Some emergencies require an increase in government spending, but that comes with an understanding that the higher levels of spending are unusual and will not be sustained. Unfortunately, this understanding seems to be lost on the Biden administration. Exhibit A is his proposed $6 trillion budget for Fiscal Year 2022 and the accompanying huge budget deficits on the books for the next decade.
Take the latest news that the FDA is thinking about requiring tobacco companies to lower the nicotine in all cigarettes sold in the United States. Its goal is to fight nicotine addiction. The paternalists at the FDA are also considering whether this proposal should be paired with a ban on menthol products.