by Mish Shedlock, Mish Talk:
Inquiring minds are poring over President Biden’s fiscal year 2023 budget proposal (likely wishing they didn’t).
Fiscal Year 2023 Budget of the U.S.
Here is the 158-page Fiscal Year 2023 Budget of the United States Government.
The first 50 pages are mostly self-congratulations on US progress kicking off with this statement from Biden.
TRUTH LIVES on at https://sgtreport.tv/
“This progress was no accident. It was a direct result of the new economic vision for America I ran on—to build our economy from the bottom up and the middle out.”
The president touts infrastructure, Covid-19, and totally nonsensical promotion of “bipartisan unity.”
He claims to fight inflation when reality is just the opposite. He touts aggressive action on climate despite being rebuffed in the Senate.
The first 50 pages are among the biggest hype over minimal progress in history.
Biden’s Biggest Success
Ironically, the president’s biggest success is failure.
His Build Back Better (BBB) proposals were so bad that a pair of Democrat Senators, but mostly Joe Manchin of West Virginia could not stomach them.
I salute the president for BBB ideas so bad none of them passed. That’s quite a success over what might have been had he not been 110% in the pockets of the extreme progressives.
Thus, we also owe a bit of gratitude to Senator Elizabeth Warren, House wonderkid AOC, and Pramila Jayapal, the leader of the House Progressive Caucus.
Had they not insisted on all-or-nothing with Biden going along, who knows what kind of pathetic compromises might have passed.
With that summary of genuine success out of the way, let’s look at budget proposals for more spending starting on page 100.
Key Budget Items
- $5.8 trillion budget
- $813 billion for military spending, roughly a 4% increase from the $782 billion enacted for fiscal year 2022. If enacted, it will be the largest military budget in history. Warmongers will cheer.
- Not remotely abandoning BBB, Biden proposes the top income bracket to be raised to 39.6% from 37% and the corporate tax rate to be raised to 28% from 21%.
- $3.3 billion for green energy projects, $18 billion for climate resilience programs, $11 billion in international climate finance, $200 million for new solar manufacturing.
- $50 billion for new construction.
- $6.9 billion for the European Deterrence Initiative
- $17.4 billion for law enforcement at the Justice Department, including $1.7 billion for efforts to combat gun trafficking
To help fund the spending Biden seeks a 20 percent minimum tax on multi-millionaires and billionaires. This minimum tax would apply only to the wealthiest 0.01 percent of households—those with more than $100 million—and over half the revenue would come from billionaires alone.
Biden wants to reduce the deficit in half. That would make the deficit roughly $500 billion.