We interviewed economics professor Steve Hanke to find out why he says the real cost could be as much as $119,000 per federal taxpayer.
In just his first 100 days, President Biden has rolled out ambitious spending plans meant to vastly increase federal funding for everything from infrastructure to jobs to families. The whopping $6 trillion price tag on these combined proposals has raised many eyebrows about how a nation more than $28 trillion in debt can afford such a splurge.
But one prominent economist is warning that the true cost of Biden’s plans could be more than three times higher than advertised.
Steve Hanke is a Professor of Applied Economics at Johns Hopkins University and Director of the Troubled Currencies Project at the Cato Institute. In a new op-ed for the Wall Street Journal, he argues that the true cost of the president’s spending proposals is really closer to $17.1 trillion. (That’s roughly $119,000 per federal taxpayer!)
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