The U.S. economy, after the 2020 spring lockdowns from the Coronavirus, has been staging a surprisingly robust rebound. The U.S. added more than 11 million jobs in six months. Nevertheless, Joe Biden is calling for another historic surge in federal spending.
The Committee for a Responsible Federal Budget has found that even without taking into account any new COVID spending, the Biden agenda would drive enormous increases in federal outlays, reports the WSJ.
In terms of details, we estimate Biden would spend $2.70 trillion on child care and education, $2.05 trillion on health care, $1.15 trillion on Social Security, Supplemental Security Income (SSI), and retirement, and $4.45 trillion on infrastructure, environment, and other domestic spending under our central estimate. We also estimate that Biden’s defense and immigration policies would save $750 billion, while his tax policies would raise $4.30 trillion and interest costs would increase by $300 billion.
A Biden Senate Majority Hinges on Georgia
Why did Democrats select Joe Biden to be their presidential candidate this year? Because he was the non-Marxist alternative to socialist Sen. Bernie Sanders of Vermont, provides the WSJ’s James Freeman.
But just because Mr. Biden was the relative moderate among leading candidates for his party’s nomination doesn’t mean he will govern from the center. If, as expected, Mr. Biden is certified as the winner of this year’s presidential election, taxpayers should prepare for the worst.
And Georgia voters should think twice before handing his party a Senate majority via two upcoming run-off elections. Both Mr. Biden’s campaign agenda and his experience as vice president suggest that still another rapid increase in federal spending is on the horizon.