Biden’s claim his plans don’t ‘add a single penny to our deficit’

May 6, 2021 ☼ bidendeficitspending

Source: The Washington Post

Link: Biden’s claim his plans don’t ‘add a single penny to our deficit’

The budget deficit is less of an issue these days, in part because Republicans passed debt-financed tax cuts that sent the deficit soaring. But Biden appears to believe it is still somewhat important to voters. He has regularly assured Americans that his plans to boost federal spending by more than $4 trillion won’t increase the deficit at all — not even by a “single penny.”

The verdict is still out. The proposed tax increases just might pay for this.

The Republican tax-cut gift to billionaires should be repealed and taxes increased. There is a place here for income redistribution. Having a super-rich class of oligarchs is a good way to destroy a functioning democracy because it enables them to buy favorable treatment.