Bidenâ€™s insane new spend-fest is a recipe for national disaster
NY Post, Mar 30, 2021, Editorial Board
Three. Trillion. Dollars. Maybe four: Thatâ€™s how much President Joe Biden wants for his next installment of Letâ€™s Remake America. Think of it as pumping gasoline by the shipload onto a wildfire.
Fresh off signing a $1.9 trillion bill for â€œCOVID reliefâ€ (that has little to do with COVID or relief), the prez is now set to roll out yet another tranche of his free-money orgy Wednesday. Itâ€™s so huge, heâ€™s splitting it into two parts â€” one focusing on infrastructure, a second on progressive, social-policy wish-list items.
Together, theyâ€™d represent the single-largest outlay of cash in US history. And the aim is to â€œfixâ€ everything from the nationâ€™s insufficiently-= green economy to â€œincome inequalityâ€ to child care, even as it miraculously revives domestic-manufacturing jobs while making the country carbon-neutral.
Bidenâ€™s been sold on the idea he can be the new FDR, imposing a historic nationwide transformation â€” including the Green New Deal fantasy of socialist-progressives like Rep. Alexandria Ocasio-Cortez.
Never mind his thin margin of victory last November or that Congress is nearly evenly divided. Forget his calls for unity and bipartisanship. And donâ€™t even think about the fact that much of the money wonâ€™t even go toward his stated goals, just as President Barack Obamaâ€™s stimulus for â€œshovel-ready jobsâ€ turned out to be pure fiction.
And to help this massive spending, Biden will slam taxpayers with trillions more in taxes, particularly on companies and the rich. Thatâ€™s guaranteed to slow the economy, leading to income stagnation for lower earners, just as President Donald Trumpâ€™s tax cuts prompted big gains for working stiffs.
Even if the tax hikes total â€œonlyâ€ a staggering $3 trillion, as the latest rumors suggest, much of Bidenâ€™s spree will be financed with yet more debt â€” when Uncle Sam already has more on his credit card than ever. Interest payments on the national debt this year alone total a whopping $378 billion. Bidenâ€™s borrowing would push that from the stratosphere and into orbit.
The last (but smaller!) such spending boom that began under President Lyndon Johnson in the â€™60s wound up giving America the â€œstagflationâ€ and double-digit inflation of the â€™70s. This one could bring far worse â€” simply to feed Bidenâ€™s ego and AOCâ€™s lunatic agenda. https://nypost.com/2021/03/30/bidens-insane-new-spend-fest-is-a-recipe-for-national-disaster/