Joe Biden Promises to Create New Spending in the Amount of seven trillion dollars over a ten year period. He claims it will come from the increased taxes on the rich, however, those taxes will only bring in $4 trillion. Guess who will pay the other $3 trillion.
That seven trillion is three times as much as Hillary proposed in 2016.
Considering the things that Biden is intending on putting into place if elected, it will be like sinking cash down a rat hole. He is proposing a fortune in Social Justice spending.
This does not include the number of lost jobs the economy will see if Biden is elected and raises taxes as high as he says he will.
When a Democrat promises to raise taxes is the only time you can take them at their word. No Democrat has ever broken that promise.
In Biden’s plan that money is going to be spent addressing inequities in our finance system.
Seven trillion is a whole lot of money and if you don’t believe you will be paying through the nose for a Biden presidency, you are in for a huge surprise. That is if you still have a job when Biden is through.
Hillary’s plan would have spent $2.2 trillion and would have let many more migrants into the country. Under Biden, there would no longer be a border at all.
The Wall Street Journal reported :
Mr. Biden’s plan to address what he frequently calls “systemic racism” is grafted onto nearly all aspects of the $7 trillion-plus in new federal spending that the former vice president has proposed for the next 10 years, according to campaign and think-tank estimates. That is triple the new spending that Democratic nominee Hillary Clinton proposed in her 2016 campaign for president.
The Biden campaign has specified about $4 trillion in tax increases to help pay for his proposals, chiefly by raising rates on corporations, investments and high earners. President Trump has warned the big tax hikes would snuff out any signs of economic recovery from the coronavirus downturn. Other critics worry the plans will exacerbate the record government deficits resulting from Mr. Trump’s 2017 tax cuts and the massive pandemic spending.