David Ditch: Biden’s Ridiculous ‘Zero Cost’ Claim – $ 3.5 T is Real Money, Out of Your Pocket

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Talk about a ridiculous advertising pitch! President Joe Biden spoke on Friday of a record-breaking tax and spending package currently underway in Congress., “It’s a zero price for debt. We will pay for whatever we use.

This is totally wrong and not close.

The 2,465-page giant has yet to be fully accounted for, but total bill spending and tax credits are expected to reach $ 3.5 trillion.

In contrast, the bill will raise taxes by about $ 2.3 trillion, Leaves a gap of over $ 1,000 billion. Democrats argue that imposing price controls on prescription drugs and expected economic growth will close the gap, even though independent analysis indicates the bill will in fact slow growth.

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But instead of breaking the record, Biden doubled and then doubled.

“My best rebuilding program costs nothing,” he tweeted on Saturday.

It is one thing to falsely claim that the law will be rewarded for itself. Another is to argue that perhaps the most expensive law in the history of the world costs nothing.

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There are no mistakes. There is no free money. All dollars spent by the federal government must be received or borrowed from taxpayers.

The additional borrowing is irresponsible. Federal debt is currently $ 28.4 trillion, or about $ 220,000 for every household in the country.

The problem is worsening, with tens of billions of unpaid debts to programs such as Social Security and Medicare. It is equally bad for retirees and future generations, and Congress refuses to deal with the coming crisis.

The tax increase costs not only high incomes, but also the real cost.

Despite Biden’s plan promising not to raise taxes for people with annual incomes below $ 400,000, the official Parliament marker has a tax burden on families that bring in just $ 30,000 a year. This shows that it will increase.

The post-pandemic recovery remains volatile and now is a particularly unfavorable time to increase tax burdens.

When it comes to economic growth, higher tax burdens will make US businesses less competitive with their foreign competitors. It will also discourage private sector investment that creates jobs and spurs wage growth for workers.

The post-pandemic recovery remains volatile and now is a particularly unfavorable time to increase tax burdens.

Unfortunately, the point in Biden’s ludicrous story of the cost of “zero dollars” is widespread. From D-Wash Rep. Pramila Jayapal, head of the House Progressive Caucus, to the mainstream media headlines on “zero” costs, there are now aggressive campaigns that claim that the government’s radical grand agenda is free.

It’s important to understand what the price of $ 3.5 trillion on the bill really means, because “trillion” is an almost incomprehensible number.

* Private sector emissions exceed $ 27,000 per US household. This exceeds the five-year grocery cost of a typical family.

* If you spend $ 1000 per second, it will take you 111 years to reach $ 3.5 trillion. However, the bill skyrockets in 10 years, spending an average of $ 11,000 per second over 10 years.

* ObamaCare was one of the costliest laws to date when it was passed. The inflation-adjusted costs are $ 1.1 trillion, less than a third of Biden’s tax on apparousas. Even the most enthusiastic ObamaCare supporters have never claimed to have a “zero” cost.

The legal concerns go far beyond its incredible cost. How these trillions are spent is also problematic.

The expansion of the welfare state will discourage work for middle and middle class families and create a dependency on government rather than wealth.

Investing hundreds of billions of dollars in “green” businesses will not have a measurable impact on global temperatures, but will use taxpayer dollars to create new left-wing political supporters.

Democrats are also determined to impose an amnesty on illegal immigrants on taxes and spending.

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After all, the law will focus power and control more on Washington, DC. The idea that Congress and federal bureaucrats deserve more responsibility in our daily lives should be a strong argument regardless of political leanings, and that is exactly what it is. What will the bill do?

Instead of going through a bill longer than the combined length of the two King James versions, Congress needs to slow down and consider alternatives.

Reforms to existing benefit programs can encourage work and reduce deficits in the long run. Maintaining growth-friendly tax laws will do more for jobs and wages than federal intervention.

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Adopting a responsible approach to national finance would be a pleasant surprise. Sadly, Biden seems to be claiming that whatever he wants is free.

He is wrong. And if the legislative package passes, the United States will pay a very realistic price.

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David Ditch: Biden’s Ridiculous ‘Zero Cost’ Claim – $ 3.5 T is Real Money, Out of Your Pocket

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