Billy Long: Biden's budget doubles down on failed liberal policies

(From Seventh District Congressman Billy Long)

This week, President Biden released his Fiscal Year (FY) 2023 budget, and it's a humdinger. After 14 months of President Biden, we are seeing the worst inflation in 40 years and gas prices are higher than a cat's back. 

It's a given that the Democrats radical spending plans have caused these price hikes, but apparently President Biden hasn’t gotten the memo. This is evidenced by his budget proposal, which would increase spending for his pet projects and raise taxes, all while worsening inflation and ballooning the deficit.

In his budget he wants people to pay capital gains tax on unrealized gains. Many people own stocks for years - some years the value goes up and some years their value goes down. Paper gains and paper losses they are called, but neither a gain or a loss is realized until you sell the stock. If they want tax to be collected on these paper gains, what happens with paper losses, are they deductible?

President Biden’s budget comes in at a whopping $5.8 trillion. Included in that proposal is $2.6 billion for gender equity, $3.3 billion for clean energy and $18 billion for other Green New Deal climate policies. 

These are just some of the priorities that President Biden is focusing on in his budget, and they show that he is more concerned with appeasing his far-left base than he is helping American citizens. This budget calls for $2.5 trillion in tax hikes, including a huge increase for businesses. I can’t think of anything worse to combat high prices than to hike taxes on businesses and ramp up already out of control levels of spending.

What Americans need right now is relief from the worst inflation in 40 years. The cost of everything continues to rise and wages are failing to keep up. This is because of President Biden’s tax and spend policies that he pursued all last year. 

Our economy was on track for a great recovery from the COVID pandemic, that is until President Biden started spending money like he has his own printing press -never mind that's a bad analogy because he does. After that, inflation started rising. 

Unfortunately, President Biden is like a kid in a candy store. He just couldn’t help himself. This budget proposal shows that he hasn’t learned his lesson about out of control spending and it's correlation to rampant inflation.

President Biden’s budget for FY 2023 does nothing to lower the deficit. In fact, his proposal would add $15 trillion to the national debt in the next 10 years. 

Our national debt is already at $30 trillion and growing. We should be working on ways to reduce spending and lower the deficit, not increase spending and balloon the deficit. 

President Biden is using his budget proposal to double down on his failed liberal policies instead of finding ways to end the inflation crisis that he created. That’s what we should be focusing on in our next budget. 

Sadly, President Biden hasn’t learned from his disastrous first year in office. And oh yeah, one other thing that would help all Americans - 'Drill Baby Drill.'