Biden's FY22 budget: My nickel says...

The federal government's budget is normally due out in early February so the president can sell its brilliant new spending in his State of the Union speech.  But when there's a new administration, it's later.

This year, the latest info was that the FY22 budget would come out on Thursday, May 27, 2021.  But it didn't. didn't show it.  Then I checked on Friday, May 28.  Still nothing.  Finally, on Saturday morning, May 29, 2021, I checked govinfo, and there it was, dated May 28, 2021.  My nickel says they have something to hide.  I wonder what it is.

The main interest in a new federal budget, for me, is the forecast spending and revenues for the next five years — not because the projections are accurate, but because of what the administration thinks it can get away with.  But first, the deficit.  My nickel says it ain't pretty.

So here's what shows for the deficit.

That's a $3.7-trillion deficit in the current fiscal year that ends September 30, 2021, higher than last year, when the whole place was shut down.  My nickel says we'll look back and judge it a major motion picture mistake.

But no problem.  It will come down pretty quickly to $1.4 trillion a year in a couple of years because welfare spending will come down.

Hey!  No wonder that employers can't find employees, what with federal welfare outlays going from a pre-COVID $350 billion a year to this year's $1,761 billion.  Thank you, Nancy Pelosi.  You helped my 19-year-old grandson get a job.  Just back from the U.K., the restaurant he applied to wants him to start work tomorrow.

But, Nancy Pelosi, my nickel says your Johnstown Flood of cash is going to wash away millions of the "human rubble of the old regime's failed experiments," as I'm sure a smart politician like you well knows.

And notice that our fearless leaders project that, after the fun is over, the rest-state welfare spending will have almost doubled, from $350 billion a year to over $600 billion a year (not including Medicaid).  My nickel says that...

And the other thing that the OMB bureaucrats forecast will bring the deficit down is that federal income tax revenues will rise 50 percent by 2024 from about $2 trillion a year to $3 trillion a year.

Notice how federal income taxes had been going nowhere until President Biden waved his magic wand?  Hey, kids!  My nickel says: not a chance.

Yep.  No wonder the Bidenoids published the FY22 federal budget at the last possible moment before the heroic federal bureaucrats went home for the Memorial Day holiday weekend, patting each other on the back after the most heroic year of bureaucratic accomplishment — the Year of St. Fauci — since whenever.

Notice how the fearless bureaucrats at the Office of Management and Budget forecast GDP to increase sharply in the years ahead?

Unlike in the bureaucratic Obama years, when we had the slowest post-recession recovery in recorded history?  My nickel says GDP growth won't come anywhere near projections.

It really doesn't matter what my nickel says.  Democrats are making one last effort to force their big government big-spending agenda, in the hope that there will be no turning back, no way to undo the spending and the taxing and their war on climate change and systemic racism.

But my nickel says they have no idea of the depth of pushback and rejection from the American people in the months and years ahead.

And yet, what is my nickel against their trillions?  Maybe a few Democrats should take a look at and think it over.

Christopher Chantrill @chrischantrill runs the go-to site on U.S. government finances,  Also get his American Manifesto and his Road to the Middle Class.

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