“Biden’s expansive vision is about more than vastly increasing spending, but let’s start there because the numbers are simply staggering. He’s proposing $11 trillion in brand new spending over the next decade, according to the Manhattan Institute’s Brian Riedl. Big-ticket new items include $1.4 trillion to expand Obamacare; $2 trillion on his version of a Green New Deal; jacking Social Security and Supplemental Security Income by $1 trillion; and goosing spending on preschool, K-12, and higher education by $1.5 trillion. Biden has also signed on to a $3.3 trillion stimulus spending plan pushed by House and Senate Democrats.
All of this new spending would be layered on top of an existing annual federal budget that has swelled to nearly $7 trillion in fiscal year 2020, from a record-high yet relatively cheap $4.4 trillion in 2019. To pay for this new largess, Biden has laid out $3.6 trillion in tax hikes over the coming decade, resulting in what Riedl says is “the largest permanent tax increase since World War II.” Much of the new revenue would come from boosting corporate income taxes back to what they were before Republicans lowered them during Trump’s first year in office. Yet despite all the hikes, Biden would still manage to increase the national debt”
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“Pick any page of his campaign website’s extensive “vision” section and you’ll find endless proposals to tinker with everyday life and employment. He pledges to “aggressively pursue employers who violate labor laws, participate in wage theft, or cheat on their taxes by intentionally misclassifying employees as independent contractors” and also to “establish an Environmental and Climate Justice Division within the U.S. Department of Justice.” What sort of bureaucracy do those sorts of things require? The same sorts of questions are raised by his on-again, off-again endorsement of a federal mask mandate.”