George Gibbs Center for Economic Prosperity

S⁠t⁠udy: Spend⁠i⁠ng Plans by B⁠i⁠den, Trump Would H⁠i⁠ke Federal Deb⁠t⁠ By $5 ⁠t⁠r⁠i⁠ll⁠i⁠on Over 10 years

By: The James Madison Institute / October 15, 2020

The James Madison Institute

George Gibbs Center for Economic Prosperity

October 15, 2020

The Washington Times 

Monday, October 12, 2020

Both President Trump and Democratic rival Joseph R. Biden would increase the nation’s debt by an additional $5 trillion over 10 years if they were able to muscle through all their major campaign policy proposals — and that’s on top of any extra COVID-19 relief, according to a new analysis.

Mr. Trump would add $4.95 trillion to the federal debt held by the public over the next decade compared to Mr. Biden’s $5.6 trillion, according to the study by the nonpartisan Committee for a Responsible Federal Budget.

“These folks are making a lot of promises that would be very expensive if additional pay-fors are not mentioned,” said Marc Goldwein, the group’s senior vice president.

The proposed spending sprees would push federal debt to 125% of gross domestic product under Mr. Trump and 128% under Mr. Biden by 2030, well above the projected 109% under current law, the study showed.

The president would spend roughly $2 trillion on infrastructure, at least $1.3 trillion on tax cuts, and $650 billion on the U.S. military and the Space Force.

Those expenses would be offset partly by more than $500 billion in savings from ending “endless wars” and $150 billion in savings from cutting prescription drug prices and other health care changes.

Mr. Biden wants to spend $3 trillion on climate change and environmental initiatives, $2.7 trillion on child care and education, including universal pre-K and higher education spending, and $1.9 trillion to expand health insurance coverage, among his big-ticket items.

Read more here: https://www.washingtontimes.com/news/2020/oct/12/spending-plans-by-joe-biden-donald-trump-hike-fede/