[Make sure to read Joseph Klein’s contributions in Jamie Glazov’s new book: Barack Obama’s True Legacy: How He Transformed America.]

Inflation is ticking up again, taking even more money out of ordinary Americans’ pockets and adding to the American people’s day-to-day struggles to make ends meet. Nevertheless, President Biden proposed a $7.3 TRILLION budget for Fiscal Year 2025 containing more reckless spending on giveaway programs that could fuel even further increases in prices.

The president proposes to pay for at least part of his latest proposed burst of social engineering spending with a radical plan for redistribution of wealth. His proposed budget would impose $5 trillion more in new and expanded taxes, primarily on those he accuses of not paying their “fair share” of taxes. Even so, the proposed Biden budget would still result in a projected deficit in the range of $1.8 trillion for Fiscal Year 2025. Deficits would continue to rise over the next decade, further ballooning the national debt.

Here are just some examples of President Biden’s spending spree as projected over the next decade, which are part of the left-wing, progressive wish list:

$890 billion to expand access to childcare and education and training. This includes the restoration of the full child tax credit of up to $3,600 that was enacted in President Biden’s American Rescue Plan legislation, which set off the historic spike in consumer prices after it was passed. The budget also calls for $12 billion for a “mandatory Reducing the Costs of College Fund” that will “fund strategies to lower college costs for students.” Moreover, the budget would offer universal prekindergarten education to all four million 4-year-olds in the United States.

$325 billion for paid family and medical leave for 12 weeks.

$183 billion to expand housing subsidies and support including spending for affordable housing and new tax credits of as much as $10,000 for first-time home purchasers.

$23 billion for “climate adaptation and resilience” for various federal government departments and agencies, which is nearly double what President Biden is asking from Congress for border security.

Meanwhile, when it comes to spending on the nation’s defense, President Biden’s Fiscal Year 2025 proposed budget fails to keep up with Bidenflation. The real level of spending for defense after adjusting for Bidenflation is going down.

House Republican Conference Chairwoman Stefanik, Speaker Johnson, Majority Leader Scalise, and Majority Whip Emmer released a statement regarding the release of President Biden’s proposed budget for Fiscal Year 2025, stating in part:

“The price tag of President Biden’s proposed budget is yet another glaring reminder of this Administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility. Biden’s budget doesn’t just miss the mark — it is a roadmap to accelerate America’s decline.”

“While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda.”

Not only does the president’s proposed budget for Fiscal Year 2025 call for more wasteful spending on social engineering programs. Its spending on loan cancellations for university and college students is regressive. It shifts the debt obligations of higher education students who can look forward to significantly higher incomes over their lifetimes to lower income taxpayers without advanced education degrees. Some of these lower income taxpayers have their own debt obligations related to their work for which they do not receive comparable federal government assistance under President Biden’s handout programs.

The housing subsidies and tax credits could potentially backfire by luring individuals with a high-risk financial profile to purchase homes with loans they cannot pay back. The result might well be a repeat of the housing bust reminiscent of the debacle that occurred in 2008-2009.

To partially pay for all his extravagance, President Biden proposes a steep increase in the corporate tax rate to 28 percent from the current 21 percent. If enacted, the United States will become far less competitive with other developed countries that impose a lower tax rate on their corporations. More jobs will move overseas. Reflexive anti-business policies to appeal to the left-wing, progressive base of the Democratic Party could end up hurting American workers who the Democrats claim they want to help.

The president’s proposed Fiscal Year 2025 budget also includes a 25 percent tax on the wealth of individuals – i.e., on the total value of assets – exceeding $100 million. This likely unconstitutional new tax would be imposed on the market value of unsold assets.

President Biden’s latest proposed budget is wealth redistribution on steroids, which feeds the class warfare he continues to foment to please his left-wing, progressive base.