The President and Congress have spent $1.9 trillion on Covid relief, some necessary and valid, some not.
Now the President is proposing $2.3 trillion for infrastructure, much of which is not infrastructure at all.
Shortly the President will propose an array of new ongoing programs for child care, pre-school, leave from jobs, even monthly checks for each child up to $300 per child, and two years free tuition at community college. All for $1.8 trillion.
And all “paid for” by less than 1% of US taxpayers … with no consequences of course. And speaking of paid for, the latest spending proposal, while priced over a ten year period as is normal, will be paid for over fifteen years. You can’t say politicians aren’t creative accountants.
Politicians are great at enacting popular programs, that for practical purposes won’t go away, but will increase in cost over the years. Then future politicians fail to continue adequate funding, or economic conditions can’t provide sufficient funding.
Social Security, Medicare and the Transportation trust are prime examples. The all were intended to have broad based funding, but as usual politicians haven’t the courage to raise taxes to pay for promises. so, either the programs deteriorate or federal deficits soar.
Convincing Americans that only the wealthy will pay for more and growing social programs is the biggest financial con since Bernie Madoff. Simply look to the tax and fee structures in European countries.