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.
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.
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.
Despite all the hikes, Biden would still manage to increase the national debt by about $5.6 trillion between 2021 and 2030, according to the Committee for a Responsible Federal Budget.
Worse still, the new levies, along with a bevy of new regulations on energy, health care, and more that Biden has promised, will almost certainly stall the economy big time.
Analysts at the Hoover Institution calculate, according to Reason's Billy Binion, "That over the next decade, these changes would prompt the economy to shed 4.9 million jobs and the gross domestic product to drop $2.6 trillion." And in the year 2030, "U.S. consumption would be down $1.5 trillion and median-income households would make $6,500 less." Using the Hoover study as a guide, the economic conservatives at The Wall Street Journal's opinion page take pains to note that Biden's plan won't tank the economy overnight.
https://reason.com/2020/10/27/11-trillion-reasons-to-fear-joe-bidens-presidency/
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