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

Contact Your Elected Officials
New York 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.

All this debt has a permanent cost. If interest rates ever nudge back up past 3 percent, this year’s $6 trillion borrowing spree will cost $180 billion in additional interest costs every year, forever. That’s $180 billion annually that could otherwise provide tax relief, assist veterans, or improve infrastructure. Instead, it will pay interest to bond holders. What a waste of tax dollars.

This year’s Democratic spending binge is not the end of the story. Biden still has $3 trillion in leftover campaign promises covering Social Security, health care, higher education and other issues. If his entire agenda is enacted, the national debt held by the public — which was just under $17 trillion before the pandemic — would reach $44 trillion a decade from now.

By Brian Riedl

Read Full Article on NYPost.com

The Thinking Conservative
The Thinking Conservativehttps://www.thethinkingconservative.com/
The goal of THE THINKING CONSERVATIVE is to help us educate ourselves on conservative topics of importance to our freedom and our pursuit of happiness. We do this by sharing conservative opinions on all kinds of subjects, from all types of people, and all kinds of media, in a way that will challenge our perceptions and help us to make educated choices.

Was Texas Storm Manmade?

Another “1-in-100 years” weather event in Kerr County happened next to a Texas designated “Weather Modification Map of Rain-Enhancement Projects in Texas”.

The America Party Will Harm Democrats The Most

Elon Musk formed the America Party after an X poll asking his followers if they wanted “independence from the two-party system!

Democrats Exhibit the Dunning-Kruger Effect (DKE)

“The Dunning-Kruger effect is a cognitive bias where people with low ability at a task overestimate their competence, while those with high ability underestimate their competence.

250 Countdown

Those 56 intrepid men who signed put their very lives, honor and fortunes on the line. There was no auto-quill to accommodate their signatures. 

How the Senate Parliamentarian Changed the OBBB

An unelected bureaucrat does a important job in the U.S. Senate. Elizabeth MacDonough enforces senate rules on Trump’s “One Big Beautiful Bill”.

Amazon Prime Day Set to Lift US Online Sales by $23.8 Billion

Online spending in the United States is expected to surge by $23.8 billion during Amazon’s expanded Prime Day event from July 8 to July 11.

Trump Administration Ends Deportation Protections for 76,000 From Honduras, Nicaragua

Monday’s decision is the latest in several temporary protected...

Death Toll From Texas Floods Rises to 82, Including 28 Children; Trump Plans Visit

Days after catastrophic flash floods in central Texas, rescuers are still searching for potential survivors, including 27 girls who went missing from camp.

Trump Signs Major Disaster Declaration Over Texas Flooding

President Trump signed major disaster declaration for Kerr County, TX, following floods leaving dozens dead and FEMA has been activated to respond.

DOJ, FBI Find Epstein Committed Suicide, Had No ‘Client List’

Jeffrey Epstein committed suicide and had no “client list,” according to the Department of Justice (DOJ) and the FBI.

National Weather Service Fully Staffed During Deadly Texas Flooding: White House

White House press sec. Karoline Leavitt told reporters that the National Weather Service had a full staff on hand to handle the Central Texas flooding.

US Removes Terrorist Designation for Al Qaeda Affiliate in Syria

The State Department has removed from its list of foreign terrorist organizations Al Qaeda’s affiliate in Syria, Jabhat al-Nusra.

Trump Announces 25 Percent Tariff on Japan, South Korea

President Donald Trump on July 7 issued letters announcing 25 percent tariffs on Japan and South Korea, set to take effect on Aug. 1, 2025.
spot_img

Related Articles