Biden Submits $6700 Trillion Budget Proposal to Congress

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] U.S. President Joe Biden on the 28th (local time) submitted a $6,700 trillion budget proposal for the 2022 fiscal year to Congress.

This is the first budget proposal released since President Biden took office. It reflects the previously announced $2.25 trillion infrastructure investment plan and $1.8 trillion welfare plan. It also includes $1.5 trillion in discretionary spending for areas such as defense and education.

President Biden stated, "The trickle-down economy has not worked at all, and this budget reflects the fact that the best way to grow our economy is not from the top down but from the bottom and middle up."

He emphasized, "Prosperity comes from those who wake up in the morning, work hard, take care of their families, pay taxes, and serve their country and communities."

The funding for investment in the middle class comes from tax increases on the wealthy and large corporations. The U.S. Treasury Department estimated that President Biden's tax increase plan would generate $3.6 trillion in revenue over the next 10 years.

Bloomberg News evaluated, "President Biden's budget focuses on wealth redistribution rather than growth."

The New York Times also stated, "It aims to grow the middle class by redistributing income and wealth from the wealthy and corporations," adding, "By 2025, corporate tax revenue is expected to be double that of 2020."

A major foreign news outlet summarized the message of Biden's budget as, "Interest rates are low, so let's spend money now. Deficits can be covered later."

Janet Yellen, Treasury Secretary, also appeared before Congress a day earlier to emphasize the government's low interest burden.

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