President Biden is disregarding the well-being of the American people. With policy prescriptions designed to hand out the citizenry’s hard-earned treasure, the chief executive chosen to safeguard the nation’s financial future is squandering it instead. It’s the great Biden giveaway.
Mr. Biden took to a suburban Maryland stage last week to tell union workers that a Republican budget proposal for the next fiscal year would add $3 trillion to the federal deficit over 10 years. His own budget plan, he said, would reduce the nation’s current $31.6 trillion debt by $2 trillion, adding, “It’s a stark contrast to our Republican friends who are doubling down on the same failed politics of the past.”
His is an audacious statement for a president who has already run up more than $5 trillion in additional national debt in his 25 months in office. But his boldness cannot hide faulty arithmetic. A new financial forecast from the Congressional Budget Office indicates that the federal government is on course to overspend by $19 trillion in the coming decade, raising the national debt rather than reducing it.
Owing to the inflationary pressure created by the president’s American Rescue Plan, his Inflation Reduction Act of 2022 and other spending measures, Federal Reserve has been forced to raise interest rates sharply. Consequently, Washington is on course to owe $50 trillion in a decade, with borrowing costs projected to spiral upward toward a stratospheric $1 trillion annually. Squinting into the future, the president has chosen to ignore the danger and keep spending.
Heedless of his economy-crushing policies, Mr. Biden persists in serving globalist aspirations by saddling citizens with the obligation to cover the costs of opening their homeland to noncitizens by the millions. The lifetime cost to taxpayers for each immigrant in the U.S. illegally is about $80,000, according to a study conducted by the Center for Immigration Studies.
With federal authorities already releasing more than 2 million illegals into the U.S. during the Biden presidency and an additional 1 million “got-aways” entering unapprehended, CIS Executive Director Mark Krikorian has estimated that the cumulative cost to taxpayers of the ongoing Biden giveaway exceeds $200 billion, and grows daily.
Following the president’s lead, fellow Democrats across the nation have been attempting to erase the privileges of citizenship by extending voting rights to noncitizens. Fortunately, a state Supreme Court ruling last June blocked a New York City law allowing noncitizens to vote in local elections. The Republican-led House of Representatives used its constitutional authority earlier this month to veto a District of Columbia act that would have granted similar voting privileges to foreign nationals, including illegal aliens. Undaunted, the president’s party is pushing similar legislation in the Rhode Island General Assembly.
Democrats’ “America last” stance should be unsurprising, particularly in light of a joint statement that Mr. Biden signed in January, along with his counterparts in Canada and Mexico. The so-called Declaration of North America affirms U.S. commitment to the “region’s security, prosperity, sustainability and inclusiveness.”
These have the ring of virtuous aims. In practice, though, they are essential components of open-border, open-checkbook policies. The great Biden giveaway is placing globalist goals ahead of Americans’ well-being.