President Joe Biden’s irresponsible fiscal policies are hurting American families.
Inflation reached 8.5% in July, a rate not seen since 1981. Prices for things families need, such as gas, groceries and household basics, have risen since Biden signed his bill into law. American Rescue Plan Act inflationary spending of $1.9 trillion in March 2021.
There is an unprecedented labor shortage, with around 755,000 fewer people employed today than at the start of the COVID-19 pandemic, despite a 4.2 million increase in the age population to work.
The US economy contracted in the first half of the year, the traditional start of a recession.
Inflation-adjusted wages for the average American worker fell nearly $3,000 since Biden took office in January 2021.
With these negative effects on working class families, it is no wonder that inflation and employment are the main factors. problems in the minds of voters.
While Biden has tent to blame Russian President Vladmir Putin, greedy corporations and everyone but himself, the truth is that inflation and economic downturn were caused by bad government policies.
The next Congress and the next administration must chart a different course. That’s why the Heritage Foundation released the Budget Blueprint, a comprehensive federal budget proposal for fiscal year 2023. (The Daily Signal is the outlet of the Heritage Foundation.)
The budget plan includes 230 specific policy reforms to curb excessive government spending, reform and cut taxes, put taxpayers’ money first, improve key benefit programs, restore federalism, promote opportunity for all and protect American rights and values.
It lays out a policy agenda that will empower policymakers to go on the attack, tackle America’s most pressing challenges, and save our country.
Government spending, regulations and inflation are a tax on all Americans, especially working families struggling to make ends meet. The budget plan shows how to reverse the growth of inflation and the government spending that drives it, with proposals that would balance the budget and cut inflationary spending by $15.5 trillion over the next decade.
The budget plan would force the Federal Reserve to focus on keeping prices stable and stop printing inflationary trillions of dollars to fund expanding federal deficits.
Unless changes are made, the Health Insurance Hospital Insurance Trust Fund and Social Security the trust fund will be exhausted by 2028 and 2034, respectively. The budget plan would modernize and strengthen both programs, achieving better results for current and future beneficiaries.
According to the Heritage Foundation’s proposal, the tax code would be much fairer, more growth-friendly and less restrictive, ending the distortions that drive consumer prices higher. Compared to current law, the Budget Blueprint’s tax policies would reduce the amount the government takes from American households by $3.2 trillion over the next decade.
A massive tax hike on families would be avoided by making the Tax Cuts and Jobs Act 2017 permanent. Universal Savings Accounts would be allowed for all Americans, and the inflationary capital gains tax would finally be removed.
Dozen of special interest tax breaks would be removed, paving the way for a reduction in the corporate tax rate to 15% while enabling more investment by making full and immediate spending permanent and extending neutral cost recovery to structural investment . This would lead to higher wages and more opportunities for workers.
The Budget Blueprint is a pro-family policy agenda. it would advance vital protections pro-life, such as the Hyde Amendment, and protect the provisions relating to conscience. Taxpayer funding for institutions that promote un-American values, such as Planned Parenthood, would ultimately be canceled.
In addition, welfare programs would be refocused to promote the dignity of work and remove marriage-related sanctions.
The current education system is failing our children. Parents, not bureaucrats, should make teaching and learning decisions that align with their values. That’s why Heritage’s Budget Master Plan would end the federal Department of Education and instead give parents the power to make education choice.
The Budget Blueprint also shows how to counter the threat from Communist China. This would provide a significant investment for our national security, providing much-needed resources to the Department of Defense to prepare for the great power era. competition with China.
Increases for specific needs in the Army, Navy, and Air Force would result in a net total of $836 billion in national defense funding in fiscal year 2023, rising to $1.049 trillion by fiscal year 2032.
Equally important, the Budget Blueprint promotes American values of free enterprise and limited government, enabling a vibrant American economy to grow so that our families and communities can thrive and outperform the authoritarian Chinese Communist Party.
Modeling by the Heritage Foundation’s Data Analysis Center shows that the policy agenda of the Fiscal Master Plan would have extremely positive effects on the economy.
Over the next decade, the annual after-tax salary of the median household would increase by another $2,200 and 6 million jobs would be created. The investment would grow the US economy and generate an additional $5 trillion in economic activity over the next decade. By dramatically expanding the economy, the Budget Blueprint would create a bigger pie and more prosperity for families.
The Heritage Foundation’s budget plan contrasts directly with Biden’s big government, inflationary policies. The Budget Blueprint is a comprehensive program to address America’s most pressing challenges.
This piece originally appeared in The daily signal