President Biden presented his budget proposal on Tuesday…all 5.8 TRILLION DOLLARS of it. Congress eventually will pass its own 2023 budget, but that doesn’t mean Joe’s monetary desires will go completely unanswered. So, Glenn breaks down EXACTLY what’s inside this HUGE request. From new taxes on America’s most wealthy and additional resources for local law enforcement, to a ‘placeholder’ for Biden’s Build Back Better agenda, this budget would stretch America’s deficit to all new highs (which it already is…).
Transcript
Below is a rush transcript that may contain errors
GLENN: Oh, this is so good. This is so good. Now, if you're thinking, how am I going to make ends meet? What? The cupboards are almost bare. I want you to know that the government is there to help. Joe Biden has just pitched a $5.8 trillion budget. And included in it, is the largest tax hike in history. So he's there for you. He's there for you. It's -- you know, it's -- it would be part of -- part of a new tax code. It raises the rates on corporations, and ultra wealthy Americans. And I'm glad, because I can't tell you how many jobs I've had from poor corporations.
STU: Oh, yeah.
GLENN: And poor Americans. I met this guy, who had just come here from America. He was standing out in front of Home Depot with a sign. And I started talking to him. And he offered me a job. I got a job. It was well-paying. Had really good benefits. It was really good. Really good.
STU: That's how most big tech companies start, from the Home Depot parking lot in the back of a truck. That's how the i Phone started.
GLENN: Yeah. They're like, this is what you do. On Saturday, you get a truck. And you drive up, and you say, who can offer me a job? And then they all get in the back of your truck. And you bring them someplace. And then, you know, you haggle.
STU: Two weeks later, you have Johnson & Johnson.
GLENN: It is. It's amazing. So the president laid out the tax hikes. As part of his $5.8 trillion blueprint for federal spending, in 2023. Which begins in October.
The higher taxes will be borne mostly by Wall Street. And the top sliver of U.S. households. I mean, right?
STU: Always the way it happens.
GLENN: Right. The Democrats hate Wall Street. And giant corporations. They just hate them, you know. Oh. It's weird though, how they're all lining up to do the White House's bidding, but we're going to get them this time. So he said, we're reducing the Trump deficits and returning our fiscal house to order. This budget is making prudent investment and economic growth. A more equitable economy, while making sure corporations and the very wealthy pay their fair share. Amen to that.
STU: Hmm.
GLENN: So let's see, he has a $5.6 trillion budget. But his billionaire minimum income tax, will raise $361 billion in revenue. Over ten years. Over ten years. 361 billion. Which is only a third of $1 trillion. We're spending 5.6 in one year. 361 billion, one-third of a trillion, which is one-fifth and a half of what he is spending in one year. That -- that's raised over ten years. So I understand the math. Come on. Did you not get Common Core math. The wealthiest Americans will be required to pay a tax of at least 20 percent. And that will be from the combination of wage income. And whatever they made in unrealized gains. So it's really great. Because they -- these people have soaring assets, you know. The value of their assets are just going crazy. Now, yours aren't. I mean, if you own a home. And you bought it 30 years ago, I'm sure it's exactly the same price as it was. Now, imagine at the end of every year, they come to you, and go, hey, your house is worth $50,000 more. So we need five grand for you. Because, you know, your house is just going up and up and up. And it will never go down. So you could cough that up. What happens if your house went up, you know, $100,000. Wouldn't it be great, if they said, hey, you owe us ten grand, this year. Who knows what you'll owe next year. Because everybody has that ten grand laying around the house, you know. Everybody is like, oh, my house could go up. And I'm not going to sell it. But I should pay the federal government for what it increased. Now, there's no -- there's no tax refund, when your house starts to about it down. But don't worry about that. This is only for the rich. The very rich. By the way, he also, because he is definitely for the police. Definitely for the police.
STU: Hmm. That one has definitely been run through the focus groups. You can tell that any opportunity he has now to say, I don't want to defund the police. What are you talking about? He's run from that position, as quickly as they should. They should have never been there in the first place.
GLENN: Well, he said, they never should have said that. Then when you read the article. You realize, yes, he did. You just have a different interpretation. You keep using that word. I don't think it means what you think it means. So you've -- so you've got that going. Now, there's nothing better than getting the federal government to mainline our police. You know, having the local police just hooked on federal money. Wouldn't that be great? And they've expanded the discretionary spending. Which would increase the resources for federal prosecutors. Love those guys. And give additional resources to state and local enforcement, to put more police on the beat. Now, some would say, hmm. I don't really want to be addicted to the federal spending, when it comes to the police. Because when the federal government says the police should do something. You know, the towns that aren't really paying for them now. Would go, we got to do it. Otherwise, they'll pull all the funding. And we don't have the money to keep our police. But don't worry, that's never going to happen. Never.
By the way, in there too, is kind of some weird wording. Well, it's a place holder, for his Build Back Better agenda. You know, just like, hey, we also have this one. But I haven't had time to work it out. So just put this place holder in the budget. Which is great. Hi, Pat. Pat Gray from Pat Gray Unleashed has just joined us.
PAT: Yeah. Running a little late because of overtime.
GLENN: Games every morning. Cutting it close.
PAT: Yeah.
GLENN: So how much do you love this?
PAT: The new budget?
GLENN: Oh, yeah.
PAT: Oh, my gosh. I love it so much.
STU: Oh, really? See, I thought you wouldn't like it. Because there's a lot of spending, there's tax increases throughout it.
PAT: Really? I know. Just the largest in American history though. That's not bad.
STU: But you like it?
PAT: You know, I love it. I love it. Because it's going to lower the deficit. Did you not know that? Like, we're spending 6 trillion to lower the deficit.
GLENN: No, no, no. The deficit -- let's make sure we understand the deficit. The definition of the deficit, versus the definition of the debt.
PAT: Yeah, the deficit is the debt you run up every year.
GLENN: Yeah. It's the --
PAT: The budget shortfalls every year.
GLENN: The budget shortfalls. So what we don't have every year, we're reducing that, but he's the first one. And I like this. We're going to be -- the first president in history, to lower the deficit by over a trillion dollars in one year.
PAT: Yeah. That's because we've never had a deficit that large before.
GLENN: Well, it also -- it's not declining because of anything that Biden did. But because of the $5 trillion in COVID-19 relief funds have already been disbursed. There's no more.
PAT: So ridiculous.
GLENN: $5 trillion. And I'm going to -- I'm going to lower that by a trillion. I don't know. Wait. Last year, it was like 2.5 trillion. You couldn't -- you couldn't lower it by 2.5 trillion? Because that was all free money for emergency.
STU: Yeah. They're picking up the covid spending, with most of it, they're picking up with other spending. That will go on forever. Right? New programs and new things like that. You know, when Barack Obama ran for office. The budget was $3 trillion. And it went up, through the Obama era. 3.5. 3.7. 3.9. Trump takes it 4 trillion, 4.1, 4.4, 4.8.
And then Biden, 4.8. And then now 5.6, he wants. So we've gone -- we've doubled -- doubled from 2008 basically our spending, 2008.
GLENN: Wait. Wait. But look at how great things have gone.
STU: That's true.
GLENN: I mean, they've gone from 3 trillion to 6 trillion.
PAT: Yeah.
GLENN: And with those 3 trillion extra dollars.
STU: Things are much better.
GLENN: Like, do you remember the days when people used to have to say, hey, we need more money to fix our infrastructure. It's fixed now, isn't it?
STU: Yeah. It's great.
GLENN: Those roads and bridges are great.
PAT: And how about the beautiful airports we now have, to rival China and Europe? The beautiful, beautiful airports.
STU: Everybody has health care that they're thrilled with.
GLENN: Thrilled.
PAT: Nobody is unhappy with their healthcare.
GLENN: Nobody has turned away for anything.
STU: No foreign concepts. I'll tell you that much. You don't have to worry about that.
GLENN: No. We have that under control.
STU: That's all under control now.
GLENN: We are on track.
PAT: And inflation, completely under control now. That's the beauty of all of this.
STU: Oh, yeah.
GLENN: Can I ask you a question: Why do we still listen to these people. How is it that there are so many Americans -- I don't care what side you're on. So many Americans, who have listened to this now, forever. And are like. Yeah. Yeah. Well, at this time. They're going to fix it. If I just elect them this time. And we spend this amount of money, this time. We won't have to spend this amount of money, later.
PAT: Uh-huh.
GLENN: We'll fix it this time. I've heard that my whole life. And it's been a crisis since 2000. I can't take it anymore. Because it's all lies! That's why they about it for the youth. Because the youth is like, oh. I've never heard that. Well, that would be great. And then by the time you're 40, you're like, I can't -- I can't take them. Please, somebody wake me up from this -- is Will Smith here, will he just slap me across the face. What is happening?
PAT: And I get -- I get frustrated with that too. But then I realize, I see the polls. And I realize, there's not that many. Not as many as we think, that are buying this. They're not -- they're not buying what he's selling.
STU: They're seeing through this.
PAT: Yeah. They are.
They're realizing, that it's not Putin's fault for the inflation. Because it's been going on since he took office.
It's not Putin's fault for the gas prices, because it went up 48 percent, year to year, before the invasion. And they're -- they're starting to realize, that he's a lying sack.
STU: Yeah. And look, there is a partisan floor, with these polls. Let's say 30 percent, to be aggressive. You really can't go lower than that. Even Richard Nixon he's getting thrown out of his office, he's at 30 percent. I mean, he still had a 60 or 70 percent approval rating among Republicans when he was thrown out of office.
GLENN: That's crazy.
STU: I mean, there's just a partisan. And I think it's much worse than that era. A partisan tilt to those polls. That, you know, his floor is probably low 30s, at the worst.
PAT: Yeah. Thirty to 35. Maybe.
STU: He's already in the high 30s. And he's falling. And he's behind every other president, at this point in his administration. The only one he's close to is Trump. Which, of course, is sort of a different situation. He came into office, already, you know, in a very conflicted place with the American people. He was never popular. He didn't get that honeymoon that most presidents get.
PAT: Well, he did have a chance with the media.
STU: That started with day one with Trump. We know that he was a different president certainly. But every other president in American history, that we have polling on, Biden is doing worse than. And, you know, they call Donald Trump like the worst president in history. And he's right there with Donald Trump.
GLENN: Can I tell you why that's happening, sincerely? It's because the people have become so divisive, that they just don't want a uniter like Joe Biden.
PAT: Is that what it is? Wow.
GLENN: Yep. Yep. Well, that and Donald Trump.
STU: Well, why is Donald Trump brought up?
PAT: And don't forget Vladimir Putin.
GLENN: Yeah. Vladimir Putin, Donald Trump. And a little bit of Ruther B. Hayes. Just a little bit.
PAT: Damn, Ruther B. Hayes.
STU: Ruther B. Rutherford B.?
PAT: Yeah, I ran it all together. It didn't really --
GLENN: Yeah. It's -- wow, we're still feeling the effects of that administration.
STU: Because usually when there's a big foreign conflict, like with Putin, you have a bump in your approval rating. Because people are like, well, I'm going to side with the president. I'm going to jump in there. It seems now, he's done such a good job. That's not happening. He's still falling.
GLENN: Echoes of Ulysses S. grant. And his administration.
PAT: Somebody had to say it.
GLENN: Somebody had to say it. He was a Republican. What, you expect to recover from that right away.
PAT: No way.
