David Ditch: Biden's absurd 'zero cost' claim – $3.5T is real money and it's coming out of your pocket
Fox News
Speaking of the tax-and-spend package being pushed through Congress, President Biden on Friday said, "It is zero price tag on the debt." This is flatly wrong, and it isn’t even close.
With the post-pandemic recovery still on shaky ground, this is an especially bad time to increase the tax load.
While we don’t yet have a full accounting of the 2,465-page behemoth, it’s expected that the bill’s total amount of spending and tax credits will reach $3.5 trillion.
In contrast, the bill would increase taxes by about $2.3 trillion, leaving a gap of over $1 trillion. Democrats claim that the difference would be made up by imposing price controls on prescription drugs and through hoped-for economic growth – even though independent analysis says the bill would actually depress growth.