Wednesday, August 26, 2020

How Much Would Joe Biden's Spending Proposals Cost?

Joe Biden
Washington Post economics columnist Robert J. Samuelson added up the cost of what Joe Biden's spending proposals, which he announced during his Democratic Party National Convention speech, would cost.

Here is what he came up with:
The additional 10-year spending totals $7.74 trillion. Here's a breakdown:

1. More economic stimulus: $2 trillion

2. Health care: $1.5 trillion

3. Climate change: $2 trillion

4. K-12 schools: $850 billion

5. Higher edcuation: $750 billion

6. Housing: $640 billion

TOTAL: $7.74 trillion

But wait, we're not finished yet. To these costs ought to be added the projected budget deficits under existing policies. For the period from 2021 to 2030, CBO figures that's another $13 trillion. The grand total comes to $20.7 trillion (the $13 trillion plus the $7.7 trillion).
This is, of course, positively mad government spending that distorts the economy. It does not, of course, absolve President Trump who is on his own mad spending spree.

We are in a mad mad world where the masses are clueless as to the economic destruction that is going on with this kind of government spending. If they understood what it means there would be 24-hour protests across the country.

Politicians, the Treasury and the Federal Reserve are running a big con. With theoretical support from Stephanie "Deficits Problems are a Myth" Kelton. It is going to result in a dramatic lowering of the standard of living for most.

You are going to have to be sharp and quick not to be part of the damaged masses---regardless of who wins the November election.


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