https://www.newswars.com/bidens-6-trillion-budget-will-raise-federal-spending-to-highest-post-ww2-level/
US stock futures soared Thursday morning as President Biden unveiled his first federal budget, which calls for the government to spend $6 trillion in the 2022 fiscal year, with total annual spending set to increase to $8.2 trillion by 2031.
Stocks initially knee-jerked higher, then retreated on the headlines reporting the proposed budget, which Biden can pass through the Senate using budget rules that allow Dems to circumvent the filibuster. According to the NYT, it calls for the highest sustained levels of federal spending since World War II.
Treasury yields also climbed on the news, which raised expectations for more Treasury supply.
According to the NYT, the increase in federal spending, which follows both the COVID stimulus and Biden’s “Build Back Better” infrastructure plans, will be driven by “Biden’s two-part agenda to upgrade the nation’s infrastructure and substantially expand the social safety net, contained in his American Jobs Plan and American Families Plan, along with other planned increases in discretionary spending.”
With Biden expected to raise taxes and increase spending on tax enforcement, the annual deficits in Biden’s budget projections wouldn’t start to wane until the 2030s. Meanwhile, Biden’s “ambitions to wield government power to help more Americans attain the comforts of a middle-class life and to lift U.S. industry to better compete globally in an economy the administration believes will be dominated by a race to reduce energy emissions and combat climate change.”
Under Mr. Biden’s proposal, the federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic recession to grow at what the administration predicts would be its fastest annual pace since the early 1980s. It would recede slightly in the following years before growing again to nearly $1.6 trillion by 2031.
Total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031. By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record.
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https://www.newswars.com/california-rolls-out-scannable-vaccine-card-wristbands/
A new wearable device indicating vaccination status is being rolled out in California.
Thousands of units of the wristband, called the ImmunaBand, have already been sold in San Diego the since it was introduced a few weeks ago.
“If we had something where you can say, ‘Hey, I support the vaccine effort, I’ve been vaccinated, I’m safe to be around,’ then that would help us as we start to open back up,” said Dr. Toshof Bernton, inventor of the Immunaband.
