Analysis: Bidens $8T budget raises doubts about deficit reduction, critic says: A threat to US business

Last Updated on March 31, 2024 by Robert C. Hoopes

Top economist Steve Moore has recently come out with scathing criticism of President Biden’s budget proposal, labeling it as reminiscent of the dystopian novel “1984.” Moore, known for his advocacy of lower tax rates to boost the economy, claims that Biden’s budget would increase the deficit by nearly $10 trillion over the next decade.

In a statement, Moore accuses Biden of not moving toward the political center in an election year, unlike past Democratic presidents. He questions the administration’s deficit reduction numbers and warns that under Biden’s tax plan, the U.S. would have a higher tax rate than countries like Russia and China.

Moore emphasizes the need for lower tax rates to stimulate economic growth, citing the successes of Reagan and Trump as examples. He criticizes Biden’s budget as an assault on American businesses, giving an advantage to rival countries like China and Russia.

House GOP leaders have also joined in the criticism, calling Biden’s budget reckless spending that would lead America on a path of decline. They echo Moore’s concerns about the long-term impact on the economy, accusing Biden of creating a ‘Put America Last’ budget.

It remains to be seen how Biden’s budget proposal will be received by Congress and the American public. With growing opposition from economists like Steve Moore and GOP leaders, the debate over government spending and economic policy is sure to intensify in the coming months. Stay tuned to My MBA Career for updates on this developing story.