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Biden Would Crush the Economy with Trillions in New Taxes

(PJ Media) An unrepentant old-school liberal, Joe Biden would crush the economy with three trillion dollars worth of new taxes and five trillion dollars in new spending.

A new study released on Monday by the Penn Wharton Budget Model (PWBM) argues that this is a good thing.

According to The Hill:

“At the end of the day, they actually decrease debt because they do have significant revenue raisers,” Richard Prisinzano, director of policy analysis for PWBM, said in an interview with The Hill. “And the economy is more productive. As we put in things like education and infrastructure, workers become more productive, and that gives a boost to the economy.”

If the U.S Treasury had one dollar for every dollar we spent that was promised to increase productivity but was just, you know, spent, then the Treasury would be sitting on a $26 trillion surplus instead of a $26 trillion deficit.

Approximately, of course.

What Team Biden and the PWBM conveniently ignore is that our nation’s decades-long history of annual increases for per-federal spending on education per pupil has actually had zero impact on student test scores…

A hypothetical Biden administration says it will devote more money to infrastructure (as President Donald Trump already has), but no doubt Biden’s spending would be in line with Green New Deal priorities he endorsed to win the hearts and minds of his party’s radical watermelon wing.

California has followed a similar path over the last two decades, neglecting necessary infrastructure spending on roads, power generation, and water projects. Instead, they’ve spent billions on “green” energy sources and the infamous high-speed train to nowhere.

As a result, California’s once-fertile interior enjoys near-permanent drought conditions, the state’s highways are among the nation’s worst, and millions of residents can’t get enough electricity to run the A/C on the hottest days when they need it most.

Biden would bring California’s mislaid priorities to the nation at large.

[Read more…]

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