US President Joe Biden on May 28 laid out a $6 trillion budget proposal that would increase the national debt to a percentage of the economy higher than it was in World War II, creating an opening for Republicans to increase their attacks on his ambitious spending proposals as too expensive, SİA informs referring to USA Today.
The administration argues that the plans are fiscally responsible because the spending on infrastructure, education, the environment, public health, and social safety-net programs is needed to both help the nation recover from the coronavirus pandemic as well as reverse decades of disinvestment.
In addition, officials say low interest rates gives the nation a chance to increase spending without hurting the economy.
Biden proposed paying for what he’s calling his American Jobs and American Families plans through higher taxes on corporations and the wealthiest Americans.
But he isn’t tackling the structural deficit that existed before the pandemic. That imbalance is driven by an aging population, rising health care costs, compounding interest – and the lack of sufficient tax revenues to keep up.
“We’ve turned the tide on the once-in-a-century pandemic. We’ve turned the tide on a once-in-a-generation economic crisis,” the White House said in a statement.
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