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President Bidens Proposed Budget: Expectations vs. Reality
Prior to conducting in-depth research on exactly how much money President Joe Biden wants to spend, I was somewhat convinced that it would stay under the $5.5 trillion mark. I was largely basing my assertion on the record $4.8 trillion Trump budget for 2021. As a matter of fact, I was largely convinced that owing to Bidens little interest in immigration restructuring, the budget would not be significantly inflated. It would be prudent to note that in his last budget proposal, President Trump had allocated significant sums of money to the Southern Border wall. Further, he had also allocated significant amounts to the development of state-of-the-art weaponry. These do not appear to be President Bidens pet projects.
I was, thus pleasantly surprised to learn of President Bidens $6 trillion proposal. An informed assessment of this particular proposal indicates that the current president is keen on doing things differently. For instance, Biden has in the proposal...
This, in my opinion, is a progressive move that would come in handy in efforts to reign in the prevailing income and wealth inequality. Some of those who have been in favor of a wealth tax in the past are inclusive of, but they are not limited to, Warren Buffet and Charlie Munger. In the words of Rogers (2020), Warren Buffett believes expanded tax credits for working Americans and higher taxes for the 1% are needed to close the United States' wealth gap. I concur.
It should also be noted that Bidens budget appears to be huge on not only the war on climate change, but also on diverse social investment and programmes. A total of $800 billion has been assigned to fighting climate change. This is yet another crucial move in my opinion owing to the fact that multiple scientific studies have indicated that climate change is a reality, and that its impact could be dire.
One other aspect of the budget that I found interesting relates to the further enhancement of…
References
Groppe, M. (2021). President Biden's budget proposal projects debt rising past WWII levels. https://www.usatoday.com/story/news/politics/2021/05/28/bidens-budget-proposal-expected-increase-federal-debt/7468014002/
Rogers, T.N. (2020). Warren Buffett: Billionaires don't have 'some diabolical plot' to hoard the country's wealth — but we still need to raise taxes on the 1% to avoid a class war. https://africa.businessinsider.com/lifestyle/warren-buffett-billionaires-dont-have-some-diabolical-plot-to-hoard-the-countrys/wcblfr0
Tankersley, J. (2020). Biden’s Budget Includes $1.52 Trillion in Federal Spending. https://www.nytimes.com/live/2021/04/09/us/biden-news-today
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