Biden Spending Bill Will Lead to Loss of 5.3M Jobs, $3.7T in Debt [REPORT]

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President Joe Biden’s massive spending bill will lead to 5.3 million job losses and $3.7 trillion in additional debt over the next 10 years, according to study published Monday by the Texas Public Policy Foundation titled, “Reversing the Recovery: Pelosi’s Plan to Raise Taxes, Kill Jobs, and Punish the Middle Class.”

The economic effects of the bill on families and businesses will also be dire if the bill passes.

According to the study, the national debt increase would mean an extra $35,439 in debt on each American household. Additionally, the bill would jeopardize family farms and businesses when the original owner dies, drop a median family’s income by $12,000 and place a marriage penalty as high as $130,200 annually on small business owners.

A study by the Tax Foundation published in mid-September also said the draft legislation would eliminate 303,000 full-time equivalent jobs in the U.S. and reduce long-run GDP by .98 percent and long-run American incomes by about 1 percent.