(LibertySociety.com) – In April, President Joe Biden introduced the American Families Plan (AFP) to pay for community college, support families, and extend tax cuts for workers as well as people with children. A new report about the bill reveals it could cost way more than what the Biden administration claimed.
According to a May 5 report from the Penn Wharton Budget Model, the AFP would cost about $2.5 trillion over the next 10 years, about $700 billion more than the Biden administration predicted. By 2050, the organization believes it will increase the country’s debt by 5% and shrink the gross domestic product (GDP) by 0.4%.
By 2050, we estimate that the AFP would increase government debt by almost 5% and decrease GDP by 0.4% due to larger debt on the economy outweighing productivity gains.
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— Penn Wharton Budget Model (@BudgetModel) May 6, 2021
Biden has already signed a $1.9-trillion COVID-19 relief bill. Then, he introduced an infrastructure plan that was more than $2 trillion. This latest plan is like the icing on a very, VERY expensive cake. America is in the midst of recovering from a global pandemic, and we can’t afford to spend trillions of dollars on all of the Biden administration’s desires. It’s time to be a lot more responsible.
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