Headline: "Absolutely Unsustainable": Joe Biden’s plans would increase spending by $11 trillion over 10 years, report says
What's Up: During his campaign rallies, Joe Biden is often heard quoting from "experts" he claims believe his plan for taxing the wealthy and transitioning away from fossil fuels will lead to millions of new and better jobs and a more prosperous country. Biden's statements are in conflict with the economists at the Manhattan Institute who calculate the the costs to the country will be significant.
Quote: "'$4 trillion in new taxes, which is the biggest tax increase since the end of World War II, as well as $11 trillion in new spending, certainly more regulation, a higher minimum wage. All of that is going to weaken the economy.'" Brian Reidl of the Manhattan Institute to the DailyCaller.com
The First take: Biden's "tax and spend" plan is typical of what we have seen from Democrats for decades. We hope the Trump campaign deploys the number crunching here. Thanks to the pandemic, we are in a very deep hole with debt increasing at levels not seen before. That debt must be dealt with eventually. And, you can't get out of a hole by digging deeper. |
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