They claim Biden’s bill will leave the country hurt by higher taxes, debt, and inflation rather than “building back better," as the president himself explains his economic agenda.
“Americans are already hurting from far-left economics that ignore reality. The administration’s counterproductive ‘COVID relief bill’ has slowed rehiring. Families are facing painful inflation, just as experts warned the Democrats’ plans might cause. And the Administration wants to triple down on the same mistakes?” said Senate Minority Leader Mitch McConnell, a Kentucky Republican, in a statement.
The budget report is fresh, but the majority of the spending proposals are not: The centerpiece remains the $4 trillion in already revealed plans for infrastructure, jobs, childcare, and social welfare.
“I committed to an approach of building an American economy, a different economy, to build back better,” Biden said in a speech in Cleveland on Thursday.
While both sides agree the spending is proposed to be economically transformative, Republicans and their outside allies argue that “different” does not necessarily mean “better.”
“Four months into Biden’s presidency, the cost of everyday goods is spiking at historic rates, there are still 8 million fewer jobs than before the pandemic, and now the Biden administration is pushing for World War II-era levels of spending that would put the country further into debt,” said Whitney Robertson of the conservative America Rising PAC in a statement. “Joe Biden’s stifling economic policies are squandering the recovery he inherited and hard-working Americans are paying the price.”
“The Biden Administration’s proposed FY 2022 budget is an admission of failure,” said Brooke Rollins, CEO of the pro-Trump America First Policy Institute, in a statement. “According to this budget, the Administration’s policies will burden our country with unprecedented levels of debt, and slow economic growth. It is in effect a return to the days of stagnation and malaise: a 1970s budget and mindset that misses the needs and challenges of the 2020s.”
Chris Edwards, director of tax policy considerations at the libertarian Cato Institute and editor of Downsizing Government, claims the behavioral responses to Biden’s spending will weaken, rather than spur, economic growth.
“The one example that has been much discussed is how large unemployment checks induce people not to work,” he said. “Such spending isn't stimulative at all, it undermines output or GDP. But most federal spending distorts this way. The largest federal program, Social Security, is loved by many but it induces people not to save, which undermines growth.”