Sunday, April 14, 2024

Biden plans to focus on popular economic ideas in his yearly budget as the general election season begins

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On Monday, President Joe Biden will share his yearly budget plans. This is a big deal because it’s a way for him to tell people what he wants to focus on and get their support, especially from those who are not happy with how things are going in the country.

The budget is like a list of things the government wants to spend money on. Biden’s team says it will help the middle class, and they are talking about it while he travels to important states for the upcoming elections. In his recent speech, he promised to help regular people and pointed out differences with other politicians, especially the Republicans and the possible Republican candidate, Donald Trump.

Even though many people aren’t happy with how Biden is managing the economy, his budget plans include ideas that he thinks will make people like him more. For example, he wants to make rich people and big companies pay more taxes. He also wants to make medicines cheaper. These are things that many people care about, but getting these ideas approved by Congress might be tough because not everyone agrees on them.

The budget Biden is sharing on Monday talks about making things cheaper for families, supporting American businesses, and making sure older people have enough support. It also talks about reducing the amount of money the government owes. The plan suggests raising taxes for big companies, stopping them from moving their profits around too much, and making billionaires pay a minimum of 25% in taxes. The White House says this would save a lot of money over the next 10 years and help middle- and low-income families by cutting their taxes.

Biden’s budget also includes ideas for a national paid leave policy and better research on cancer. Some of these ideas are not new; they were in previous plans he shared.

It’s important to know that the president’s budget is more like a wish list. It shows what he wants to do, but not everything might happen because Congress, where the decisions are made, has different opinions. Right now, Republicans control one part of Congress, and Democrats have a small majority in the other part. This means it could be hard for Biden to get everything he wants approved.

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