Commentary  President Joe Biden’s proposed 2023 budget includes new spending, new debt, and higher taxes. The plan comes with the same old promises of how these policies will “help the economy.” It won’t help. If passed, the current runaway inflation will be only the first step toward reducing Americans’ living standards and sending the economy on a painful downward path. Putting the current budget proposal in perspective, Biden’s plan calls for spending $5.8 trillion in fiscal 2023. With revenues estimated to reach $4.6 trillion, the federal deficit will add $1.2 trillion in borrowing. This follows deficits of $7.3 trillion over the previous three years. The compounding effect of these deficits along with interest on that debt is driving the nation even deeper into debt. Year           Federal Spending       Tax Receipts               Deficit              Outstanding Debt 2019           $4.4                             $3.5                             $1.0                 $22.7 2020           $6.6                             $3.4                             $3.1                 $26.9 2021           $6.8                             $4.0                             $2.8                 $28.4 2022           $5.9                             $4,4                             …