UNITED STATES−The President’s budget for the fiscal year 2022 was released to the public on Friday, May 28 in a press release that may be found on the White House web page. Republican leaders then made counteroffers on monies earmarked for infrastructure.
Biden began his speech with the following remarks regarding the state of the economy prior to the pandemic.
“Where we choose to invest speaks to what we value as a Nation. This year’s Budget, the first of my Presidency, is a statement of values that define our Nation at its best.”
“For all our hard-won progress our country has made in recent months, America can’t afford to return to the way things were before the pandemic and economic downturn, with the old economy’s structural weaknesses and inequities still in place,” Biden continued.
According to the U.S Bureau of Labor Statistics, the U.S. economy had already made a comeback during the Trump administration.
On October 29, 2020, economic reports were released showing that GDP has grown at an annualized rate of 33.1 percent for the third quarter of 2020 surpassing expectations. The GDP surge nearly doubles the previous record set 70 years ago.
The 5-page budget proposal included The American Jobs Plan, which Biden stated would,
“Rebuild the Nation’s infrastructure, and position the United States to out-compete China. Public domestic investment as a share of the economy has fallen by more than 40 percent since the 1960s.”
The infrastructure plan would fix highways, rebuild bridges, upgrade ports, airports, and transit systems. It would deliver clean drinking water, a renewed electric grid, and high-speed broadband to all Americans.
Republican Senators balked at Biden’s $1.7 trillion infrastructure proposal as it reportedly included items that had nothing to do with infrastructure. The GOP counterproposal was made in an offer in a meeting with Senator Shelley Moore Capito (R-W.VA) on Wednesday, June 1.
— Shelley Moore Capito (@SenCapito) June 2, 2021
There was a bipartisan agreement on the infrastructure plan that did include $257 billion in new spending. It was reportedly more than what the Republicans had wanted, but far less than the Biden administration’s first proposed.
In his proposal, Biden also introduced The American Families Plan that Biden says is, “proposing a tax reform agenda that rewards work-not wealth.” Biden’s new agenda dissolves many of the tax breaks allotted to individuals in the higher tax brackets.
According to the White House web page, “the agenda includes the reversal of many tax giveaways from the 2017 tax law, as well as reforms to the tax code to ensure that the wealthy will play by the same rules as everyone else.”
+ $2T "recovery" bill
+ $2T infrastructure bill
+ $2T "American Families Plan"
This is the spending this "moderate" houseplant has proposed in the first six months of his administration. https://t.co/E92P9cxuxU
— Ben Shapiro (@benshapiro) May 27, 2021
The resulting revenue will pay for The American Families Plan investment in education and childcare, tax relief for American families, and reduction of child poverty.
The American Families Plan includes government-run pre-K programs, an idea that has been under scrutiny on social media. One commenter stated, “ Yea right, government run-pre K, brainwash them as early as possible.”