The Democrats are literally going for broke! The Wall Street Journal Editorial Board late last week posted a great analysis of the $3.5 trillion budget resolution the Democrats want to jam through Congress. And that’s on top of their $600 billion infrastructure plan.
If passed, federal spending will rise to an astounding 25% of our gross economic output. Bad things happen when government spending gets this high.
The press comment by Senate Majority Leader Chuck Schumer should give you chills. “Every major program that President Biden has asked us for is funded in a robust way. In addition, we are making some additions to that.” Well, just throw caution to the wind, why don’t you?
We thought Democrats nominated Biden over Sanders to be a somewhat moderate Democrat, but low and behold Sanders is getting everything he wants. Medicare spending expands under the budget even though the trustees tell us the program will run out of money in 2024.
Newly proposed welfare benefits include cash for universal pre-K, paid family leave, and free community college. Additionally, new spending begins for the Sanders-Pelosi climate agenda to pump billions of dollars into green-energy subsidies. There is no fiscal restraint at all.
Taxes will have to go up, way up, unless the voices of fiscal prudence can forcefully and publicly make a strong case against it. Let your voice be heard.