Posted on 11/07/2021 8:27:04 AM PST by Rummyfan
The president argues that his plan to spend trillions will create jobs, grow the economy, and increase wages—all without adding to the national debt.
Analysts at the Wharton School of Business reviewed President Biden’s latest $1.85 trillion framework proposal and ran the numbers to project its likely economic impacts, under two distinct scenarios. One is the rather unrealistic scenario where it actually only costs $1.85 trillion. Yet because the proposal is structured with many budget gimmicks and short-term spending authorizations that would likely be reauthorized if implemented, its real cost could be as much as $4.25 trillion. Wharton also modeled the likely impact of this scenario.
In the first case, where the president’s plans cost only what he claims, the analysis still finds his promises falling short on nearly all counts. The tax increases included would not, in fact, pay for the entire proposal, and it would lead to a 2 percent increase in government debt over the long run. (That might sound small, but it’s hundreds of billions of taxpayer dollars!) And, while Wharton projects that wages would increase slightly, it finds that the overall economy would shrink, not grow, while business investment and hours worked would decline.
Erm… how’s that revitalizing America? And those dismal results are under Biden’s rosy assumptions. Under the more realistic scenario where spending provisions are accurately accounted for and the real cost is north of $4 trillion, the investment’s return is even more spectacularly awful.
(Excerpt) Read more at fee.org ...
My conclusion is that they have passed this because they are also massively lining their pockets.
Wow....gee....no kidding?
🙃
It’s a fund the bureaucracies bill, to insure the kickbacks. 0blama’s Army, on steroids.
EVERY one of the Assistant Democrats that voted for the Trojan horse bill KNEW they were enabling the bigger, worse one when they voted for it.
These are the Assistant Democrats that made all of this possible
Dan Sullivan (R-AK) Shelley Moore Capito (R-WV) Mike Crapo (R-ID) Roy Blunt (R-MO) Richard Burr (R-NC) Deb Fischer (R-NE) Lindsey Graham (R-SC) Rob Portman (R-OH) Thom Tillis (R-NC) Lisa Murkowski (R-AK) Jim Risch (R-ID) Chuck Grassley (R-IA) Bill Cassidy (R-LA) Kevin Cramer (R-ND) Roger Wicker (R-MS) Mitch McConnell (R-KY) John Hoeven (R-ND) Susan Collins (R-ME) Mitt Romney (R-UT)
Plus these Assistant Democrats in the House: Van Drew, Katko, Bacon, YoungAK, Upton, Kinzinger, SmithNJ, Fitzpatrick, Reed, Gabarino, GonzalezOH, McKinley.
Its once again a giant theft and political money-grab under the guise of “stimulus.”
All federal bills are just slush funds for them and their co-conspirators.
Why pretend they are anything else?
Will we ever know the true cost of this?
Originally it was going to be $3.5 trillion, then supposedly it had been trimmed back to $1.75 trillion. This article mentions $1.85 trillion, but then the study concludes the actual cost will be north of $4 trillion?
I know we can say a trillion here and a few trillion over there starts to add up to real money, however, how the heck will these spending bills ever really be paid for? The GDP is approx. $20 trillion, and the federal government collects about $4 trillion in tax revenue annually. You reach a point where there simply aren’t taxable assets or income out there, to raise the revenue.
Heck, looking at the old Eliz. Warren proposal for a wealth tax, the total valuation of the entire New York Stock Exchange is about $33 trillion, give or take a few. There will come a point where there are simply no new sources to tax revenue to tap into.
Exactly!
Much federal spending is probably not only unaccountable, but also unconstitutional imo.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
The ultimate remedy for unconstitutionally big, alleged election-stealing, Democratic Party-pirated federal and state governments oppressing everybody under their boots...
Consider that all the states can effectively “secede” from the unconstitutionally big federal government by doing the following.
Patriots need to primary federal and state elected officials who don't send voters email ASAP that clearly promises to do the following.
Federal and state lawmakers need to promise in their emails to introduce resolutions no later than 100 days after start of new legislative sessions that proposes an amendment to the Constitution to the states, the amendment limited to repealing the 16th and ill-conceived 17th Amendments.
Insights welcome.
“BILK Back Better .”
Assistant Democrats ******
Renegade Republicans
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