Joe Biden’s economic proposals would create a faster growing economy, higher wages for American workers and reduce the debt compared to where the U.S. is headed under President Donald Trump, according to new analysis from the University of Pennsylvania’s Wharton School.
The former vice president’s plans would also significantly increase government spending and raise taxes, though mostly on higher-income Americans, the analysis found. In all, Biden would boost government spending by $5.4 trillion in the next 10 years, which is a significant increase.
But the analysis, published on Monday, found that Biden’s proposals on education, infrastructure and health care would largely pay for themselves. That would be in part by raising taxes, but also by boosting wages and lowering health care costs.
“If you got the U.S. on this path, you would lower the debt and raise GDP,” said Richard Prisinzano, the director of policy analysis at the Penn Wharton Budget Model, a nonpartisan group at the top business school. “It is productive spending that Mr. Biden is proposing.”
https://www.cbsnews.com/news/joe-biden-tax-plan-debt-wharton-school-univeristy-pennsylvania/