurt Job Growth:
  • Uses unspecified economic triggers to call for a continuation of elevated unemployment benefits keeping millions on government support versus full employment.
  • Acknowledges no significant changes to inflation from $69 trillion in new government spending:
    • Americans know this can’t be true. April inflation reached its highest level in 4 decades; monthly inflation has quadrupled since Biden took office. These are the impacts of trying to inject $7.5 trillion in government spending in the first 100 days.

• Abandons Border Security:
  • 0% increase in Homeland Security funding for ’22 when border crossings are at a 21-yr high.
  • No money for border wall construction & rescinds illegally paused border wall funds.
  • $4 billion in rewards to Central American countries flooding U.S. with illegal immigrants.
  • Mentions “border security” ZERO times in all 72 pages of the budget proposal.  
• Deprioritizes National Security:
  • Funding for military would fall to lowest levels, as a percentage of the economy, since WWII.
  • Diverts billions in defense funding to “climate resilience and energy efficiencies.”

• Rewards China – Covid 19?...Don’t Worry About It:
  • $124 million in ‘22 funding for the World Health Organization (WHO) – the same WHO that failed to hold the Chinese Communist Party accountable for its role in the spread of COVID-19, praised China’s response to the virus, & dropped their investigation into the Wuhan Lab.

• New Abuses of Taxpayer Dollars:
  • Allows the use of taxpayer dollars to pay for abortions, abandoning years of bipartisan compromise.
  • Makes illegal immigrants eligible for taxpayer-funded education grants.
  • Gives wealthy Americans tax credits to buy health coverage.
  • New 2^nd Amendment restrictions coming? – Doubles funding for ‘gun violence research’ at CDC & NIH.
    • $40 million in ‘22 for states to implement new red flag & gun licensing laws.

• Medicare-for-All?
  • Attempts to win over the socialist Left with calls for vast expansions of Medicare & government-run health care.
    • BUT refuses to actually show American taxpayers the true cost or impact to current seniors on Medicare.  
• Lots of Green for the Green New Deal:
  • 22% funding increase for EPA
  • $307.3 billion to prioritize clean energy
  • $10 billion to mobilize the Civilian Climate Corps
  • $157 billion for electric vehicles
  • $50 billion to make infrastructure “climate change resilient”
  • $600 million to the private sector to combat climate change
  • $1.4 billion in ’22 alone for “Environmental Social Justice”
  • $1.2 billion in ’22 alone for a “Green Climate Fund” 
  • $691 million in ’22 alone to foreign countries for climate change