If Joe Biden were to be elected his Presidency would cost American taxpayers $11 trillion dollars, according to a study by The Manhattan Institute for Policy Research.
The conservative 501 found that Biden’s proposals on social security, health care, climate and infrastructure could plunge the US into a debt crisis.
Speaking to the Daily Caller, author of the report Brian Riedl noted that “The policies he’s proposing are going to endanger the economy over the long term,” adding “$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.”
— Manhattan Institute (@ManhattanInst) October 1, 2019
Biden has proposed $2.4 trillion in coronavirus stimulus spending, as well as $2 trillion for climate and infrastructure, and a $1.5 trillion health care expansion. It is estimated that education spending will amount to $750 billion under Biden, which includes a free college plan.
Biden has offered little in the way of explaining how the costs will be covered, other than tax hikes, which he claims will be targeted at large corporations.
Bets are in, and the odds look heavily in Trump’s favor and it’s because the betting tables have all the right data.
The numbers were crunched using figures from Biden’s campaign website, the Committee for a Responsible Federal Budget and the Congressional Budget Office.
“It’s absolutely unsustainable,” Riedl noted adding that “The danger is that eventually the interest costs will bury us. When you borrow that much money, all it takes is a small increase in interest rates to completely bury the federal budget.”
“Ultimately, we’re going to face a reckoning that requires either significant reforms to programs like Social Security and Medicare, or a possible doubling of middle class taxes,” Riedl warned, declaring that “There’s really no third option.”
“The worst case scenario is that politicians continue to pour gasoline on the fire by enacting even more spending, which just accelerates a debt crisis,” Riedl urged.
Under President Trump, the deficit has remained under $1 trillion each year. However, it is projected to jump to almost 4 times that this year due to coronavirus spending.