President Biden released his 2024 budget request Thursday while continuing to accuse Republicans of scheming to cut benefits for seniors. But he’s got it backward. By advancing policies that hinder the economic growth that drives prosperity, Mr. Biden and his Democratic colleagues are the ones depriving Social Security and Medicare of the hundreds of billions of dollars those programs need to remain solvent.
Economic growth has worked miracles, producing new technologies, sharply reducing world poverty, and inventing the concept of retirement—a stage of life that previous generations never enjoyed. The Biden budget’s degrowth agenda would sacrifice all that in pursuit of vaguely defined social and environmental goals. It’s no coincidence that real wages have fallen during his administration while real investment returns have turned negative. Retirement savings plans have lost $4 trillion in value since Mr. Biden’s inauguration, according to a report by the Committee to Unleash Prosperity.
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