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ICYMI: WSJ: One of the Greatest Fiscal Cons in History
WASHINGTON, D.C.,
September 24, 2021
The Wall Street Journal aptly described the Democrats' socialist spending spree as “one of the greatest fiscal cons in history.”
Democrats claim their reckless spending spree will cost taxpayers $3.5 trillion, but the Committee for a Responsible Federal Budget puts the real cost around $5 trillion. In Case You Missed It via the Wall Street Journal, $3.5 trillion isn’t the true cost of Biden’s spending plans.
$3.5 Trillion Is a Phony NumberBy: The Editorial BoardSeptember 23, 2021 Democrats are grasping for ways to finance their cradle-to-grave welfare state, with the left demanding what they claim is $3.5 trillion over 10 years. The truth is that even that gargantuan number hides the real cost of their plans. The bills moving through committees are full of delayed starts, phony phase-outs, and cost shifting to states designed to fit $3.5 trillion into a 10-year budget window that can pass with a mere 51 Senate votes. Even if the bill shrinks to $2 trillion or less, the real costs will be far greater. Behold one of the greatest fiscal cons in history. ... The press has reported almost none of this, which is how Democrats like it. The Committee for a Responsible Federal Budget, which is far from a conservative outfit, pegs the real cost over a decade at $5 trillion to $5.5 trillion. Total U.S. annual GDP is about $23 trillion. But don’t expect an honest accounting from the Congressional Budget Office, which will score the bill based on the directions Democrats give. Recall how CBO scored the federal takeover of student loans as a money raiser in 2010. The bottom line: $3.5 trillion is merely the first installment of a bill that would put government at the commanding heights of family life and the economy for decades to come. Tax increases will follow as far as the eye can see… Read the full article here. |
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