Real price tag could be as much as $119,000 per federal taxpayer!
The $6 trillion price tag on President Biden’s spending plans in just his first 100 days has turned heads, but it’s only a fraction of the real cost, warns a Johns Hopkins economist.
Steve Hanke, a professor of applied economics director of the Troubled Currencies Project at the Cato Institute contended in a Wall Street Journal op-ed that the true cost is closer to $17.1 trillion.
That amounts to about $119,000 per federal taxpayer.
In an interview with Brad Polumbo of the Foundation for Economic Education, Hanke pointed out many of the “hidden costs.”
For one, the collection of the taxes proposed to “pay” for the bills is not a “costless exercise.”
There’s the cost to the Internal Revenue Service, then there’s the cost to the taxpayer to prepare their taxes and “to adjust their economic activity to comply with the tax code.”
