Whenever Donald Trump leaves office, he will go down in history as the biggest spending president in U.S. history.
That is, unless Joe Biden wins in November. Then, if Biden gets his way with his spending plans, Trump’s record will quickly disappear as the former vice president gives new meaning to the term “overspending.”
Biden’s spending plans are massive: $2 trillion to save the earth from climate change, $775 billion to care for Americans, literally, cradle to grave. And that’s just for starters.
The spending – taking place over 10 years – would represent a significant increase in the overall federal budget. The government spent $4.1 trillion in all of 2018 and $4.45 trillion in 2019, according to the Congressional Budget Office (CBO) and Office of Management and Budget (OMB). That number, however, is likely to be much higher for 2020 and 2021 due to coronavirus relief spending, which by itself has alarmed fiscal hawks.
President Trump has also faced criticism from budget watchdogs for his role in soaring deficits – fueled by historic spending as well as big tax cuts. But his campaign warns that his Democratic opponent would only accelerate the spending.
“As Biden’s unaffordable left-wing agenda gets more expensive by the day, it’s obvious why he plans to raise taxes on the middle-class,” Trump campaign rapid response director Andrew Clark said in a statement. “In addition to being gut-punched by Biden’s tax hikes, Americans will have to grapple with Biden’s war on energy, which will cause higher gasoline and electricity prices while decimating millions of energy jobs.”
But don’t worry. The “rich” will pay for it.
In addition to cradle-to-grave care and making America safe for renewable energy, the list of spending programs announced by Biden is impressive.
- $1.3 trillion for infrastructure
- $750 billion for health care
- $750 billion for higher education
- $700 billion for Biden’s “Buy American” plan
- $640 billion for housing
- $125 billion for Biden’s opioid plan
- $30 billion for criminal justice reform
- $750 billion for preschool and K-12 education, according to the CRFB (excluding $100 billion for investments in public school buildings that are already included in the infrastructure plan)
- Between $270 billion and $380 billion for paid family leave, according to CRFB estimates on a similar proposal from Sen. Bernie Sanders, I-Vt
The campaign confidently predicts at least some of the spending will be offset by new revenues. Biden wants to repeal some Trump tax cuts as well as reduce “incentives for tax havens, evasion and outsourcing; ensuring corporations pay their fair share; closing other loopholes in our tax code that reward wealth, not work; and ending subsidies for fossil fuels.”
Yadayadayada. We’ve heard this before and the promise to pay for increased spending always — always — ends up being empty words.
Once Democrats get control of the government printing press, there will be no stopping them. Any tax increases will be immediately shoveled out the door to citizens eager to share in this bounty. They won’t be used to reduce the deficit or even pay for all the new programs. The tax increases will be added to the spending plans.
After all, what’re a few zeroes between friends?
Your best bet in the Biden era is to quit your job and take all the benefits the government is going to give you. If Joe Biden becomes president, anyone who works is a chump. Better to get your goodies while you can because the chances of financial catastrophe are only going to grow.