US President Joe Biden announced his budget for 2022 on Friday. With a budget proposal of 6,000 billion (or 6 trillion) dollars (4.9 trillion euros), Biden wants to “reinvent” the US economy.
“We must seize the opportunity to invent and build a new American economy that invests in the promises and potentials of every American,” Biden said in his speech to Congress.
In his budget proposal, Biden projected space for two major investment plans, which are supposed to create millions of jobs. The first, $ 1,800 billion (€ 1,475 billion), should provide a stronger social safety net, and another, relating to investment in infrastructure, has been the subject of tough negotiations between the government and the Republican opposition. Additionally, Biden wants to increase investment in education and healthcare, among other things. The defense budget also rose slightly to $ 756 billion (620 billion euros).
To complete the budget, Biden wants to raise taxes on the richest Americans and big corporations. This raises the chagrin of Republicans who see the tax cut as one of the most important achievements of Biden’s predecessor, Donald Trump.
All announced expenditures threaten to drastically increase the US government debt. At present, it is already more than 100 percent of the GDP. The national debt will rise to 111.8 percent by 2022 and to 117 percent in 2031.
The budget has yet to get the green light from the US Congress. Biden can count on a (narrow) Democratic majority in both the House and Senate, but then he has to get everyone to support his plan.
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