In less than 48 hours, we should know who’s going to lead our country for the next 4 years. The most critical topics for this year’s election include everything from the pandemic to the economy.
And in terms of the economy, Democratic presidential nominee Joe Biden believes he has a plan that will greatly benefit America. And his supporters trust his vision.
But a recent report suggests Biden’s economic plan is seriously flawed.
According to a new report from the Manhattan Institute, the Democratic candidate’s plan, which involves healthcare, social security, and the infrastructure, will cost the country a pretty penny.
Furthermore, experts are saying the U.S. will still have to deal with the debt it has accumulated over the past few decades.
This, combined with Biden’s ideas, could prove disastrous for the stability of the economy.
Via The Daily Caller:
Democratic presidential candidate Joe Biden’s economic proposals would increase federal spending by $11 trillion over the next 10 years, increasing the deficit and potentially leading the U.S. toward a debt crisis, experts said.
The October 2020 budget report said tax revenue is expected to increase by $3.6 trillion in ten years, and the Biden administration would face a deficit increase of $7.4 trillion by 2030.
Manhattan Institute senior fellow Brian Riedl said these policies “are going to endanger the economy in the long term.”
He added that we’d see the “biggest tax increase since the end of World War II,” along with more regulation and a higher minimum wage. And all of this will hit the economy hard.
Big-ticket items in Biden’s plans carry some pretty outlandish numbers.
For instance, there’s the $2.4 trillion Health and Economic Recovery Omnibus Emergency Solutions act, which is the stimulus package Democrats have already endorsed.
Then Biden wants to push a $2 trillion climate and infrastructure initiative, along with a $1.5 trillion healthcare expansion. These three plans alone amount to nearly $6 trillion.
Most recently, the Democratic presidential hopeful came under fire for his proposal to make state college free. In a “60 Minutes” interview last month, he said it would cost $750 billion.
But his campaign was forced to correct that number — as it turned out, Biden dramatically underestimated the overall cost of this plan.
Given that, many citizens might wonder: what else is Biden underestimating with his plans? The numbers are already gigantic; are the real numbers even more outrageous?
Voters will have to make their decision soon (if they haven’t already), and this new report could sway some individuals if they’re on the fence. The economy is indeed a top priority moving forward.
Key Takeaways:
- According to a new report, Joe Biden’s economic plan will increase spending by $11 trillion in the next 10 years.
- Experts are saying this could seriously “endanger the economy in the long term.”
- Biden wants to push high-cost plans like the $2.4T stimulus package and the $2 trillion climate and infrastructure initiative.
Source: The Daily Caller
