Biden's $3.5 Trillion Spending Plan Will Leave Americans Poorer in the Long Run

As Congress wrangles over the details of a massive spending bill that's central to President Joe Biden's "Build Back Better" plan, a new analysis shows the proposal will leave America poorer in the long run.

Biden's plan to hike federal spending by about $3.5 trillion over the next 10 years—paid for with a combination of huge tax increases and up to $1.75 trillion in new borrowing—will decrease future economic growth and reduce private wealth, according to a new analysis from the Penn Wharton Budget Model (PWBM), a macroeconomic forecasting project based at the...