With the presidential election fast approaching, questions have been floating over how the top two candidates’ plans for the country would impact the growing national debt. Now, it looks like we just got a glimpse into the answer.
According to a report from Fox Business, a bipartisan federal budget watchdog group recently conducted a study on both President Donald Trump’s and his Democrat challenger’s policy proposals — and they exposed that Joe Biden’s ideas come with a much higher price tag than the incumbent president’s, even with his plans to hike taxes.
Even factoring in Biden’s planned tax increases, the Democrat’s agenda “would likely increase the federal deficit slightly more than Trump’s,” Fox Business reported, citing a Wednesday report from the Committee for a Responsible Federal Budget (CRFB).
The group “estimates that Democratic presidential nominee Joe Biden’s proposed policies would increase taxes by about $4.3 trillion over 10 years while President Trump’s would decrease tax revenue for the government by about $1.7 trillion,” according to Fox Business.
Compiling the report
According to Fox Business, the CRFB took a close look at the policy proposals put forward by both campaigns when compiling its report, and then filled in any gaps or vagueness with information derived from prior statements, budget proposals, and other related sources.
With all that in mind, the committee then developed three separate estimates for both candidates: a best-case low-cost estimate, a worst-case high-cost estimate, and a more likely central estimate.
The estimates don’t factor in emergency spending, however, meaning the CRFB’s numbers don’t count any further federal response to the coronavirus pandemic.
Crunching the numbers
On Biden’s side, the CRFB had a wide range: best-case-scenario, they said, Biden could reduce the national debt by $150 billion by 2030 with his substantial tax hikes. According to Fox Business, the “CRFB estimates at the low-end Biden’s policies would raise taxes by $3.65 trillion by 2030 and potentially as much as $6.6 trillion.”
But the Democrat’s plans for the country are costly, and according to the committee, he could add as much as $8.3 trillion to the nation’s tab, worst case — even when factoring in those tax increases.
Trump’s plans, meanwhile, could come with a price tag of $700 billion on the low end and $6.85 trillion on the high end.
The committee’s central estimate pegged the candidates at more reasonable numbers: Trump would likely increase the national debt by $4.95 trillion over the next 10 years, while Biden would sit around $5.6 trillion, according to the report.
While the data is backed by a lot of assumptions, one thing is clear: for Americans who want their country to be fiscally responsible, there’s only one choice this November — and it’s not Uncle Joe.