by Mitch Kokai
Senior Political Analyst, John Locke Foundation
President Joe Biden’s $6.9 trillion budget spends tens of billions of dollars on welfare and social programs for minority groups both domestically and abroad, including a $400 million State Department program that helps foster “inclusive and responsible technology development … [for] the ability of women, the Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex community, and other marginalized groups to safely access digital technologies” in Africa.
Many of the spending programs revolve around equity, a concept Biden has said is at the center the White House’s agenda and is mentioned 63 times throughout Biden’s 182-page budget. Equity, in contrast to equality of opportunity, focuses on cash transfers and programs for groups that have been historically discriminated against, such as black people and the LGBT community.
Republicans have bristled at Biden’s budget, which is roughly $700 billion more than the $6.2 trillion projected to be spent in the 2023 fiscal year. Speaker of the House Kevin McCarthy (R., Calif.) called the proposal “reckless” and said it is “doubling down on the same far-left spending policies that have led to record inflation and our current debt crisis.”
The Committee for a Responsible Federal Budget, a center-left think tank, criticized Biden’s budget for inadequately addressing the nation’s debt crisis. Biden’s budget would borrow $19 trillion over the next decade and raise the debt-to-GDP ratio to 110 percent by 2033.
“Spending in this budget is excessive,” committee president Maya MacGuineas said in a statement. “At $6.9 trillion, spending next year would be higher than any time during the pandemic and about $2.5 trillion above the pre-pandemic level, representing growth of 55 percent.” …
… As part of the Biden administration’s effort to expand “access to homeownership,” its budget provides $10 billion “in mandatory funding for a new First-Generation Down Payment Assistant program.” That fund would be used to “help address racial and ethnic homeownership and wealth gaps.”