Presumptive 2020 Democratic presidential nominee Joe Biden is gradually rolling out his spending plan, designed to address a number of ills identified by a joint committee of Biden and Sen. Bernie Sanders (I-VT) and, according to reports, the full proposal is expected to top $10 trillion.
Fox News reports that Biden plans on doubling federal spending to take on what his campaign considers to be major issues, like climate change and education reform, and his “blueprint” for an improved America has already passed $8.09 trillion in new spending with more on the way, offset by tax increases.
Fox, which compiled the full proposal from a number of reports that have surfaced over the past several weeks, says that Biden’s plan so far includes:
- $2 trillion for climate
- $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.
- $775 billion for universal preschool, expanded child care, and in-home elder care
In addition, Biden has proposed a sweeping plan to address “systemic racism,” which “is grafted onto nearly all aspects of the $7 trillion-plus in new federal spending that the former vice president has proposed for the next 10 years, according to campaign and think-tank estimates,” per the Wall Street Journal, though Biden has yet to say how each individual spending proposal ultimately addresses issues of race.
The Wall Street Journal adds that Biden plans to pay for his hefty increase in federal spending with major tax hikes, but the amount collected will likely be far less than the amount Biden’s planning to spend. WSJ estimates that, even with a rollback of Trump-era tax breaks, Biden will raise just $4 trillion, less than half of what is needed to pay for what he’s already proposed.
And there are other concerns, particularly given that the economy is still in recovery from months out of operation amid coronavirus lockdowns.
‘The Biden campaign has specified about $4 trillion in tax increases to help pay for his proposals, chiefly by raising rates on corporations, investments, and high earners,” WSJ reports. “President Trump has warned the big tax hikes would snuff out any signs of economic recovery from the coronavirus downturn. Other critics worry the plans will exacerbate the record government deficits resulting from Mr. Trump’s 2017 tax cuts and the massive pandemic spending.”
And that is, of course, if Biden’s spending projections are accurate – something the right-leaning Committee for a Responsible Budget (CFRB) doubts.
“The CRFB,” Fox News says, “projects that Biden’s health care plan, which includes a government-backed public option, is likely to cost $2.25 trillion, rather than the campaign’s $750 billion projection.”