The conservative U.S. media Becker News recently noted that the Biden Administration will release the largest socialist spending plan in U.S. history. The news was confirmed by reports in leftist media outlets The New York Times and The Washington Post on Monday (March 22).
This comes on the heels of a massive $1.9 trillion stimulus package from the Biden administration. The media reported Monday that the Biden administration is preparing to reintroduce a new spending bill that includes many “free” Education programs and infrastructure programs. Conservatives consider these to be socialist programs with an estimated cost of $3 trillion, including universal pre-kindergarten, free community college and efforts to allegedly reduce income inequality.
The Washington Post reports that “the infrastructure portion of the proposal includes $400 billion in spending to combat climate change, including $60 billion for green transportation-related infrastructure and $46 billion for climate-related research and development,” as well as providing electric vehicle charging stations nationwide. There is also $200 billion for housing infrastructure, with $100 billion to expand the supply of housing for low-income Americans.”
The New York Times reported that “Administration officials said the details of the new spending plan were still evolving.” “But the scope of the proposals under consideration underscores that the Biden administration is trying to harness the power of the federal government to reduce economic inequality, reduce carbon emissions that cause climate change and more.”
Biden’s wife, Jill Biden, had proposed in early February that U.S. taxpayers fund “free” community colleges. She tweeted, “Everyone should have access to free community college.”
According to the American Association of Community Colleges, the average annual tuition and fees at community colleges nationwide is more than $3,700, while the average in-state tuition and fees at four-year public universities is $10,440. According to Columbia University, “In fall 2018, 5.6 million students enrolled in two-year public colleges.”
Thus, this Biden plan would cost tens of billions of dollars annually. In response, Baker News commented that the plan does not consider how it should stimulate demand for education and would lead to government competition with private and public four-year colleges. Industry believes that the resulting market distortions will be enormous.
Baker News also denounced that although the new spending plan is estimated at $3 trillion, the actual amount spent by the Biden administration could be significantly higher.
According to the Associated Press and other media reports last week, unions have encouraged the Biden administration to look at a $4 trillion spending plan. In addition, the Biden administration is considering implementing significant tax increases.
The New York Post reported, “U.S. spending on Epidemic relief will soon reach $5.5 trillion in less than 12 months. That compares with about $4.8 trillion in losses to the U.S. government from World War II, when converted to 2021 dollars.”
If Biden’s new spending plan reaches $3 trillion or even $4 trillion, the U.S. would face a new spending bill of nearly $11 trillion in just one year.