By contrast, Vice President Kamala Harris's tax plan is expected to increase tax revenues by $1.7 trillion over 10 years, but at a cost of negative 2% to long-run GDP and 786,000 jobs.
The Wharton School of the University of Pennsylvania estimates that, including her spending proposals, the primary deficits would increase by $1.2 trillion, and accounting for adverse economic feedback effects, primary deficits increase to $2 trillion.
Higher deficits and higher debts, just with different paths to get there.
One candidate proposes cutting taxes to improve economic activity but increase deficits, and the other proposes raising taxes and increasing spending by even more and growing deficits.
If the deficit keeps increasing faster than our economy grows, so will the debt, inflation, and interest rates.
Persons:
We'll, Donald Trump's, Kamala Harris's, Harris, Kamala Harris, Bernie Sanders, Treasuries
Organizations:
Tax Foundation, Wharton School, University of Pennsylvania, Medicare, Green New Deal, TLT, Treasury Bond ETF, CNBC, NBC UNIVERSAL
Locations:
United States, Europe