Biden Proposes Largest Spending Package and American Taxpayer Burden in US History

Guest Post by Martin Armstrong

The Biden Administration is outright destroying America through reckless spending. The Federal Reserve has warned that Biden’s current spending habits are robbing future generations of Americans. They cannot stablizie prices or make a dent in inflation due to the rising national debt. After his State of the Union address, Joe Biden unveiled his next spending package that could cost Americans $7.3 TRILLION.

Americans are expected to pay $5.5 trillion in tax hikes to fund this bill, which will offer nothing to the everyday American. The Committee for a Responsible Federal Budget (CRFB) told the Office of Management and Budget (OMB) that this plan will raise the national debt by $45.1 trillion or 105.6% of GDP by 2034. The national debt already reached 97% of GDP in 2022. This makes the Inflation Reduction Act look like pocket change, as the US has never experienced such a large tax burden.

As Milton Friedman once said:

“Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax … If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or in the form of borrowing. The thing you should keep your eye on is what government spends, and the real problem is to hold down government spending as a fraction of our income, and if you do that, you can stop worrying about the debt.”

This is one of the most extreme threats to America that the nation has ever faced. I do not believe people understand the true implications of what will happen if this bill passes. Americans who are already grappling with the high cost of living will simply be unable to afford basic necessities.

“Under my plan, nobody earning less than $400,000 a year will pay an additional penny in federal taxes,” Biden added. “Nobody. Not one penny. And they haven’t yet.” This is an outright lie. The figures will be available after tax season, but more Americans, even teenagers working part-time, owe the government money for the first time. They are effectively eliminating the middle class; people either owe the government taxes for being a working member of society or receive “free” money for living off the government and abiding by their rules.

America is already in a situation where it cannot sell off its debt. They created enemies among their main buyers (i.e., China) and foreign governments have been offloading US debt for years in a no bid scenario. The central bank is at a complete loss for there is absolutely nothing it can do to offset the national debt crisis that continues to multiply under Joe Biden’s failed leadership.

House Republicans are attempting to stall the bill. Speaker Mike Johnson noted, “The price tag of President Biden’s proposed budget is yet another glaring reminder of this Administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility. Biden’s budget doesn’t just miss the mark — it is a roadmap to accelerate America’s decline.” He also said, finally, that “fiscal discipline is non-negotiable,” as it is the biggest threat to America.

The White House claims the package will reduce the deficit by $3 trillion over the next decade but that is utterly impossible. They claim that they will only target corporations and billionaires but that does not work, for you see corporations pass on their costs to the consumer resulting in increased inflation and even the top percent of billionaires do not have enough to cover America’s extreme debt crisis. Taxation cannot solve the issue.

When we all live as peasants, they will usher in Guaranteed Basic Income, 15-minute cities for shelter and transportation, and the Great Reset may commence. Biden campaigned on the promise to destroy America to BUILD BACK BETTER. Nothing is back and nothing is better. We are watching our freedoms crumble at every turn. Do people hate Trump enough to commit economic suicide by accepting this leadership? I promise you that you will not be happy when you own nothing. Our government has become the greatest threat that the nation has ever faced, so much so that we will see an extreme rise in civil unrest, not only from the people but from governments, corporations, and everyone that can no longer stand idle while America Last policies cripple the economy.

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