now 4 trillion on top of that. do the math, bill. 6 to 7 trillion of additional spending. more money that we spent in the revolutionary war, civil war, world war i and ii. this is insane amount of spending. a lot of the private forecasts are finding that the deficit will be a lot larger. you reported on this, bill. they are using phony accounting creating all the new programs saying these will only last for four or five years when you know this, bill. once you create a government program it is almost impo bl to get rid of. the debt impact of this is going to be much larger. one last quick point. if you explain to me, austan, how it is we ll grow this american economy and create jobs by creating the highest tax rate in the world. that s what the wall street journal reported two days ago. higher tax rates in the united states than china, russia, germany, mexico. how does that expand the competitive
provision of revenue raising. one side says it is 93% paid for. the other said says it s 102% paid for. even in the worst case scenario, 1/10 the negative impact on the deficit as the trump tax cut was. the very people who are saying that they don t want to do this modest increase in the deficit voted for a $2 trillion increase to the deficit before the pandemic. the trump deficit was the biggest of all time and then in the pandemic, in the new record bill: waiting for austan. let s review what went on. joe biden in his first months of office we passed a $2 trillion debt bill not paid for at all. there was no payment for that $2 trillion. last week they passed a trillion infrastructure bill which is green energy.
cuts of 2017 and now democrats with an opportunity and they have taken that, steve, to try to roll a lot of that back. so democrats love to talk about following the science and we had a scientific experiment in 2017. we did cut tax rates because we said it would create jobs in america. we would bring investment here. by the way we got rid of loopholes. lower the rates, get rid of the loopholes in the system. this bill does the opposite. it raises tax rates to the highest in the world and there are tax breaks in that bill for trial lawyers, for the union bosses, for people in the media, for green energy companies, any group that gave money to the democrats gets a big tax write-off. bill: you will have a lot to write to dig into it. what happened with the trump tax cuts in a large way once it got to corporations in america which increased their market cap which enabled them to do more in research and development, to do more in
you guys picked the right day. friday money team. on wednesday i believe this was in new hampshire president biden said this about the bill. president biden: it s fully paid for. fully, fully paid for. it does not increase the deficit one single cent. bill: that was wednesday. then we got the score thursday night and different deal. ben sasse says this bill is a mess. it will grow the deficit and lead to a million more annual i.r.s. audits. steve, you first. look, this is the worst. i ve been in washington for 35 years and by a long shot the worst bill i ve ever seen in terms of its economic impact. you just did that review of what s happening at the ports. it will make the supply problem even worse. this is a $4 trillion social
trouble getting enough truckers, having trouble getting enough workers to offload these containers from the huge ships when they come in. it all means for you and me, sandra and every other american consumer, we re still going to see those empty shelves and still go on to am son and not find the sizes we want as we head toward black friday. it s a problem. whatever the president said hasn t been fixed. sandra: bring into question the use of the word transitory which the fed has not backed off of yet when it comes to inflation. thank you, jonathan hunt. bill: back to the florida house we go. house is voting on president biden s enormous social spending bill. paper it is listed at 175 trillion. the cbo estimates it will add 367 billion to the deficit over the next 10 years. want to bring in our panel steve moore and austan goolsbee.