Biden socialist plans, addressing issues from climate to elder care, near $10 trillion price tag

This is how you know that Joe Biden is desperate for Bernie Sanders voters. Joe Biden will finish this country if elected POTUS. Naturally Biden wouldn’t dare take any questions from the MSM at a recent campaign event. And then the members of the MSM applaud him for crying out loud. President Trump better destroy this man on the debate stage. We need the presidential debate equivalent of Tyson vs Spinks in 1988.

Joe Biden’s economic plan is a massive tax hike on 82% of Americans.

No wonder he refused to take questions.@realDonaldTrump is the Jobs President and we need him for 4 more years! pic.twitter.com/l7dlFST6Bv

— Ronna McDaniel (@RonnaMcDaniel) July 22, 2020

Biden plans, addressing issues from climate to elder care, near $10 trillion price tag

By Fox News, July 23, 2020

Joe Biden, through his presidential campaign, is proposing over $8 trillion in new spending on a variety of programs – an ever-increasing tally that rises to around $10 trillion based on some estimates.

The hefty price tag counts several of his most expensive plans, including a $2 trillion climate plan and a $775 billion program for universal preschool, and expanded child care and in-home elder care that was announced on Tuesday.

The spending – taking place over 10 years – would represent a significant increase in the overall federal budget. The government spent $4.1 trillion in all of 2018 and $4.45 trillion in 2019, according to the Congressional Budget Office (CBO) and Office of Management and Budget (OMB). That number, however, is likely to be much higher for 2020 and 2021 due to coronavirus relief spending, which by itself has alarmed fiscal hawks.

President Trump has also faced criticism from budget watchdogs for his role in soaring deficits – fueled by historic spending as well as big tax cuts. But his campaign warns that his Democratic opponent would only accelerate the spending.

“As Biden’s unaffordable left-wing agenda gets more expensive by the day, it’s obvious why he plans to raise taxes on the middle-class,” Trump campaign rapid response director Andrew Clark said in a statement. “In addition to being gut-punched by Biden’s tax hikes, Americans will have to grapple with Biden’s war on energy, which will cause higher gasoline and electricity prices while decimating millions of energy jobs.”

By more conservative estimates from Biden’s campaign – and the nonpartisan spending watchdog Committee for a Responsible Federal Budget (CRFB) in cases where Biden’s campaign does not provide estimates – Biden has proposed at least $8.09 trillion in new spending.

This includes:

• $2 trillion for climate
• $1.3 trillion for infrastructure
• $750 billion for health care
• $750 billion for higher education
• $700 billion for Biden’s “Buy American” plan
• $640 billion for housing
• $125 billion for Biden’s opioid plan
• $30 billion for criminal justice reform
• $750 billion for preschool and K-12 education, according to the CRFB (excluding $100 billion for investments in public school buildings that are already included in the infrastructure plan)
• Between $270 billion and $380 billion for paid family leave, according to CRFB estimates on a similar proposal from Sen. Bernie Sanders, I-Vt.
• $775 billion for universal preschool, expanded child care and in-home elder care

That would be offset partially by some revenue-raising measures, including reversing some Trump tax cuts, but the Biden plans would still almost certainly end up increasing the federal deficit. The Wall Street Journal estimated that the candidate’s proposals would raise about $4 trillion in revenue as compared with about $7 trillion in spending. Its estimate was made before the release of the preschool, child care and elder care proposal announced Tuesday and does not count Biden’s climate plan.

 

 

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Michael Goldman

3 years ago

The money is coming from WHERE exactly?

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