Biden, Democrats are setting nation up for financial ruin with massive spending packages that will drive our debt into the stratosphere
10/07/2021 / By JD Heyes / Comments
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Biden, Democrats are setting nation up for financial ruin with massive spending packages that will drive our debt into the stratosphere

For those of you who voted for Joe Biden thinking he was just the ‘moderate’ our nation needed after four years of that ‘right-wing extremist’ President Donald Trump, boy, were you duped.

One, Biden may have legislated as a ‘moderate’ for the bulk of his U.S. Senate career, but remember he was Barack Obama’s vice president, and Obama was a Marxist.

Two, you may not have noticed (or pretended that it didn’t matter) but the Joe Biden who campaigned last year and is now in the Oval Office is not the same Biden, mentally speaking, who left the administration four years ago with Obama. He’s ‘lost a step,’ people say in polite company; in not-so-polite company, people say he’s lost his mind. Either way, it’s obvious he’s not running his show — Marxists behind the scenes are running his administration, as evidenced by practically every piece of legislation Biden has signed or is backing.

Like, say, multi-trillion dollar spending bills that fund every left-wing dream program (and then some) into year infinity.

That is, if those spending packages don’t break our country first — and they will, though we’re being lied to by Biden and others who say that their spending packages are fully paid for.

They’re not, as Brian Riedl notes at the New York Post:

The bill, which aims to move America closer to a European-style social-welfare state, will shorten the fuse on a debt bomb that’s already set to detonate.

Last year, lawmakers enacted $3 trillion in (mostly) justified deficit spending for a once-in-a-lifetime pandemic. Yet the 2021 spending blowout is set to dwarf those costs.

Already, the Democrat-controlled Congress passed a massive $1.9 trillion spending bill shortly after Biden took office under reconciliation so they could avoid a certain Republican filibuster in the Senate, but the package, billed as “COVID stimulus,” was not necessary. Plus, it was packed with excessive spending for line items including outsized federal unemployment benefits that, when taken with state benefits, have created a labor shortage because millions of Americans are getting paid more to stay home than work, leaving businesses shorthanded or forced to close (which leads to a reduction in payroll and income taxes).

“The Senate has passed a $550 billion infrastructure bill that is financed mostly with gimmicks. Biden’s 8.4 percent discretionary spending increase would permanently raise the baseline by $1 trillion over the decade,” Riedl added.

“And now, Democrats are trying to pass a $3.5 trillion reconciliation bill that would raise deficits by as much as $1.75 trillion. Even those figures understate the bill’s true cost by at least $1 trillion by pretending that policies like the expanded child tax credit will expire within a few years, even though the Democrats’ policy is to make them permanent,” Riedl, a senior fellow at the Manhattan Institute, added.

Biden, last week, said that his package is fully paid for. House Speaker Nancy Pelosi (D-Calif.) lied and said the same thing Wednesday.

“It’s not about a dollar amount,” she told reporters. “The dollar amount, as the president said, is zero. This bill will be paid for.”

Republicans and conservative pundits and journalists scoffed mightily at that whopper.

“Nothing is free, and anyone telling you something is free is trying to sell you something else,” noted Brandon Morse, video creator and deputy managing editor at Red State.

Sen. Tom Cotton (R-Ark.) weighed in as well, writing Pelosi is “as delusional as President Biden” if she believes that.

“All this debt is projected to make interest the largest item in the federal budget, consuming nearly half of all annual tax revenues within three decades,” Riedl continued. “And these figures assume that interest rates still remain comparatively low. If rates exceed the CBO projections by even just one percentage point, it would add $30 trillion in interest costs over 30 years.

“None of this is remotely sustainable. Which is why all of this new spending will eventually bring huge new taxes. Biden and congressional Democrats claim that all of their promises can be financed by taxing corporations and families earning over $400,000. Basic math shows otherwise,” he adds.

If this debt monster passes, better find a way to hide your money and assets. Because Democrats will use every trick in the IRS playbook to confiscate it, so they can dole out just a dribble in return.

Sources include:

NYPost.com

FoxNews.com

DebtCollapse.com

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