Economy

On March 11^th, more than a month after federal law requires, President Biden finally submitted his budget proposal for Fiscal Year 2025 to Congress. Following the same tax-and-spend playbook that sent inflation skyrocketing, the Biden budget calls for $7.3 trillion in federal spending every year, includes tax hikes on families, farmers, and businesses to the tune of $5.5 trillion, and endorses the worst excesses of President Biden’s failed economic policies.

There are several factors that businesses consider when deciding where to invest, but it’s no secret that one of the most important considerations is taxes. Nations around the world understand this, and many try to define their code in a way that will attract investment, bringing jobs along with it. For many countries, that’s been one of their key selling points in a global competition to attract successful businesses. Singapore, for example, is a small country consisting primarily of its major city and capitol.

On June 18^th, the nonpartisan Congressional Budget Office (CBO) – the government agency tasked with monitoring our nation’s fiscal health – confirmed my serious concerns with President Biden’s reckless spending agenda. His administration’s fiscal policies have not only caused cumulative inflation to skyrocket by over 20% since he took office, but they have also accelerated our accumulation of debt to levels that are beyond unsustainable.

Our economy is in tough shape. Cumulative inflation has skyrocketed by nearly 20% since President Biden took office while real wages have fallen by roughly 4.4%. The Bureau of Economic Analysis estimated that the economy grew at a rate of only 1.3% in the first quarter of 2024 – three points lower than predicted – while interest rates have surpassed their highest levels in 23 years.