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Report: Biden Presidency Would Add $11 TRILLION To National Debt

“The policies he’s proposing are going to endanger the economy over the long term”

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If Joe Biden were to be elected his Presidency would cost American taxpayers $11 trillion dollars, according to a study by The Manhattan Institute for Policy Research.

The conservative 501 found that Biden’s proposals on social security, health care, climate and infrastructure could plunge the US into a debt crisis.

Speaking to the Daily Caller, author of the report Brian Riedl noted that “The policies he’s proposing are going to endanger the economy over the long term,” adding “$4 trillion in new taxes, which is the biggest tax increase since the end of World War II, as well as $11 trillion in new spending, certainly more regulation, a higher minimum wage. All of that is going to weaken the economy.”

Biden has proposed $2.4 trillion in coronavirus stimulus spending, as well as $2 trillion for climate and infrastructure, and a $1.5 trillion health care expansion. It is estimated that education spending will amount to $750 billion under Biden, which includes a free college plan.

Biden has offered little in the way of explaining how the costs will be covered, other than tax hikes, which he claims will be targeted at large corporations.

Bets are in, and the odds look heavily in Trump’s favor and it’s because the betting tables have all the right data.

The numbers were crunched using figures from Biden’s campaign website, the Committee for a Responsible Federal Budget and the Congressional Budget Office.

“It’s absolutely unsustainable,” Riedl noted adding that “The danger is that eventually the interest costs will bury us. When you borrow that much money, all it takes is a small increase in interest rates to completely bury the federal budget.”

“Ultimately, we’re going to face a reckoning that requires either significant reforms to programs like Social Security and Medicare, or a possible doubling of middle class taxes,” Riedl warned, declaring that “There’s really no third option.”

“The worst case scenario is that politicians continue to pour gasoline on the fire by enacting even more spending, which just accelerates a debt crisis,” Riedl urged.

Under President Trump, the deficit has remained under $1 trillion each year. However, it is projected to jump to almost 4 times that this year due to coronavirus spending.

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Economy

Video: Reporter Asks White House If Americans’ Only Choice Is “$5 A Gallon Gas Or A $61,000 Electric Car?”

“Sounds like a painful transition”

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Steve Watson

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The White House Press Secretary Karine Jean-Pierre was asked Thursday to explain why the Biden Administration’s only solution to soaring gas prices seems to be to ask Americans to deal with it or spend upwards of $55,000 on an electric vehicle.

“A lot of people can’t afford a $61,000 electric car and they are also having a hard time affording gas right now. That sounds like a painful transition,” Fox News reporter Peter Doocy said to Jean-Pierre, referencing the several times Biden officials and the president himself have touted a ‘transition’ to green energy.

“We are in a transition to clean energy…it’s going to create jobs,” Jean-Pierre responded, sounding like a broken record.

“Yeah but who can afford an electric car? The average price is $61,000! Is that the choice $5 per gallon gas or a $61,000 electric car?” Doocy further inquired.

“That’s apples to oranges. It’s not the same,” she responded.

Jean-Pierre went on to tout Biden’s so called gas tax holiday, which even Democrats immediately dumped on Thursday:

After repeatedly blaming Vladimir Putin for America’s soaring gas prices and cost of living, and then attacking American energy companies to boot, Biden spent Thursday blaming gas station owners for high prices:

Seems like everyone except him and his administration is to blame.

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    Pathetic: Only 11 Per Cent Believe Biden Narrative That Putin is to Blame For Record Gas Prices

    Majority blame the president.

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    Only 11 per cent of Americans believe the Biden administration’s narrative that Vladimir Putin is to blame for record high gas prices, with the majority blaming Biden’s poor energy policies instead.

    A Rasmussen poll finds that 52 per cent of respondents think unaffordable gas prices are the fault of the president, with the vast majority rejecting the ‘Putin price hike’ excuse.

    The survey also found that 80 per cent of Republicans blame Biden for the energy crisis, while 54 per cent of Independents also say responsibility lies with the occupant of the Oval Office.

    29 per cent of respondents who didn’t blame Putin or Biden said greedy oil companies were the culprit.

    After the Biden administration’s attempt to blame the Russian leader failed to land, the White House has switched its rhetoric to start blaming oil companies, with Biden asserting the industry is “making more money than God.”

    The poll reveals that Americans are also unimpressed with the media’s attempt to prop up the failing Biden economy, with just 11 per cent saying it has gotten better, with 57 per cent rating his economic performance as “poor.”

    Biden loyalists have become increasingly absurd in trying to explain away gas price hikes and inflation, with former Treasury Secretary Larry Summers blaming people who downplay what happened on January 6.

    “The banana Republicans who are saying that what happened on January 6th was nothing or OK are undermining the basic credibility of our country’s institutions and that in turn feeds through, uh, for inflation,” said Summers.

    BlackRock CEO Larry Fink also ludicrously claimed “nationalism” was to blame for inflation, asserting, “The rise– whether you call it nationalism or the rise of this belief that we have to focus on communities that have been devastated by globalization, we need to find ways of creating better jobs for more Americans, that in itself is inflationary.”

    As we highlighted earlier, more emergency services in the U.S. are having to limit the amount of 911 calls that they are responding to in person because of record high gas prices.

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    Video: More Emergency Services Not Responding to 911 Calls Due To Soaring Gas Prices

    Wasn’t this what Democrats wanted?

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    Steve Watson

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    More emergency services in the U.S. are having to limit the amount of 911 calls that they are responding to in person because of record high gas prices in Joe Biden’s America.

    NBC News reports that responders are cutting key services in order to save on costs.

    Those services include patrol reductions, postponing building inspections, delaying training courses for staff and even not physically responding to emergency calls.

    Watch:

    As we previously noted, sheriff’s departments and police everywhere are blowing through their gas budgets and having to find ways of recouping the costs.

    Wasn’t this what Democrats wanted though? To defund the police. Well now they got it, just in a more round about way.

    Gas prices have rocketed beyond $5 per gallon nationwide, according to AAA data and have more than doubled since Joe Biden entered the White House.

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