Expanding the deficit while also raising taxes and spending, all on massive scale. What could go wrong?
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.
“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 . . .
“The Wharton economists note that the budget’s focus on transfers — payments that the federal government makes to individual citizens without receiving any good or service in return — would diminish economic output.”