Biden’s presidency would add $ 11 billion to national debt – Dateway

If Joe Biden were to be elected, his presidency would cost U.S. taxpayers $ 11 trillion, according to a study by the Manhattan Institute for Policy Research.

The 501 Conservative found that Biden’s proposals on social security, healthcare, climate and infrastructure could plunge the United States into a debt crisis.

Speaking to the Daily Caller, report author Brian Riedl noted that “the policies he proposes will endanger the economy in the long run,” adding “$ 4 trillion in new taxes, the strongest tax increase since the end of the world. World War II, plus $ 11 trillion in new spending, certainly more regulation, a higher minimum wage. All of this will weaken the economy. “

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 explanation of how the costs will be covered, other than tax hikes, which he says will target large companies.

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The numbers were calculated using numbers 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 the interest charges end up burying us. When you borrow so much money, all it takes is a slight increase in interest rates to completely bury the federal budget. “

“At the end of the day, we are going to face a calculation that requires either major reforms of programs like social security and medicare or a possible doubling of taxes for the middle class,” Riedl warned, saying that ‘”There really is no third option.”

“The worst-case scenario is that politicians keep pouring gasoline on the fire by enacting more spending, which only accelerates a debt crisis,” Riedl urged.

Under President Trump, the deficit has stayed below $ 1 trillion every year. However, it is expected to increase to almost 4 times that this year due to coronavirus-related spending.

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