Posted on 09/24/2021 7:29:51 AM PDT by karpov
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.
• Start with the child allowance, which is among the bill’s most expensive provisions. Extending the $3,000 to $3,600 per-child payments for a decade would cost roughly $1.1 trillion. That’s as much as all of the income tax increases on individuals passed by the House Ways and Means Committee.
Democrats have hidden the real cost by extending the allowance only through 2025. Even if Republicans gain control of Congress and the White House in 2024, Democrats and their media allies will bludgeon them to extend the payments, which will cost another $110 billion each year. The GOP will be accused of raising taxes on middle-class families.
• Democrats are using a different time shift to disguise the cost of their Medicare expansion. New vision and hearing benefits would kick in over the next two years and cost about $20 billion a year. But Democrats are delaying the phase-in of the much more expensive dental benefit to 2028. This “saves” $420 billion over 10 years, but the costs explode after that.
• Then there’s the new universal child-care entitlement, which gives $90 billion to the states—but only from 2022 to 2027.
(Excerpt) Read more at wsj.com ...
Entitlement Plan = SHAFT Scam
Listening to biteme now - “my economic plan is overwhelmingly popular!”
Every government scene costs 3 to 5 times the original estimate almost immediately.
Expected cost by most financial gurus is $5.5 trillion at the least.
Anyone robbing Peter to pay Paul can count on Peter's support.
Now that the peters outnumber the Pauls, we're all screwed.
Take another look.
This budget crap is just the Democrats aka Demoncrats effort to establish the United States of Socialism. You have to give them credit for the most creative names for their bills that hide their true purpose ... Like ACA, For the People Act aka HR1, John Lewis Voting Rights Advancement Act, etc etc etc
If the first tier banks have a 10% reserve requirement, how much can they lend with $3.5 Trillion 'in the vault'?
Hint, it isn't 90% of $3.5T!
If the whole $3.5T is the 10% reserve, they can loan out $31.5T.
Mostly the bigger banks loan to the smaller banks who can use the same 10% reserve requirement to multiply that $31.5 Trillion a further 9 fold!
That's just off the top of my head, I'd guess there are a hundred money making pandering schemes for the richest and the poorest I missed in that short list.
Did I miss your favorite subsidy, support or tax credit?
Archived copy: https://archive.is/nXtRH
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.