Biden’s early approach to spending makes the New Deal pale in comparison. He has utterly discarded any semblance of fiscal restraint he ever had as a senator, throwing caution to the wind to push through a $1.9 trillion partisan COVID-19 “stimulus” package that, adjusted for inflation and population, is twice the size of the Obama-era bailout and slightly larger than former President Franklin Delano Roosevelt’s New Deal.
To make the extreme nature of this spending even more apparent, consider that Biden immediately followed this plan up with a plan for at least $2.25 trillion more in so-called “infrastructure” spending. To put that gargantuan figure in context, it’s an additional $15,701 per federal taxpayer on top of the $6 trillion-plus we’ve already spent over the last year.
Of course, less than half of this “infrastructure” money is actually transportation infrastructure spending. From $20 billion blown out on “racial and environmental justice” to $175 billion for electric vehicle subsidies to hundreds of billions for public schools and public housing, it’s a “Green New Deal”-style partisan spending blowout masquerading as unobjectionable transportation legislation.
Add this up, and just in the first few months of his presidency, Biden has passed or proposed spending equivalent to double the New Deal.
Nothing moderate there. Going for government so big it will trash the currency in short order. (The USD is doomed anyway, by too much previous debt, but Biden has brought forward the day of reckoning.)