Joe Biden's proposals would cost the nation some $36 trillion over the next decade, or up to $49,000 per family, according to a study.
Paul Bedard reported in his "Washington Secrets" column the study by the James Madison Institute concluded the Biden-Harris agenda would send the economies of the five key battlegrounds states of Pennsylvania, Ohio, Florida, Michigan and Wisconsin "spiraling into deficits."
After health care, the next biggest hit to Americans would be $3.8 trillion from eliminating the Trump tax cuts, which Biden has promised to do on his first day in office.
The study by the institute's Donna Arduin and Tony Villamil said a Biden administration would "sharply" boost the role of federal government in education and "green" infrastructure.
In contrast, President Trump would maintain the 2017 tax overhaul and proposes a payroll tax decrease, "relying primarily on a private-sector and individual-led economic growth agenda."
"There is a clear difference between the two candidates in the economic policy area, impacting economic performance, employment levels and the allocating of scarce resources between the public and private sectors starting in 2021," the study said.
"Reinvigorating the U.S. economy should be the top priority for federal and state leaders, and U.S. voters must decide which presidential platform will serve to fulfill this goal as the U.S. economy begins its nascent recovery from COVID-19. Pro-growth policies that remove government intervention, facilitate free trade, and ensure sound fiscal policy will serve to promote the innovation and growth necessary to counter the ramifications of the pandemic, and will prove crucial to determining whether the U.S. will emerge from this crisis stronger."
The study found Biden would raises taxes on Florida residents by $9,389 per person over the next 10 years, or more than $37,000 for a family of four. In Michigan it would be $8,142 per person, and in Wisconsin $9,020 per person. In Pennsylvania $10,605 per person and in Ohio a whopping $12,299 per person, or nearly $50,000 for a family of four.
"If we have learned anything from this incredibly unique year, it is that the economy can turn on a dime, and policies matter greatly. We face a perilous fight to return to prosperity, and what happens in Washington, D.C., will filter down to each state in different ways," J. Robert McClure, president of the institute, told Bedard.
"Both presidential candidates would approach America’s challenges differently, and their policy agendas absolutely reflect that. Those policy agendas will have tremendous and long-lasting impacts on our economy, and that’s why JMI commissioned this study — to inform and educate voters for Election Day," he said.
Biden's planned spending includes $32.6 trillion for medicare for all, $2 trillion for his version of the Green New Deal, $1.3 trillion for higher education and $700 billion for trade and regulations.
The study concluded: "While it may be a fashionable idea these days to order the U.S. Treasury to print money and the Federal Reserve to go along, ultimately the money to pay for those proposals comes from taxpayers. The continuation of that path, along with several others proposed by former Vice President Biden and Senator Harris, will be borne by all of us – both in the taxes we pay and the economies we withstand."
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