Over a 10-year period, former Vice President Joe Biden’s plans for the economy would increase tax revenue by $3.375 trillion and jump federal spending by $5.35 trillion, according to an analysis released Monday by the Penn Wharton Budget Model.
The Hill reports that after accounting for macroeconomic effects, Biden’s plans would slightly increase the federal debt and decrease gross domestic product in 2030. But by 2050, the debt would decrease and GDP would increase compared to the current law, the analysis found.
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In 2030, Biden’s tax and spending proposals would decrease the GDP by 0.4% and increase debt held by the public by 0.1% when compared to the current law baseline. But in 2050, his plans would increase GDP by 0.8% and decrease debt held by the public by 6.1% compared to what is currently in place, according to researchers.
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