As the House prepares to vote on the Democrat budget resolution, let’s take another look at what the plan would mean for hard-working Americans:
- It raises taxes by $1.265 trillion over five years and $3.911 trillion over 10 years, or more than $3,135per household annually;
- It includes 17 reserve funds that could be used to raise taxes by hundreds of billions more;
- It increases discretionary spending by 8 percent and does not terminate a single wasteful program;
- It completely ignores the impending explosion of Social Security, Medicare, and Medicaid costs; and
- It does nothing to reverse the “hollowing out” of our defense forces.
Republican Study Committee Chairman Jeb Hensarling, during an appearance this morning on C-SPAN’s Washington Journal, emphasized the difference between the majority’s budget and the alternative that he supports.
Analysis of the Democrats’ budget by Heritage’s Center for Data Analysis reveals the U.S. economy will suffer huge losses in GDP, job creation and personal income if implemented. In Hensarling’s 5th congressional district in Texas, that means a tax increase of $1,848 per person and an additional loss of $1,770 in income. The budget would cost his district 2,197 jobs for a whopping $251 million.
So much for stimulating the economy.