Joe Biden’s $11 Trillion Plan To Bankrupt America – By Nick Gillespie (Reason) / Nov 9 2020
The president-elect promised record levels of spending and taxes on the campaign trail. Will he succeed?
“John Kerry ran on [spending] $2 trillion [extra] over 10 years. Barack Obama ran on $1 trillion, Hillary on $2 trillion. Biden? $11 trillion,” says Brian Riedl, a budget expert at the Manhattan Institute. Riedl notes that the president-elect also stumped for $3.6 trillion in new taxes over the coming decade, which would be the single-largest increase since World War II.
“This is the Bolsheviks vs. the Mensheviks,” he continues. “The Mensheviks are the moderates, but we’re all so far to the left right now. It used to be a trillion-dollar policy would shock people, and now a trillion-dollar policy gets laughed at for being insufficient.”
Joe Biden’s ambitious fiscal policy and his promises to beef up labor and environmental regulations are the reasons why The Washington Post called his platform “more liberal than that of every past Democratic nominee.” Given that the former vice president and senator will almost certainly face a Republican Senate and inherit a weakened Democratic majority in the House of Representatives, it remains to be seen what sort fiscal policy he will try to enact, much less be able to pass. In fiscal 2020, the federal government spent $6.6 trillion and posted a $3.1 trillion deficit, potentially setting staggeringly high new baselines for both.
Continue > https://reason.com/video/2020/11/09/joe-bidens-11-trillion-plan-to-bankrupt-america/
