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Biden’s Spending Agenda: A Year of Red Ink

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Biden’s Spending Agenda: A Year of Red Ink

The Dispatch January 20, 2022
EconomicsBudget

The president failed to pass Build Back Better, but he still spent plenty.

During the 2020 presidential campaign, Joe Biden promised $11 trillion in new spending increases over the next decade, dwarfing the $1 trillion to $2 trillion in new spending promised by previous Democratic presidential nominees Hillary Clinton, Barack Obama, and John Kerry. Many doubted that a Biden administration would really seek such a bold and historic expansion of government, given Biden’s more moderate, cautious, return-to-normalcy campaign themes, the election becoming a referendum on Donald Trump rather than economic policy, and his party’s miniscule congressional majority.

No one is doubting Joe Biden’s spending ambitions anymore.

In a dizzying first year in the White House, President Biden signed a $1.9 trillion “stimulus” package and a $550 billion infrastructure bill, and he persuaded Congress to pass a budget resolution setting the stage for $1 trillion in additional discretionary spending over the decade. Yet the president also failed to pass $4.5 trillion more spending  in the American Jobs Plan and American Families Plan, much of which became the ill-fated Build Back Better plan.

Continue reading the entire piece here at The Dispatch

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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.

Photo by Douglas Rissing/iStock

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