Democratic nominee Hillary Clinton told a whopper that has become all too familiar in the Democratic political lexicon: not adding to the national debt.
Clinton told the debate audience at University of Nevada-Las Vegas that she will “not add a penny to the national debt” three separate times.
While analysis out of the Tax Policy Center concludes that Clinton would lower the national debt by $1.4 trillion over the next 10 years, the analysis does not factor in Clinton’s proposed spending. If her spending proposals are taken into account, the national debt would increase an estimated $9 billion over the next 10 years under Clinton, according to analysis by the Committee for a Responsible Federal Budget.
President Barack Obama uttered a similar phrase at his first State of the Union when he spoke about the Affordable Care Act. “I will not sign a plan that adds one dime to our deficit, either now or in the future. I will not sign it if it adds one dime to the deficit, either now or in the future. Period.”
The Congressional Budget Office projects the national debt could grow as much as $30 trillion in the next decade, and Obamacare and healthcare spending are two of the chief drivers of that debt increase.
As far as growing the economy, Clinton’s proposed tax plan misses the mark. “We think it would shrink the long-run economy by about one percent,” Scott Greenberg, analyst with the Center for Federal Tax Policy at the Tax Foundation, told The Daily Caller News Foundation.
The Tax Foundation’s Taxes and Growth Model predicts her plan would, “reduce GDP by 1 percent over the long-term due to slightly higher marginal tax rates on capital and labor.”
Static predictions by the Tax Foundation, which assume the changes will cause no change in the economic behavior of individuals directly effected, find the plan would lead to, “0.7 percent lower after-tax income for the top 10 percent of taxpayers and 1.7 percent lower income for the top 1 percent.”
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