6 TRILLION BUDGET BILL

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Both Political parties' spending is out of control. Biden's plan to increase investment in Infrastructure, Education, Health care, and more, would push federal spending to the highest sustained levels in decades. • 1. 1 million dollars in hundred dollars bills weighs just over 22 pounds (Ibs) • 2. 1 billion dollars in hundred dollars bills weighs 22,046 Pounds (lbs) • 3. 1 Trillion dollars in hundred dollar bills weights. 2204622621.85. (Ibs) • The budget proposal also includes: • $36.5 billion investment in high-poverty schools to help increase education quality and resources for students. • $10.7 billion in discretionary funding to help fight the opioid pandemic. The funds would support research, prevention, treatment, and recovery support services. • $30.4 billion to provide housing assistance, with a focus on providing support to those who are homeless or fleeing domestic violence. • The proposal notably leaves out an overhaul of unemployment insurance and creating a public option for health care, two proposals Biden has heavily endorsed over the last few months. • In total, the proposal includes $6 trillion in federal spending over the next decade. • So, what’s the big deal? • Though Biden’s proposals aim to help working families afford child care and improve the country’s infrastructure, it’s garnering criticism due to its gigantic size and tax hikes needed to pay for it (albeit on the nation’s richest citizens) during a recession. • Biden’s proposal would increase the country’s debt to 117% of gross domestic product (GDP) by 2030. The ratio is usually an indicator of how much a country depends on debt to finance its operations, and economists are generally nervous when the figure gets too high. • Times of crisis, like wars, recessions—and now, pandemics—often cause debt-to-GDP ratios to spike, as the government will use debt to combat national emergencies. The projection in Biden’s budget proposal would be the highest since World War II, where it sat at 106%. The ratio has hovered around or just above 100% since 2012. • There’s also concern around how the budget would affect the deficit, which occurs when federal spending is higher than the amount of tax revenue the government collects. Only $3.6 trillion of Biden’s proposal would be paid for by new revenues; the net deficit would hit $1.4 trillion and wouldn’t shrink until after 2030. • Some economists warn that deficit spending means a government is waiting until the future to raise taxes to pay for what it’s spending today—a hesitation that shifts the debt burden from one generation to the next. That can be a major problem when it comes to a slowing economy; the next generation won’t be as well off as hoped and raising taxes to decrease the debt can cause financial burdens on those individuals. • What are your thoughts? • Be Creative! • Connect on: • Instagram: / themcclonebrothers • Twitter: / themcclonebrot1 • LinkedIn: / themcclonebrothers • http://themcclonebrothers.com • ‪@mcclonecapital‬

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