$2 trillion in taxes, $6 trillion in spending, $22 trillion in borrowing — what could go wrong? By S

[mystery-ak]

$2 trillion in taxes, $6 trillion in spending, $22 trillion in borrowing — what could go wrong?
By Stephen Moore, opinion contributor — 06/01/21 11:01 AM EDT

A few years ago some nutty professors came up with a crackpot idea called “modern monetary theory,” or MMT. It was the idea that as long as interest rates stay low, the U.S. government can spend and borrow trillions upon trillions of dollars at almost no cost and we will all be richer. This is a little like saying you can jump out of an airplane without a parachute and as long as you never hit the ground, you will be fine.

This looney idea was mostly ridiculed as a flat-earth-society idea — and yet now we have a president, Joe Biden, who actually is practicing MMT. His latest budget calls for $6 trillion in spending, soon to rise to $8 trillion, paid for with a $2 trillion tax hike on the rich and $7.6 trillion in additional debt. This is more debt than accumulated by the previous four presidents — combined.

The red ink is also on top of the some $5 trillion we spent to combat COVID-19. Now that the pandemic is over, a sane administration would be looking for ways to start to pay off some of that debt burden, which will grow to more than $150,000 per child born today. (And this from the same party that says it cares about the children.)

more
https://thehill.com/opinion/white-house/556250-2-trillion-in-taxes-6-trillion-in-spending-22-trillion-in-borrowing-what

[Sled Dog]

?   

and yet now we have a president, Joe Biden, who actually is practicing MMT.

We have had Congresses, 20 of them at least, and presidents, six of them in the same period, who have effectively practiced MMT since 1980.

And what we need to know to share the blame out fairly:

Article 1, Section 8
The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

2. To borrow Money on the credit of the United States;

The president is often cornered into signing spending bills he opposes because the Founders failed to give him a line item veto.

The Congress willing puts all the spending it wants, and for any purpose without regard to the Constitution, and that is where the true problem lays.

THIS is why the Rodents stole the House in the 2018 elections with the second most massive vote fraud operation in history.

[LegalAmerican]

Some people were saying the reason they weren't supportive of POTUS TRUMP,  was because of the deficit.  HA!  That wasn't the real reason, but it sounded good.  lol. I guess they love the biden regime now.  communism.