Biden’s budget shows focus on wealth redistribution, not growth – News 24-7 Live News 24-7 Live
Biden’s budget shows focus on wealth redistribution, not growth

Biden’s budget shows focus on wealth redistribution, not growth

The proposed 2022 budget request includes funding for early childcare and colleges, investing in minority-owned businesses and grants to improve public transportation in poor communities.

Biden’s program breaks with recent presidents’ budgets, which promised that policy proposals would turbo-charge gross domestic product. Biden’s central goal is instead societal change — attempting to reverse decades of widening income and wealth gaps that often fall along racial lines.

The budget comes at the tail-end of the Covid-19 recession, which exacerbated these divides and erased years of gains made by American workers.

The administration forecasts no major change in the trend rate for GDP in the coming decade, with the expansion seen averaging about 2% over the coming decade. That’s in line with the average over the 15 years through 2019, before the pandemic struck.

The proposed 2022 budget request includes funding for early childcare and colleges, investing in minority-owned businesses and grants to improve public transportation in poor communities.

News Source : Hindustan Times

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