Democrats’ massive spending plans will blow up US budget for generations

NY Post

“It’s going to cost nothing,” President Biden said of the Democrats’ massive $3.5 trillion spending binge, which House Speaker Nancy Pelosi is scrambling to pass this week. Don’t believe it. The bill, which aims to move America closer to a European-style social-welfare state, will shorten the fuse on a debt bomb that’s already set to detonate. Last year, lawmakers enacted $3 trillion in (mostly) justified deficit spending for a once-in-a-lifetime pandemic. Yet the 2021 spending blowout is set to dwarf those costs. Lawmakers have already enacted a $1.9 trillion “stimulus” bill filled with unnecessary items like unemployment benefits that exceed the wages for many available jobs, and bailouts to states already running budget surpluses. The Senate has passed a $550 billion infrastructure bill that is financed mostly with gimmicks. Biden’s 8.4 percent discretionary spending increase would permanently raise the baseline by $1 trillion over the decade. And now, Democrats are trying to pass a $3.5 trillion reconciliation bill that would raise deficits by as much as $1.75 trillion. Even those figures understate the bill’s true cost by at least $1 trillion by pretending that policies like the expanded child tax credit will expire within a few years, even though the Democrats’ policy is to make them permanent. Add it all up, and congressional Democrats are set to commit $8 trillion in new spending over the decade, of which $6 trillion would be borrowed. That is quadruple the net cost of the 2017 tax cuts. It would be enough money to eliminate the employee side of the payroll tax, or deposit $60,000 into each family’s bank account. Instead, it will be spent on a grab bag of long-standing liberal policies.

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