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11 Trillion Reasons To Fear Joe Biden's Presidency
The former vice president's vision of an all-powerful government goes far beyond massive spending and tax hikes.
reason.com
He's proposing $11 trillion in brand new spending over the next decade, according to the Manhattan Institute's Brian Riedl. Big-ticket new items include $1.4 trillion to expand Obamacare; $2 trillion on his version of a Green New Deal; jacking Social Security and Supplemental Security Income by $1 trillion; and goosing spending on preschool, K-12, and higher education by $1.5 trillion. Biden has also signed on to a $3.3 trillion stimulus spending plan pushed by House and Senate Democrats.
All of this new spending would be layered on top of an existing annual federal budget that has swelled to nearly $7 trillion in fiscal year 2020, from a record-high yet relatively cheap $4.4 trillion in 2019. To pay for this new largess, Biden has laid out $3.6 trillion in tax hikes over the coming decade, resulting in what Riedl says is "the largest permanent tax increase since World War II." Much of the new revenue would come from boosting corporate income taxes back to what they were before Republicans lowered them during Trump's first year in office. Yet despite all the hikes, Biden would still manage to increase the national debt (and thus depress long-term economic growth) by about $5.6 trillion between 2021 and 2030, according to the Committee for a Responsible Federal Budget.
Yup. Prepare for massive spending and tax increases. This is the hell the dems will be putting forth. CA and NY is already out of cash because of dem leadership, and so will the rest of America.
I voted LP, but if you dont like third parties, then vote Trump- anything but Creepy Joe.