Biden’s Massive $6T Budget To Cut Economic Growth
FILE – This May 4, 2021, photo shows the Treasury Building in Washington. The U.S. budget deficit hit a record $2.06 trillion through the first eight months of this budget year as coronavirus relief programs drove spending to all-time highs. (AP Photo/Patrick Semansky, file) A group of analysts fear Joe Biden’s $6 trillion proposed budget will have massive consequences on the nation’s long term economic success. In fact, researchers at the Tax Foundation , a nonprofit seeking to inform smarter tax policy at all levels of government, reported Wednesday that Biden’s proposed budget will actually cut economic growth. The foundation concluded the budget will cut long-term economic growth by 1 percent in the next decade and will eliminate 165,000 full time jobs. While the non-partisan report claims long term GDP will increase by 0.3 percent, presumably due to enhanced public infrastructure, the “positive economic effect is entirely offset by the increase in corporate and individual taxat
