That's a 36% rise above the pre-pandemic spending of $4.4 trillion in 2019.
By 2031, the Biden plan sees spending of $8.1 trillion, while annual deficits will remain above $1.3 trillion every year for all 10 years.
Which will require massive tax hikes on future generations to pay off, is merely a symptom of the most dangerous part of Biden's plan: Spending.
So more federal spending inevitably equals less economic output and more political cronyism and corruption, as example after example around the world shows.
The mistaken deep premise behind the idea that government spending boosts the economy is that money spent by the government is somehow "Free." It isn't.
In case you're wondering, last year, government spending hit an all-time high of 44% of GDP, according to Trading Economics, well above the 37% average of the last 50 years.
Biden's planned spending boom means stagnant growth, fewer jobs, higher prices, less innovation and lower standards of living.
https://issuesinsights.com/2021/05/28/bidens-wild-spending-binge-its-socialism-not-stimulus/
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