Biden Admin’s 2023 Budget Makes No Economic Sense

U.S. President Joe Biden announces his Budget for Fiscal Year 2023 as Acting Office of Management and Budget Director Shalanda Young listens in the State Dining Room of the White House in Washington on March 28, 2022. Nicholas Kamm/AFP via Getty Images

Commentary

As the end of the year approaches, Joe Biden’s budget for 2023 has to be approved. After reading the president’s proposal, the Congressional Budget Office reported “that level of spending, debt, and taxes will be the highest sustained levels in U.S. history,” worsening an economy that is already trending downward.