{"id":566563,"date":"2021-06-17T10:07:18","date_gmt":"2021-06-17T14:07:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=566563"},"modified":"2021-06-17T10:07:20","modified_gmt":"2021-06-17T14:07:20","slug":"bidens-massive-6t-budget-to-cut-economic-growth","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-massive-6t-budget-to-cut-economic-growth\/","title":{"rendered":"Biden\u2019s massive $6T budget to cut economic growth"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-massive-6t-budget-to-cut-economic-growth%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=566563&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div id=\"attachment_2427792\" class=\"wp-caption aligncenter\">\n<p id=\"caption-attachment-2427792\" class=\"wp-caption-text\">FILE \u2013 This May 4, 2021, photo shows the Treasury Building in Washington. The U.S. budget deficit hit a record $2.06 trillion through the first eight months of this budget year as coronavirus relief programs drove spending to all-time highs. (AP Photo\/Patrick Semansky, file)<\/p>\n<\/div>\n<h5>OAN Newsroom<br \/>UPDATED 6:54 AM PT \u2013 Thursday, June 17, 2021<\/h5>\n<p>A group of analysts fear Joe Biden\u2019s $6 trillion proposed budget will have massive consequences on the nation\u2019s long term economic success. In fact, researchers at the <a href=\"https:\/\/taxfoundation.org\/\">Tax Foundation<\/a>, a nonprofit seeking to inform smarter tax policy at all levels of government, reported Wednesday that Biden\u2019s proposed budget will actually cut economic growth.<\/p>\n<p>The foundation concluded the budget will cut long-term economic growth by 1 percent in the next decade and will eliminate 165,000 full time jobs. While <a href=\"https:\/\/taxfoundation.org\/biden-budget-proposals\/#Jobs\">the non-partisan report<\/a> claims long term GDP will increase by 0.3 percent, presumably due to enhanced public infrastructure, the \u201cpositive economic effect is entirely offset by the increase in corporate and individual taxation.\u201d<\/p>\n<p>The increase in taxes are expected to result in less work and investment, which combined with increased spending under the Biden administration\u2019s budget will reduce GDP by nearly 1 percent and also leads to lower wages.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Taxes are once again at the forefront of the public policy debate here in Washington, D.C.<\/p>\n<p>Our tax tracker can help you stay up-to-date as new plans emerge from the Biden administration and Congress.<a href=\"https:\/\/twitter.com\/hashtag\/AmericanJobsPlan?src=hash&#038;ref_src=twsrc%5Etfw\">#AmericanJobsPlan<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/AmericanFamiliesPlan?src=hash&#038;ref_src=twsrc%5Etfw\">#AmericanFamiliesPlan<\/a><a href=\"https:\/\/t.co\/oh0oJthflw\">https:\/\/t.co\/oh0oJthflw<\/a><\/p>\n<p>\u2014 Tax Foundation (@TaxFoundation) <a href=\"https:\/\/twitter.com\/TaxFoundation\/status\/1405266941535608834?ref_src=twsrc%5Etfw\">June 16, 2021<\/a><\/p>\n<\/blockquote>\n<p>The report highlights increasing the corporate tax from 21 percent to 28 percent will have a severe consequence on the nation\u2019s gross domestic product. While increasing taxes imposes risks on the nation\u2019s economy, many fear lavish spending programs will also cause harm.<\/p>\n<p>In <a href=\"https:\/\/www.youtube.com\/watch?v=waR0tu5YOKU\">a PBS interview<\/a>, economist and former Treasury Secretary Lawrence Summers highlighted an alarming reality. Heavy government spending can create inflation and cause collateral damage on the economy.<\/p>\n<p>\u201cA recession\u2019s not the main risk; the main risk is that our economy\u2019s going to overheat and then once it overheats, it\u2019s going to be hard to put out the fire without doing a lot of damage and causing a lot of problems,\u201d Summers explained. \u201cAnd so, I\u2019d like to see us shift towards a policy concern.\u201d<\/p>\n<p>In the meantime, Federal Reserve officials project that interest rates will hike earlier than expected in 2023, which will be a result of inflation caused by government spending.<\/p>\n<h4>MORE NEWS:\u00a0<a href=\"https:\/\/www.oann.com\/vladimir-putin-questions-political-persecution-of-jan-6-protestors\/\">Vladimir Putin Questions Political Persecution Of Jan. 6 Protestors<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>FILE \u2013 This May 4, 2021, photo shows the Treasury Building in Washington. The U.S. budget deficit hit a record $2.06 trillion through the first eight months of this budget &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2280551,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"Biden\u2019s massive $6T budget to cut economic growth","footnotes":""},"categories":[],"tags":[],"class_list":["post-566563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_video_url":"https:\/\/www.youtube.com\/watch?v=waR0tu5YOKU","fifu_image_alt":"Biden\u2019s massive $6T budget to cut economic growth","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/566563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=566563"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/566563\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280551"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=566563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=566563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=566563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}