Biden’s Obscene Budget

Poorhouse, Here We Come [The Daily Reckoning] March 13, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Biden’s Obscene Budget Annapolis, Maryland [Brian Maher] BRIAN MAHER Dear Reader, The president’s 2025 budget proposal came issuing Monday. It was — in one word — gargantuan. The president would ladle out $7.3 trillion of United States government spending. Prior to the 2020 lunacies, the United States government never handed out more than $4.4 trillion in any year. Yet the madmen have seized control of the madhouse. Lunacy has become — if we can say it in the lunatic context — institutionalized. The United States government distributed $6.82 trillion in fiscal year 2021… $6.27 trillion in fiscal year 2022… $6.37 trillion in fiscal year 2023… $6.8 trillion in fiscal year 2024… And a $7.3 trillion enormity in fiscal year 2025 — if the presidential vision prevails. That is, the United States government would hand out 66% more money than it handed out in pre-lunatic 2019. More Butter Than Guns The president’s proposal leans in the direction of butter rather than guns. Explains USA Today: Biden's $7.3 trillion budget for the 2025 fiscal year − a 4.7% increase over the current budget − seeks to boost defense spending by 1% and non-defense discretionary spending by 2.4%. We have one question to ask: If the United States government shivers against the prospect of Russian and Chinese buccaneering in Europe and Asia… why put the Pentagon on lean rations? We would expect a far richer helping — especially to restock its cupboards after transferring vast portions to Ukraine. Perhaps it inwardly believes Russia is not the menace it likes to yell about publicly? We do not know. We merely entertain a possibility. But to proceed… For the “Well-Being” of the American People The United States Treasury Department claims it spends its multiplying trillions “to ensure the well-being of the people of the United States.” If the well-being of the people of the United States increases with the budget of the United States… the people of the United States must be a jolly, jolly bunch. And they are — in every likelihood — in for jolly greater yet. Yet men must pay for their jollies. Often, through taxation. In this particular instance, through $5 trillion of taxation. [URGENT: Unclaimed Giveaway Offer]( We have an item of considerable value on hold for you in our warehouse. Valued at nearly $300, this special item is an opportunity you wanted to miss… [Click Here To Claim Yours Now]( The president pledges to get his hands upon the affluent and the corporations. That is, the already-jollyful. Says the president: "I'm a capitalist, man. Make all the money you want. Just begin to pay your fair share of taxes." Thus we are confident Joseph Biden has instructed the Internal Revenue Service to seize Hunter Biden by the ankles, rotate him upside down and shake the change from his pockets. We understand the junior Biden has been… neglectful… of his financial obligations to the government of the United States. The American People Will Pay for It Yet will the affluent, the corporations and the already-jollyful truly pay for the American people’s jolly? We wager against it — and wager high. That is because they are too jealous of their money. And they ship it through loopholes large and small to guard it. They are perpetually outfoxing and outrunning the tax man. Who pays ultimately for the jolly? The American people themselves. ‘You wish to raise our taxes, Mr. President?” says Corporation X. ‘By all means, proceed. Just understand this: The prices the American people pay for our products will increase by the exact amount you tax us. We will simply pass your tax bill along to them. They will pay it — not us.’ Soak the Middle Class! Americans for Tax Reform: President Biden wants to extract a $5 trillion tax increase from American households and businesses over the next decade per his fiscal year 2025 budget released Monday. The burden of Biden’s tax increases will hit households in the form of diminished wage growth and higher costs of goods and services… U.S. employers would face a higher tax rate than China. Biden wants to hike the current 21% federal corporate income tax rate to 28%. The combined federal-state average rate under the Biden proposal is 32%, much higher than communist China’s 25%. (Industry sectors of strategic use to the Chinese government pay an even lower rate of 15% or 10%.) American workers will bear the brunt of Biden’s corporate tax increase. The non-partisan Joint Committee on Taxation affirmed in congressional testimony that corporate tax rate hikes hit “labor, laborers.” A study compiled by the Tax Foundation found that “labor bears 50–100% of the burden of the corporate income tax, with 70% or higher the most likely outcome.” How do you like it? Thus the fellow who soaks the rich soaks himself. [URGENT: Your New Crypto Book Is Awaiting Shipment]( [Click here for more...]( If you’ve kicked yourself for not investing in cryptocurrency… Watching Bitcoin go from $61… To $1,000… To over $60,000… Then pay close attention. Famous crypto millionaire James Altucher just released a brand-new book on crypto… [And he’s releasing a limited number of books to folks who click here now.]( We have a copy reserved in your name, and we just need to hear back from you. [Click Here To Claim Your Copy]( It’ll Save Money! Yet if multiplying budget deficits are your concern, take heart. Across the following decade… the president informs us his proposal gives the deficit a $3 trillion hatcheting. Thus it forms the very picture of fiscal prudence. Of fiscal restraint. Of fiscal forbearance. Does it? Imagine you are hot to purchase a $50,000 auto. Yet you are insufficiently flush. You must therefore settle for a $40,000 auto. Have you preserved $10,000… or have you spent $40,000? In the president’s telling you have preserved $10,000. In the bank’s telling you have spent $40,000. As explains CNBC anchorman Brian Sullivan: The budget deficit will grow another $16 TRILLION over next 10 years. That’s *with* the proposed massive tax hikes. Without them the deficit will grow $19 trillion. That's why you will hear the "deficit is being reduced by $3 trillion" over the decade. No family budget or business could exist with this kind of math. No they could not. Yet they do not run a printing press like the United States government. “It’s Going to Be Fascinating to Watch It Play Out” This Sullivan fellow continues: We’ve added 60% to national debt since 2018 Germany — a country with major economic woes —- added “just” 32%. Maybe it will never matter. Maybe MMT is real. Maybe we just cancel or inflate it out… Only time will tell. But it’s going to be fascinating to watch it play out. We are with him. It will be fascinating to observe. Yet fascinating does not necessarily equal entertaining. A man may find an unfolding highway carnage fascinating. Yet he does not find it — if he runs to sane settings — entertaining. The president’s budget proposal will not prove the actual budget of course. It will be substantially sanded down. It will remain an enormity nonetheless. Yet we are consoled that it will “ensure the well-being of the people of the United States”... Even as it ensures the impoverishment of the people of the United States. Regards, [Brian Maher] Brian Maher Managing Editor, The Daily Reckoning [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) Editor’s note: For the past nine days… Crypto guru James Altucher has warned his readers about a major [“trigger event.”]( It could potentially [send one particular coin soaring 10,000%…]( and mint more millionaires than Bitcoin by 2030. This morning, that “trigger event” [went into effect.]( The bad news is you probably missed out. The good news is there’s still time to take advantage. [James’ urgent briefing is still online.]( There’s just one catch: This page comes down at midnight tonight. After that, it’s gone. [WATCH JAMES’ URGENT REPLAY HERE BEFORE MIDNIGHT.]( Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:feedback@dailyreckoning.com) [Brian Maher] [Brian Maher]( is the Daily Reckoning's Managing Editor. Before signing on to Agora Financial, he was an independent researcher and writer who covered economics, politics and international affairs. His work has appeared in the Asia Times and other news outlets around the world. He holds a Master's degree in Defense & Strategic Studies. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your The Daily Reckoning e-mail subscription and associated external offers sent from The Daily Reckoning, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@dailyreckoning.com. This address is for feedback only. For questions about your account or to speak with customer service, [contact us here]( or call (844)-731-0984. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized financial advice. We allow the editors of our publications to recommend securities that they own themselves. However, our policy prohibits editors from exiting a personal trade while the recommendation to subscribers is open. In no circumstance may an editor sell a security before subscribers have a fair opportunity to exit. The length of time an editor must wait after subscribers have been advised to exit a play depends on the type of publication. All other employees and agents must wait 24 hours after on-line publication or 72 hours after the mailing of a printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. The Daily Reckoning is committed to protecting and respecting your privacy. We do not rent or share your email address. Please read our [Privacy Statement.]( If you are having trouble receiving your The Daily Reckoning subscription, you can ensure its arrival in your mailbox by [whitelisting The Daily Reckoning.](