Biden's Budget: The Administrative State Is A Parasite
Here is the Biden Administration’s disaster of a budget for fiscal year 2025 (HERE). To publish a budget with annual, trillion Dollar-plus deficits is unacceptable. I realize we have operated this way since the year 2000, but that does not make massive annual deficits any more palatable. The Administrative State is a parasite leeching off of Americans.
Why does a bag of candy that cost $0.75 24 years ago now cost $5.25? Why does a car that cost $22K 24 years ago now cost $48K? Why has the price of gold increased more than 600% over the past 24 years? These price increases are a function of deficit-laden fiscal budgets which require that $1-2 trillion in new Treasury debt be issued at the end of each fiscal year to plug the deficit. The Fed concurrently prints new money to purchase much of that new Treasury debt, thereby devaluing money in circulation. This vicious circle translates to higher prices for goods and services. Add the Fed’s foolish monetary policies from QE to bailouts - all of which require additional money printing - and no wonder prices march higher in perpetuity.
Below are two tables from the Biden Administration’s fiscal 2025 budget - both of which are scary.
The United States is technically bankrupt.
The deficit and debt estimates in the tables below are understated.
Notice that “individual income taxes” (Table S3), are modeled to move substantially higher. Most of that increase is due to higher tax rates and price inflation, not greater productivity.
God forbid the Federal Government reduce spending rather than tax the people. No, the people will pay before Government cuts wasteful spending. We the people have already paid through the nose as a result of the inflation tax that was forced upon us in 2021. Out with the Democrats. Out with the Republicans. Small Government is what is required.
62 cents of every Dollar spent by the Federal Government last year went to Social benefits i.e. “entitlements” i.e. “welfare”. Trust me, you don’t want these benefits. The Government taxes you one Dollar and gives you back 60 cents in return. We would be better off as a nation to eliminate all personal taxes - including Social Security and Medicare - and instituting a 10% national sales tax. A 10% national sales tax would generate Federal Receipts of approximately $2.5 Trillion. If the Federal Government can’t run a country of 350 million people on a budget of $2.5 trillion, those in power have no right to be in power. After all, what is the role of the Federal Government? To keep its citizens safe. Not much more. Privatize health care. Privatize transportation. Privatize insurance. Get Government out of our day-to-day lives. Out with career politicians.
The ever-growing Administrative State leeches off of the American people. Americans have played the role of Federal Piggy Bank long enough. The Administrative State is a parasite.