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what that same 10-year forecast looks like as of June 2024 since Biden has been in office. What the data reveal is that the debt is $7 trillion
higher under Biden than it would have been if Trump had been reelected. There has been no crisis or emergency under Biden,
except for the crises he himself created. Why are we borrowing such huge sums even though
the COVID-19 crisis ended three years ago? That debt burden is expected to rise to $50 trillion in 10 years, even though the White House and Congress are pretending that they cut the deficit. Over just the last 12 months, federal borrowing exceed-
ed $2 trillion. This isn’t progress. Even Harris admits that if she is elected, we will bor-
BIDEN ADDED $7 TRILLION TO DEBT Change in real annual earnings during presidency
45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0
January 2021 CBO Forecast June 2024 CBO Forecast
row close to $2 trillion a year for the next decade — con- sistent with the Biden baseline. It’s scary: She doesn’t even pretend to have a plan to get near a balanced budget.
TRUMP CUT TAXES; BIDEN AND HARRIS WANT TO RAISE THEM The Trump tax cuts were one of the crown jewels of his agenda. We cut tax rates for businesses — from large cor- porations to small startup firms on Main Street — to spur more economic activity and more jobs here at home for American workers. It’s no accident that the unemployment rate fell so low,
$7.2 Trillion in Additional Debt by 2031
there was a shortage of workers in the wake of those tax rate cuts. Biden has promised to raise tax rates, with Harris doing likewise. His corporate tax plan would raise taxes higher than virtually any other country, and far above the rates in China, Russia, and Europe. The average family saved $2,000 a year on
their taxes under the Trump tax plan. Those sav- ings would go away if Biden keeps his promise to let major provisions of the Trump tax plan expire.
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 SOURCE: Congressional Budget Ofice, Council of Economic Advisers
CRUSHING BURDEN OF BIDEN AND HARRIS REGULATIONS In 2016 while running for president, Trump famously promised that he would “repeal two regulations for every new regulation enacted.” He ended up killing about four regulations
BIDEN WOULD RAISE TAX RATES HIGHER THAN CHINA’S AND RUSSIA’S CORPORATE TAX RATES
EU ( Average) China
Russia U.S. (Biden Plan) 0% 5% 10% 15% 20% 25% 30% 22% 25% 20% 32% 35% SOURCE: The Heritage Foundation
of economic significance for every new regula- tion enacted. Under the Biden-Harris admin- istration, the modus operandi seems to be: If it moves, regulate it. Economist Casey Mulligan found that
Trump’s deregulation initiatives saved the average family nearly $50,000 (on a lifetime basis), while Biden’s regulatory spree cost the average family $10,000. This is the hidden tax of the federal regulatory octopus.
TRUMP’S DEREGULATION SAVED FAMILIES $11,000; BIDEN’S RE-REGULATION COST $47,000 Regulatory costs by president (2024 dollars per household for all new rules)
$50,000 $40,000 $30,000 $20,000 $10,000 $ -
$(10,000) $(20,000)
$(11,097) Trump
$46,988
BIDEN’S WAR ON SMALL BUSINESSES America’s 33 million small businesses prospered under Trump. But since Biden-Harris came into office, the NFIB Small Business Optimism Index could hardly be more depressing. It finds that the men and women who run
small businesses and hire more than half of American workers are in a somber mood. The survey reveals that small business confidence reached its lowest point in 12 years in April 2024.
Biden SOURCE: The Heritage Foundation Amazingly, small company CEOs are more
fearful of the future today than even during the pandemic, when most businesses were shut-
10 NEWSMAX | OCTOBER 2024
2024 $ per household per term
Gross Debt Held by the Public, Billions of Dollars
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