Updated: May 8, 2022
The Biden Administration rolled out its new FY2023 Budget proposal on Monday March 28th, 2022. And it is worse than you could possibly imagine. The actual budget proposal is over 150+ pages long. But the White House released an 11-page fact sheet which you can view at this link.
The fact sheet opens up by stating that the Biden administration created more that 6.5 million jobs in 2021. But what they won't tell you is the number of those jobs that were simply people returning to work after mask mandates and covid restrictions. How many people were forced to work from home or lost their jobs as a result?
You can already see above that the unemployment rates were already in a downward trend. Pre-COVID, the unemployment rate was already at 3.6%. In 2021 it jumped substantially to 6.7%. The following year in 2021 it went back down to 3.9% as a result of people returning to work post mandates. You can't claim that you created jobs because you lifted mandates and sent people back to work.
They also state that the economy grew 5.7% and the deficit fell by $300 billion.
What they won't tell you is that the deficit to GDP growth ratio was at its highest since 1945. As pictured above. And that the only reason 2021 saw a GDP growth rate was due to the fact that the National GDP Growth rate was at -3.49% during mandates and lockdowns. The largest annual change was in 2020 since 1983. As pictured below.
The fact sheet claims that the Biden Administration projects the deficit in 2022 will be more than $1.3 trillion lower than the previous year. Which is an easy feat to accomplish when you print 80% of the money in existence within the last 2 years. That is not a conspiracy theory either. You can see the chart below.
The White House fact sheet also claims that the Biden Administration has seen the strongest economic growth in four decades, thanks to the American Rescue plan. Well, the data above debunks the idea that the economy is strong. But let's not forget that the United States in $30 trillion in debt.
What the American Rescue plan did was put the U.S economy in a position where we are experiencing the highest inflation rates since 1978.
The Biden Administration plan to fund this budget involves fixing tax codes to ensure that corporations and wealthy people pay taxes that they already owe and close loopholes they "exploit". Loopholes that congress and elected officials created in the first place. The budget specifically targets the wealthy and major corporations in order to fund it. Everything in this bill is expected to be paid for by major corporations and wealthy individuals. Punishing sucess seems hardly proactive. They also state the plan proposes significant new investments in proven strategies to reduce gun crimes.