Two trillion here, four trillion there. Pretty soon it all adds up.
President Joe Biden on Wednesday will unveil his new spending bill, which could total 3 to 4 trillion dollars, for a new stimulus/infrastructure bill. This after signing the $1.9 trillion Covid-19 Relief Bill last month.
At some point — and I believe that point is already in the rear view mirror — we are going to suffer greatly from all this money creation.
Look at the prices at the gas pump, grocery store or home heating. All have jumped higher since Biden entered office. Why?
Because there are so many more dollars chasing these same products. It’s called inflation.
How many more trillions of dollars can the federal government spend before other countries say, “We are not buying any more US debt.” No other country in the world could get away with what America is doing to its currency.
So today Biden will propose a new $4 trillion spending bill with some higher taxes on wealthier Americans, he is telling the rest of the world to suck it up. We need the “Green New Deal” and other social-engineering spending to get out of the Covid-19 doldrums. Oh yes and we will rebuild a few bridges and roads as well.
This is a prelude to a disaster. There is no way this new spending bill can end well.
Besides hyper-inflation as prices go through the roof, many seniors who survived Covid-19 will wish otherwise as their monthly stipends will not cover most of their current living expenses.
This is the Democratic response to the Covid-19 reopening. Tax and inflate (which are both horrible to consumers) their way to a recovery and let the next few generations pay the price.
There needs to be a huge restraint on this new progressive, social-policy spending. As with the Covid-19 relief bill, how much of this spending will go overseas, only to come back as campaign contributions to fellow Democrats for their runs in 2022 and 2024?
Let’s hope moderate Democrats and true Republicans can slash this spending bill when it comes to Congress. Otherwise we are in for a plenty of trouble down the road even if it is repaved.