In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

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Analysis: Biden budget would cut economic output by 1.5 percent

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.”

2 thoughts on “Analysis: Biden budget would cut economic output by 1.5 percent”

  1. The Fed has stopped selling Treasuries to finance the debt. Congress has not increasded the debt ceiling and has passed the deadline to do so.

  2. Information like this is like hearing the biggest asteroid is on track to hit Earth soon.
    Not much we can do about it, just wait for it to happen.

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