Critics blast Biden's claim $3.5 trillion spending bill costs 'zero'

"The $3.5 trillion in spending and tax credits combined with at least $2 trillion in tax hikes will add to the debt and have a tremendous cost to the economy and to the health of American families," David Ditch, a budget expert at the Heritage Foundation, said.

"Contrary to Biden, $3.5 trillion more government spending would likely cost the private economy not just $3.5 trillion but probably more than that. That's because extracting every additional $1 of taxes causes about $1.50 of damage or 'deadweight losses' to the private economy. When taxes rise, individuals and businesses reduce their productive activities and private output falls." The overall price tag has been a key sticking point for Democratic Sens.

"These are not indications of an economy that requires trillions in additional spending," Manchin said.

"Every elected leader is chosen to make difficult decisions. Adding trillions of dollars more to nearly $29 trillion of national debt, without any consideration of the negative effects on our children and grandchildren, is one of those decisions that has become far too easy in Washington. Given the current state of the economic recovery, it is simply irresponsible to continue spending at levels more suited to respond to a Great Depression or Great Recession - not an economy that is on the verge of overheating." Biden's comments drew sharp pushback from Republican lawmakers.

"Joe Biden thinks his $3.5 trillion spending bill will cost 'zero dollars,'" U.S. Rep. Jim Jordan, R-Ohio, said.

"Some new government spending may be worth more than the private spending it displaces, but I have not seen any detailed cost-benefit analyses showing that is the case with the Democratic plans," Edwards said.

"Democrats are simply guessing that their new spending is higher value than the private spending it will displace, but there is little or no evidence of that. Besides, if there was new, high-value spending that the government could do, then it would more efficiently be handled by state governments, not the horribly mismanaged federal government."

https://justthenews.com/nation/states/critics-pan-bidens-claim-35-trillion-spending-bill-costs-zero