ANALYSTS: Biden’s Budget Would Shrink Economy

Gage Skidmore Flickr

Analysts have reported that Joe Biden’s proposed budget will likely shrink the economy over the next few decades.

According to The Daily Wire:

Economists project that President Biden’s first budget proposal would cut economic output by 1.5% over the next three decades if enacted.

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A report from Penn Wharton Budget Model — a project of the University of Pennsylvania’s Wharton School that evaluates public policy for fiscal impacts — suggests that the Commander-in-Chief’s budget would establish $6.1 trillion in new spending over the next decade, while only raising $3.9 trillion.

Relative to current law, the deficit spending would therefore cut gross domestic product — the amount of final goods and services produced by the United States within a given year — by 1.5% over the next three decades.

Under the current version of President Biden’s budget, the federal government would raise most of the $3.919 trillion through the following provisions…

Tax compliance and registration portion of it alone would cost the economy $480 billion.

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Jawad
Jawad
1 year ago

Thirty years? Hell, I would believe it in a heartbeat. Old Joe Blow thinks only of (1) Himself and (2) His Party’s demented, irresponsible agenda. About the American people out in the heartland he gives not a rat’s posterior.

W.W.J.D.
W.W.J.D.
1 year ago

Joe Biden Has Dementia So Bad You Can see It In His Eyes His Face It Shows Even In His Thinking . Yet Know One Is Doing Anything About It . Joe Biden Should Be Place In A Nursing Home Where He Can get Medical Help . Instead Of These Democrats Using A Sick Person To get Their Way Is Wrong , Even Joe Biden Son And Wife Are Using His Power For Their Own Gain . A Druggie For A Son And A Spend Freak For A Wife Lets Not For Get About These Other Democrats Who Are Filling Their Pockets With Money And Power . Not One Of Then Even Care About The USA OF AMERICA OR THE USA PEOPLE . The USA Has Become Nothing since Biden Has Been In Office . The USA Has Falling And Has Know Respect . I Pray For These Sinful People In Office . Nancy Pelosi – Joe Biden – Obama’s – Clinton’s – Omar – Psaki – Harris – And Every Democrats That Is Up Holding What Joe Biden Is Doing … Your The Reason Why The USA OF AMERICA Is The Way It is Now Days And Times , It Is Only Going To Get Worst …. The USA IS NOT GREAT Any More . Joe Biden And Obama And The Rest Of These Democrats Has Sold The USA OUT To Terrorist Country’s . God Almighty Help The USA Of America

rusell
rusell
1 year ago

I hate illegals and this one is destroying America

JimNH61
1 year ago

Well, for you people old enough, that’s what we thought when Jimmy carter (1977-1980) obliterated the US economy. Gas lines, over (in 2021 money) $5 per gal., 18-20% mtg rates. It took Reagan almost 6 years to get it under control (except for deficits). It will likely Take 4 more years of Trump, then 8 years of someone like DeSantis (consecutive) to get the economy back on track. Interesting how it always takes multiple Repub administrations to clean up the economic messes of Dem administrations. Even Bush 43, as bad as it got at the end, had nothing on the “food-stamps Pres.” Obama…

MSG Leo
MSG Leo
1 year ago

That’s the Democrat’s plan, to keep the economy bad so more people will live off of the government.

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