Our first thought when seeing Joe Biden’s $7.3 trillion budget proposal was that he must have transposed the numbers and meant $3.7 trillion. But then we remembered reality and our own warnings from four years ago — that “emergency” COVID spending would create a new floor for federal spending, and there would be no looking back.

When Biden took office, the national debt was $27.7 trillion, but here we are, $34.5 trillion in debt and counting, and all President Fiscal Responsibility wants to do is tax more and spend even more than that.

His budget represents an 18% increase over two years, and he’s proposing massive deficits as far as the eye can see. He wants spending to reach nearly 25% of GDP on federal outlays, which is a major increase over the 21% average of his 50 years in Washington. It’s also a lot more than tax revenue will provide — even at roughly 20% of GDP, which is far higher than the 50-year average of 17.3%.

Biden wants almost $5 trillion in tax hikes, yet that won’t even begin to fund his spending plans. This is the same guy who doubled the deficit last year and then boasted five times in his State of the Union address last week that he had “cut the deficit.” Heck, he’s got the gall to claim this budget proposal cuts the deficit by $3 trillion in 10 years. From what alternate reality?

The good news in this case is that presidential budgets never become law. The bad news is that Congress’s final product is rarely much better.

Presidential budgets do, however, signal White House priorities and Biden’s campaign talking points. Biden’s priority is to undermine America at home and abroad. He’ll punish the wealthy and the innovative through massive tax increases. He’ll reward the lazy with unsustainable entitlement spending. And he’ll weaken America at a critical moment by underfunding one of the few things authorized by the Constitution: national defense.

Thanks to the 40-year high inflation Biden ignited with his initial spending bonanza, his miserly 1% increase to the defense budget actually functions as a cut in real spending power and military might. Maybe he thinks our military recruiting woes are a reason to save a few bucks.

Even so, that’s a funny way to set priorities for a guy who just last week told us that the two biggest threats to democracy in the entire world are Russia and MAGA voters.

Regardless, the U.S. will spend more this year servicing the debt ($890 billion) than defending the nation ($850 billion). In case you’re wondering, the two big earned entitlements, Social Security and Medicare, will cost a combined $2.4 trillion this year alone, or roughly the size of the entire federal budget in 2005.

“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,” House Speaker Mike Johnson and other GOP leaders said in a statement. “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.”

That’s exactly right. The 33% corporate tax hike he wants (from 21% to 28%) will yield higher prices and lower wages, which will hit hardest among consumers and workers who make less than $400,000 — the very people he promises not to tax. And the big giveaway he touted in his SOTU was a $5,000 tax credit for buying homes. That would increase demand for houses without increasing the supply of homes for sale, yielding — wait for it — higher prices.

People’s eyes tend to glaze over when the federal budget comes up, but make no mistake; it has real consequences for your budget. Joe Biden has cost us all a lot of money.