The Battle of the Budge

President Biden fired the first salvo in what promises to be a heated battle that could define the 2024 election cycle. Biden’s budget calls for higher taxes on the wealthy and corporations, a deficit reduction, and an effort to shore up medicare. From AP: Budget highlights Biden’s ‘values’ as he eyes 2024 campaign. “With Republicans in control of the House, there’s no chance that President Joe Biden’s new budget plan will become law as it stands. Instead, the financial blueprint that he’s announcing in Philadelphia on Thursday will serve as a political talking point for a president preparing to run for reelection.” So far, the GOP budget counterproposal is: Not what he said.

+ “Advisers stress that the budget, which significantly overlaps with past Biden policy proposals from his first two years, reflects his fiscal vision with significant investments in manufacturing, climate, education, paid leave and health care, all paired with a menu of tax increases on corporations and wealthier Americans.” Biden’s budget lays groundwork for high-stakes battles ahead.

+ The politicians can debate the details, but no one can question the enormous wealth inequality that plagues America. Consider this example: “In Santa Clara and San Mateo counties, just eight households held more wealth than the bottom 50% (nearly half a million households), according to the Silicon Valley Index.”

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