by Stacy M. Brown
President Joe Biden has revealed a comprehensive budget plan that the White House says prioritizes investment in the American people to build on the economic progress achieved over the past two years. The president’s approach emphasizes growing the economy from the bottom up and the middle out, as opposed to top-down strategies.
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Administration officials said under Biden’s leadership, the U.S. economy has experienced unprecedented growth, adding over 12 million jobs in just two years – surpassing the job creation of any four-year term in history. The unemployment rate has dropped to an impressive 3.4 percent, the lowest in 54 years, with record-low Black and Hispanic unemployment rates. Additionally, the past two years witnessed the highest number of new small business applications.
Officials said Biden has tackled the economic challenges head-on by implementing measures to lower costs and ease financial burdens on American families. Those actions include reducing prescription drug costs, health insurance premiums, and energy bills while simultaneously achieving historic lows in the uninsured rate. Furthermore, the president’s infrastructure plan aims to make the economy more competitive, invest in American innovation, and foster a manufacturing boom to create jobs and revitalize neglected regions.
Crucially, the White House argued that Biden has remained committed to fiscal responsibility, starkly contrasting the previous administration’s approach. While the prior government passed an almost $2 trillion tax cut, contributing to a soaring deficit, Biden reduced the deficit by more than $1.7 trillion—the most substantial decline in American history. “His reforms targeting Big Pharma and corporations are projected to further reduce the deficit by hundreds of billions over the next decade,” the White House stated.
The president’s budget provides a comprehensive blueprint to continue the upward trajectory, addressing critical issues highlighted in his State of the Union address. The agenda includes:
- Growing the economy.
- Lowering costs for families.
- Protecting and strengthening Medicare and Social Security.
- Reducing the deficit by nearly $3 trillion over the next decade.
Importantly, no individual earning less than $400,000 a year will face new taxes.
In contrast, Republican-led Congress has proposed policies that would threaten the advancements made by President Biden’s administration by adding $3 trillion to the national debt over the next ten years. The president has called on Republicans to provide a detailed plan outlining how they intend to cover the costs of their proposals without burdening working families.
“The president’s commitment to lower costs for families and maintain economic growth is evident in his budget,” White House officials said.
“As the economy transitions to stable growth, inflation remains lower, gas prices have decreased, and unemployment stays at historic lows.” The White House emphasized that the president’s proposed budget focuses on cutting taxes for families, expanding healthcare access, reducing prescription drug costs, and supporting affordable childcare, aiming to provide tangible relief to American households.
The budget allocates funds to restore the full Child Tax Credit, expand health care coverage, reduce prescription drug costs, and enhance access to quality childcare. Additionally, it calls for the permanent reform of the Earned Income Tax Credit and proposes measures to curb inflation in prescription drug prices. “The president’s vision for America’s future includes a strong and inclusive economy that benefits all citizens, and his budget outlines the path to achieving this ambitious goal,” White House officials stated.
