The president-elect promised record levels of spending and taxes on the campaign trail. Will he succeed?
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“John Kerry ran on [spending] $2 trillion [extra] over 10 years. Barack Obama ran on $1 trillion, Hillary on $2 trillion. Biden? $11 trillion,“ says Brian Riedl, a budget expert at the Manhattan Institute. Riedl notes that the president-elect also stumped for $3.6 trillion in new taxes over the coming decade, which would be the single-largest increase since World War II.
“This is the Bolsheviks vs. the Mensheviks,“ he continues.
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