Thursday, April 29, 2021

Profligate Joe Biden

Big spender Joe Biden is proposing another big spending spree, this time the $1.8 trillion American Families Plan. 

1. >$200 billion in spending on childcare,

2. ~$200 billion to make pre-kindergarten universally available for free,

3. >$200 billion towards government-subsidized paid family and medical leave,

4. ~$300 billion towards making community college free for all Americans, and

5. ~$200 billion on health insurance subsidies available through the Affordable Care Act healthcare exchanges.  Source: Wikipedia

That's $1.1 trillion. MarketWatch says there is $80 billion for enhanced IRS enforcement.  It's not clear what the other $0.6 trillion is. NPR says the amount for IRS enforcement is $700 billion. However, most of that seems to be higher tax revenues rather than spending.

Forbes has an article about the American Families Plan, too. It refers to the Washington Compost's touting  the bill's proposal "to give all workers up to 12 weeks of paid leave" for medical reasons or child care. All? Since when do the self-employed have an employer -- company or another person -- the government can subsidize in order to pay for such paid leave?

Biden proposes tax increases on "the rich" to pay for a little of it. You can bet that many "non-rich" will pay for it indirectly via inflation and smaller wage increases.

Adding the spending numbers for Profligate Joe, the result is $5.7 trillion. 

American Rescue Plan           $1.9 trillion 

American Jobs Plan               $2.0 trillion

American Families Plan         $1.8 trillion 

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