11 Trillion Reasons To Fear Joe Biden’s Presidency
By my calculation, there are at the very least 11 trillion reasons to worry about Democratic presidential contender Joe Biden. He’s the odds-on favorite to beat incumbent Donald Trump on November 3. Not only is the former vice president likely to win, but FiveThirtyEight predicts Democrats have a 74-in-100 chance of taking the Senate while holding the House of Representatives, meaning that he will have a great opportunity to deliver on all of his campaign promises, which add up to a mind-blowing total of $11 trillion in new federal spending over the coming decade. His “platform is more liberal than that of every past Democratic nominee,” writes The Washington Post.
That’s bad news not just for the economy but for a wide range of libertarian concerns about things such as individual autonomy, free speech, school choice, and gun rights. In last week’s debate with Trump, Biden warned that we are entering a “dark winter.” He was talking about rising COVID-19 cases, but his own platform is likely to keep us at home, out of work, and in a bad place for a long time to come.
Biden’s expansive vision is about more than vastly increasing spending, but let’s start there because the numbers are simply staggering. 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.
Despite Biden’s claims that no one in a household making under $400,000 a year would pay one red cent more in taxes, it’s inevitable that everyone will feel the pinch. First, notes Richard Rubin in The Wa
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