.POTUS cast himself as the defender of Medicare, and his latest whopping $7 trillion budget focuses, in part, on ensuring its survival — but at the cost of ballooning deficits and an unsustainable overall fiscal situation.
Biden’s budget for fiscal 2024 includes a whoppingin spending, an increase of $300 billion. The budget also calls for higher spending the rest of the decade, resulting in total deficits of $17 trillion.
It is worth noting that any tax hikes will meet strong opposition in the House of Representatives, which is controlled by Republicans. Biden himself has fashioned himself as the force stopping Medicare and Social Security from being depleted. Perhaps the most memorable moment from his State of the Union address was when he and Republicans got into a back-and-forth on the House floor over that characterization.
Republicans blasted Biden for claiming they want to hold Medicare and Social Security hostage in order to exact concessions like spending cuts. Still, the Medicare provision in Biden’s budget brings the issue back to the fore, and Team Biden undoubtedly hopes it will offer some political capital for the president.
“The fact that the budget provides modest deficit reduction gives the president the headline and the talking points that he wants,” Riedl said. “But ultimately, this budget would put us on a worse path over the long term because he uses up pretty much every tax-the-rich proposal out there and then puts half of it into new spending, which is going to leave the middle class to ultimately close the rest of the budget deficit over the long term.
“Every point interest rates rise adds $2.6 trillion in interest costs over the decade,” said Riedl. “But the president proposes spending $10 trillion on interest over the next decade, and if interest rates rise, that could easily go to $12 trillion to $15 trillion over the decade just in interest — this will exceed the budget for every program except for Social Security and Medicare.”
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