Biden’s social-welfare bill could cost over $4 trillion, budget hawks warn

Thursday, November 4, 2021 | Tag Cloud Tags: , , , , ,

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(Worthy News) – Two leading fiscal watchdogs are raising alarms about the true cost of President Biden’s social welfare and climate change bill, arguing the total price tag is far higher than the $1.75 trillion that Democrats have estimated.

A new budget model released by the University of Pennsylvania’s Wharton School of Business on Thursday projected the real cost of the spending package could be more than $4.26 trillion. Economists reached the figure by extending all of the programs proposed within the bill over the next 10 years.

“By 2050, the proposal would increase [the] federal debt by 2.0 percent and decrease GDP by 0.1 percent, relative to the current law,” the economists wrote. [ Source: Washington Times (Read More…) ]

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