Senator Chuck Grassley

Following President Joe Biden’s budget proposal for the next fiscal year, one senator has some concerns.

US Senator Chuck Grassley’s main concern with Biden’s budget is trying to tax his way out of a fiscal deficit with $4-$5 trillion of new taxes.

“Growth of the economy is going to suffer because when you take the federal government’s share of the Gross National Product from a 50-year average about 19.5 to 20-percent, take it up to 25-percent, you’re depriving the private sector of investment that it takes to create jobs. Because you understand the government consumes wealth it doesn’t create wealth. If you want to create wealth it’s done by private capital investing to create jobs to enhance productivity.”     

The US House and Senate are now working through the President’s budget ahead of the start of the next fiscal year.