Government Spending

Biden's $3.5 Trillion Spending Plan Will Leave Americans Poorer in the Long Run

A new analysis projects that private capital, wages, and America's GDP will fall over the next three decades if Congress passes the $3.5 trillion reconciliation package. But at least government debt will grow!

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As Congress wrangles over the details of a massive spending bill that's central to President Joe Biden's "Build Back Better" plan, a new analysis shows the proposal will leave America poorer in the long run.

Biden's plan to hike federal spending by about $3.5 trillion over the next 10 years—paid for with a combination of huge tax increases and up to $1.75 trillion in new borrowing—will decrease future economic growth and reduce private wealth, according to a new analysis from the Penn Wharton Budget Model (PWBM), a macroeconomic forecasting project based at the University of Pennsylvania.

The report projects that the reconciliation package would cause GDP would fall by about 4 percent by 2050 relative to where it would be if the proposal did not pass. That decline is driven by an estimated 6.1 percent reduction in private capital, which the group defines as "computers, equipment, factories, buildings, and other productive assets that are used to produce goods and services" and an 8.9 percent increase in government debt.

Higher levels of spending and higher amounts of government debt "crowds out investment in productive private capital. Less private capital leads to lower wages as workers become less well-equipped to do their jobs effectively," the PWBM analysis warns.

That higher levels of taxation, spending, and borrowing are an albatross on future economic growth is not exactly a revolutionary conclusion—unless you work in government, that is. Congress pressed ahead with the reconciliation package this week, as the House Ways and Means Committee stuffed a long list of tax increases into the bill. They plan to hike the corporate income tax, capital gains tax rate, and personal income tax for the top income bracket. Other taxes will target tobacco products and e-cigarettes, cryptocurrencies, and more.

As those parts of the budget plan are finalized in the coming weeks, we'll get more specific analyses from agencies like the Congressional Budget Office and the Joint Committee on Taxation. The PWBM report is based on a framework of the reconciliation bill that was released last month, so it does not take into account the specifics that are beginning to emerge, but the big picture remains the same: No matter whether the bill relies more heavily on revenue raised from taxation or by borrowing, the negatives outweigh the positives.

"Higher revenues decrease government debt, which offsets some of the negative effects on wages and GDP," the report says. "On the other hand, higher tax rates on wages discourage households from working." Other aspects of the plan, like greater levels of spending on public housing and increased Medicare benefits—at a time when some parts of the Medicare program are in danger of hitting insolvency—will further "reduce households' incentives to work, which accelerates the decline in GDP."

Workers might benefit from the massive surge in government spending in the short term, but they will lose out in the long run. The PWBM analysis says wages will rise by 0.7 percent between now and 2030 due to a reduction in the labor supply that will make workers more valuable. "However, as the decline in private capital grows over time, labor productivity continues to decline, which lowers the wage," the report says. By 2050, hourly wages will be 2.1 percent lower than they otherwise would be.

In all, the PWBM report suggests that Biden's massive spending package would hurt taxpayers, investors, workers, and future generations already facing the prospect of lowered standards of living caused by America's impossibly huge pile of debt.

Build Back Better? Hardly.

NEXT: Biased Testimony in Backpage Case Triggers Mistrial

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  1. Is anyone truly surprised by this = Team D is spending like a drunken sailor with a full pocket of cash near a bunch of bars…

    1. Is anyone truly surprised by this = Team D is spending like a drunken sailor with a full pocket of cash near a bunch of barsbrothels…

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      2. White House of ill repute

    2. No, the drunken sailor is spending his own money. These arses are spending our money and our kids and grandkids money.

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    3. If only we had somewhere where we could have seen Biden’s plans… or maybe some over the air broadcast of how much spending democrats promised if they won offices. If only…

      1. I know, I know….if only the MSM had reported any of that. Alas, they did not. And we’re screwed.

      2. You have to understand that there is no master plan, years in the making, coming to fruition here.

        What we have is a campaign slogan – build back better – that can mean whatever tha party wants it to means *precisely* so they can’t be nailed by specific policy proposals. Yang and Beto sank themselves by (among other things) putting out a concrete proposal that could be directly attacked.

        The current spending spree is completely opportunistic. They saw an excuse to spend massiv amounts of money – Covid1
        ! – and they’re riding that wave as far as it’ll take them.

        1. Build Debt Faster!

          Bankrupt Medicare Sooner!

          Steal Yourmoney More!

          Sink theUS Faster!

          1. Congress can borrow its way out of this mess!

            1. MMT for the win!

          2. A major reason for the immense accumulation of money looking for a place to invest has been the massive shift in the tax burden away from the rich, who have a higher propensity to save and invest, and on to the middle class who have a relatively lower propensity to save and invest. That is what Warren Buffett, CEO of Berkshire Hathaway (BRK.A) (BRK.B), was describing when he said that:
            “… through the tax code, there has been class warfare waged, and my class has won. It’s been a rout…”
            Manifestations of the enormous imbalance between the amount of investible funds and the opportunities to deploy those funds can be seen in the continued existence of trillions of securities worldwide with negative interest rates, events such as bitcoin reaching a trillion-dollar market value, and the proliferation of SPACs. Shifts in the tax burden in America and other countries were not the only cause of the surge in investible funds. Possibly even more important has been the switch from communism to capitalism by a significant part of the world. Countries like China and Russia have many wealthy citizens that now supply savings and thus significantly add to the world’s appetite for investment securities…
            Ironically, the losing side in the class warfare that Warren Buffett was referring to, scored some victories in 2020 indirectly, also through the tax code. This reduction in inequality, albeit now temporary, may be another risk consideration for REML.
            The inflationary potential of the current pandemic related shortages and enormous federal deficits are well known. My original premise for investing in mREITs and then 2x-leveraged ETNs based on mREITs was the class warfare rout via the tax code that Warren Buffett described, and its impactions for the supply and demand of investible funds and thus interest rates. Until 2020, the massive shift in the tax burden away from the rich and on to the middle-class continued unabated.
            Major fronts in the class warfare involved the relative reductions in corporate income taxes and estate taxes. In the 1950s, during the administration of those radical leftists Eisenhower and Nixon, corporate income taxes were 6% of GDP. By 2019 that had been reduced to only 1% of GDP. Until 1984, social security benefits were not subject to Federal income tax. Beginning in 1984, included in taxable income was up to one-half of Social Security benefits received by taxpayers whose incomes exceed certain base amounts. The base amounts in 1984 were $25,000 for a single taxpayer, $32,000 for married taxpayers filing jointly and zero for married taxpayers filing separately. Today the threshold for the taxation of Social Security benefits is still only $32,000 for married taxpayers filing jointly. Furthermore, now those with incomes above $34,000 are taxed on 85% of Social Security benefits.
            In contrast, in 1984 the threshold below which estates were not subject to Federal estate taxes was $3,000,000. Amounts above $3 million were taxed at a rate of 55%. Today, the threshold below which estates were not subject to Federal estate taxes, which has been adjusted for inflation, is $11.7 million. Furthermore, the rate at which amounts of estates above $11.7 million are taxed now are based on a sliding scale that starts at 18% with a maximum of 40%.
            The major factor in the success of Buffett’s class in the tax wars has been ignorance. Those without much understanding of economics are very susceptible to the falsehood that corporate income taxes are passed on to customers and employees. Many of those whose education included economics also cannot understand that corporate income taxes cannot be passed on to customers and employees. This is an example of what Upton Sinclair was referring to when he said:
            “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

            For the benefit of those who may not be aware of it, the reason why corporate income taxes cannot be passed on to customers and employees is that the entire incidence of a corporate income tax falls on the owners of the corporation. To the extent that the shareholders are pension funds or other institutions the incidence falls on them. If a corporate income tax is a percentage of pre-tax income, none of the corporate income tax can ever be passed on to employees or customers. That is because any wage or price decision that maximizes pre-tax profits would also maximize after-tax profits. If a profit-maximizing rational corporation is charging $9.72 for an item, that is because it is more profitable to charge $9.72 than $9.71 or $9.73 taking into account market demand and competitive pressures. Thus, $9.72 is the price at which pre-tax profits are maximized. If a corporate income tax is levied as a percent of pre-tax profits, $9.72 is still the price that maximizes both pre-tax and after-tax profits. Thus, the tax cannot cause any change in the price and is not passed on to consumers. The same applies to a corporation that is paying a wage that maximized its’ pretax profits, which is also the wage that maximizes its’ after-tax profits. It also applies to the output decision. The level of output that maximizes pre-tax profits would also maximize after-tax profits.

            The risk to investors in REML from a reversal of the tax-based class warfare, has arisen not because of a sudden increase in the extent that the population has an understanding of basic economics or that a majority of those polled no longer thinks that they will be subject to what one side in the tax-based class warfare calls, the “Death Tax”. Rather, the events of 2020 have caused the Federal tax code to temporarily revert to effective levels of progressivity not seen since 1969.

            The Pandemic related “stimulus” payments of $1,200 and later two payments totaling $2,000 to those with incomes below specified thresholds were technically advance refundable Federal income tax rebates. That is also the case for the $300 per month per child checks that will start being sent to parents with incomes below $150,000 beginning July 15, 2021. These advance refundable Federal income tax rebates are temporary under current law. A result of these rebates, the massive shift in the tax burden onto the middle class and away from the wealthy has been temporarily reversed, not by increasing taxes on the rich, but rather by reducing taxes on middle class taxpayers…” https://seekingalpha.com/article/4432104

            1. “A major reason for the immense accumulation of money looking for a place to invest has been the massive shift in the tax burden away from the rich, who have a higher propensity to save and invest, and on to the middle class who have a relatively lower propensity to save and invest.”

              Perhaps you could offer some evidence of this happening, perhaps by linking to IRS tax incidents charts. Of course, you won’t do that because they show the exact opposite of that you claimed above. “Because Warren Buffet said so” is not evidence.

              1. I would not hold my breath waiting for that “evidence”. Every study showing who pays the taxes in the US shows how little the bottom 90% actually contributes.

                The top 10% pay 3/4 of all the taxes so the “tax the rich” idiots should be happy with the status quo.

    4. In the period during and after World War II it became apparent that modern industrial warfare had made national defense extremely costly. In the first battles of the Revolutionary War, at Lexington and Concord, the American colonial soldiers were mostly better armed than those of the mighty British Empire. The Americans having rifles, many of which were the soldiers’ person property, as compared to the British armed only with less accurate muskets. As the industrial revolution progressed, weapons technology became much more complex and expensive.

      By World War II, the inability of Germany to afford naval aviation, the Japanese to afford heavy tanks and the inability of both of the axis powers to be able to afford four-engine heavy bombers, was a crucial factor in the Allies’ victory. And of course, the war was decisively ended when the two most expensive wartime projects, the atomic bomb and the B-29 four-engine bomber were used. Today a single weapons program, the F-35 single-engine fighter jet will cost $1.7 trillion.

      Prior to World War II, peacetime military expenditures as a percent of GDP were relatively modest. In 1926 they were just 0.57% of GDP. However, after World War II the vast cost of sophisticated weapons systems such as nuclear submarines, meant that even in peacetime, military expenditures as a percent of GDP were much higher than prior periods, averaging over 9.5% of GDP during the peacetime years of the 1950’s (1954-1959).

      When Federal income taxes were enacted in 1913, the intent was that only the very richest would pay them. The initial rate was 7% of the amounts above $500,000. Thus, only the richest 0.1% paid any Federal income taxes. There was a general consensus that Federal income and estate taxes should be highly progressive. Thus, whichever party controlled the Federal government tax policy was highly progressive. During the Eisenhower-Nixon administration of the 1950s, the top marginal personal income tax rate was 91%. The maximum estate tax was 77% until 1976. Economic policy makers were aware that the entire incidence of corporate income taxes fall entirely on the owners of the corporations Thus, from 1953-1963 the Federal corporate tax was 30% on the first $25,000 and 52% on anything above that. Federal Corporate tax receipts as a percent of GDP fluctuated with the economy, but were around 5% of GDP in the 1950s.

      Military spending was not the only area where technological progress has vastly increased costs. Technological advances after World War II increased medical costs. By the 1960s, medical care costs had risen to the extent that the Federal Medicare and Medicaid programs were established in 1965. These eventually became major contributors to Federal spending.

      The view that the richest should pay most of the taxes was not always universal. During and prior, to the reign of Louis XVI and Marie Antoinette, in France the nobility were generally exempt from taxes. The initial honor that the king could bestow on someone that king favored, was exemption from taxes. Then if you became more favorable in the King’s eyes, he could give you a title, such as count or baron, which may have bestowed additional rights and/or privileges. Since then, the progressivity or lack thereof, of taxation systems has varied.

      As Warren Buffet has pointed out, when he said “.. through the tax code, there has been class warfare waged, and my class has won. It’s been a rout…” the rich have drastically shifted the burden of taxes away from themselves and onto everyone else. In the beginning of 2020, the premise that government policies shifting the tax burden from the rich and onto the middle-class results in much more funds being available for investment was even more intact than it was in 2013, as a result of the Trump tax cuts. However, since then the possibility of a reversal of that rout has arisen.

      The risk to investors in REML from a reversal of the tax code-based class warfare, has arisen not because of a sudden increase in the extent that the population has an understanding of basic economics or that a majority of those polled no longer thinks that they will be subject to what one side in the tax-based class warfare calls, the “Death Tax”. Rather, the events of 2020 have caused the Federal tax code to temporarily revert to effective levels of progressivity not seen since 1969. This temporary upset favoring losing the side in the class warfare that Buffet described as being waged though the tax code, was due to a new “weapon”. The new weapon in the tax code war is the advance refundable Federal income tax rebate.
      The Pandemic related “stimulus” payments were technically advance refundable Federal income tax rebates. That is also the case for the $300 per month per child checks being sent to parents with incomes below $150,000 that began on July 15, 2021. These advance refundable Federal income tax rebates are temporary under current law. The Biden Administration is proposing in their budget that they be extended to 2025. A result of these rebates, the massive shift in the tax burden onto the middle class and away from the wealthy has been temporarily reversed, not by increasing taxes on the rich, but rather by reducing taxes on middle class taxpayers. The Biden budget also proposes various tax increases on the rich, both directly and via higher corporate income taxes.
      While some recent developments appear to have given the losing side of the class warfare that Buffet described as being waged though the tax code, a glimmer of a fighting chance, it still seems a very one-sided struggle, if not still a complete rout. Thus, investors in REML can safely assume that government policies shifting the tax burden from the rich and onto the middle-class, will continue to result in much more funds being available for investment relative to productive uses for those investable funds.

      A related and much more widely discussed bearish argument than tapering, is the fear that the $4.5 trillion of additional spending proposed by the Biden Administration will reduce securities prices. This could be very dangerous for investors in very interest-rate sensitive instruments such as REML. Much of this spending will be financed by increased government borrowing, which could cause a “crowding out” effect. Additionally, the Biden Administration budget proposes new taxes in a category entitled “Strengthen taxation of high-income taxpayers and close loopholes.” These legislative proposals could be enacted under budget reconciliation, which needs only 50 votes in the Senate.

      Much of the Federal government spending that the Biden Administration budget proposes, may be enacted. That could negatively impact the securities markets by raising price/earnings ratios. As discussed in a number of articles including Updating The Profits Outlook that included:

      …One input into our S&P 500 P/E multiple model is a forward-looking ratio of federal government spending to GDP. That ratio is negatively related to the S&P 500 P/E multiple…

      It is not likely that all of the Biden Administration budget proposals will be enacted. The “taxation of high-income taxpayers and close loopholes” section of the Biden Administration budget is probably the least likely to survive intact. However, even if the tax increases in the Biden Administration budget were to be enacted in their entirety, it would only be a slight reversal for the winning class in the tax-code war.
      To put the Biden Administration budget tax proposals in context of the tax-code class war, consider that the proposed total increase in taxes is estimated to bring in $754.78 billion over the 2022-2031 ten-year period. That would be only 0.25% of the projected 2022-2031 GDP of $290.37 trillion. Even if the entire $4.5 trillion proposal was enacted, that would amount to only 1.55% of 2022-2031 GDP $290.37 billion. In comparison, the reduction in Federal corporate income taxes since the 1950s alone is about 5% of GDP, and that does not count the other aspects of the victories by winning class in the tax-code war involving personal income and estate taxes…” https://seekingalpha.com/article/4451687

    5. It’s time to remove them. We can’t survive this if it continues.

    6. This wasn’t limited to team D, they just turned it from 10 to 11.

    7. We need to get rid of the unconstitutional and wicked Electoral College and let the people decide who gets to be president.

  2. Promises made, promises kept.

    “It’s MY money, and I want it NOW!”

  3. Nah Senile Joe knows what he’s doing, he drove trains and cut lumber, he’s a working man not some douche lawyer and politician forget the last 50 years, c’mon man.

  4. When you are circling the drain, complaining about the crud spinning along with you toward an inevitable doom becomes tiresome, doesn’t it Eric “I will vote strategically and reluctantly for Biden” Boehm?

    1. Fuck Joe Biden

      1. Right in his crusted wrinkly eyeholes!

      2. Music to my ears!

        “To crush your enemies, see them driven before you, and to hear their lamentations”

        1. “If only Comrade Stalin knew” – Stroozle in 2031

          1. If only Lord of Shit were other than a steaming pile of lefty shit.

            1. This country will be better off when the really committed progtards are executed for their crimes. They are what the death penalty is made for.

        2. You’re a faggot spazzle.

  5. Feature, not bug. The Democrats’ war on the American people continues unabated.

  6. “The report projects that the reconciliation package would cause GDP would fall by about 4 percent by 2050 relative to where it would be if the proposal did not pass.”

    We’re talking about destroying our quality of life in all sorts of ways. One of the issues, here, is that everyone won’t feel the effects of this equally. People who work from paycheck to paycheck will feel the effects of inflation in one way; people who are priced out of buying their first home will feel the effects in another way; and the people who get lucrative jobs working for the government or qualify for new entitlement programs because of this will enjoy a better quality of life than they would have at the expense of their fellow Americans.

    It should be well understood that this negative impact on most Americans’ standard of living isn’t an unexpected by product of Biden’s $3.5 trillion budget reconciliation bill. This is the bill working as intended. The whole purpose of progressivism is to use the coercive power of government to force us to make sacrifices for what progressives see as the common good, and this $3.5 trillion monstrosity is an excellent example of that. They want to force you to live a worse life than you would have for the benefit of other people.

    When Thatcher said that the problem with socialism is that they eventually run out of other people’s money to spend, this is what she was talking about. When interest rates go up with inflation, millions of Americans will never live in the home they would have lived in if only we’d spent less money, hadn’t raised taxes, hadn’t created new entitlement programs, and weren’t financing the Green New Deal. And that’s just one example. Most of them will never realize all the job opportunities and promotions they’ll lose.

    If you’re not a parasite, you’re a host.

    1. “will never realize all the job opportunities and promotions they’ll lose.”
      This is the forgotten calculation in every boondoggle proposed.
      “This commuter rail line will provide 1,200 new jobs and this windmill farm will generate 5,000 jobs… etc. etc. all for an investment of only $600 million.” And how many jobs would have been created if that $600 million was left in the private sector??

      1. That money would have trended towards its best use–including if it’s best use was never being spent. They’re taking this money out of our future paychecks. They’re taking this money out of our hopes and dreams, too. The interest rate on a 30 year fixed home loan was up over 10% as recently as 1990. If you’re a first time homebuyer, take a look at the interest you’d need to cough up on a monthly basis, right now, and triple it. Yeah, maybe you can deduct the interest from your taxes, but that won’t make up for the kind of house you can afford.

        If you’ve already locked in a sweet rate, good for you–hope you wanted to stay in that home forever and plan on never getting divorced. Because as soon as you leave that home, you’ll need to buy or rent from another owner–who’s paying market interest rates. TANSTAAFL, and it really doesn’t matter whether people think reality only works on boomers. The consequences of choosing this spending bill will happen to everyone in the real world whether they believe it or not.

        Let’s tell them about all the vacations they’ll never be able to afford to take. When housing prices go up and the cost of food and energy rises, that squeezes our discretionary income. And discretionary income is quality of life. Where you can afford to go on vacation, how often you can go out to eat and where, the quality of the food you buy, the kinds of clothes you wear, what you can afford to get your kids for Christmas, whether you can afford your kid’s piano lessons, ski trip, and summer camp. This is what the progressives want us to sacrifice for the benefit of other people.

        This is why progressives condemn average people as anti-science, racist, and selfish–because they want to force us to sacrifice these things for the benefit of other people. This is what it means to support this $3.5 trillion budget reconciliation bill, and this is what it means to be progressive. It speaks to the heart of why progressives are America’s most horrible people. They condemn us for caring about ourselves and the people we love in the hope that people will sacrifice their dreams without even realizing it.

        1. Excellent post. One nit: “…even if it’s best use was never being spent.” Unless everyone stores cash under their mattresses it’s always spent.

        2. “Let’s tell them about all the vacations they’ll never be able to afford to take. When housing prices go up and the cost of food and energy rises, that squeezes our discretionary income. And discretionary income is quality of life. Where you can afford to go on vacation, how often you can go out to eat and where, the quality of the food you buy, the kinds of clothes you wear, what you can afford to get your kids for Christmas, whether you can afford your kid’s piano lessons, ski trip, and summer camp. This is what the progressives want us to sacrifice for the benefit of other people.”

          Progressive hatred for the middle class is palpable at this point.

          1. Just get rid of the progressives. The government needs a hard reset anyway. Back to constitutional parameters and limits.

            1. There is a plan I can get behind.

              We had all the laws we needed after ratification.

        3. Voluntary giving is charity. Forced donation is theft.

    2. “When interest rates go up with inflation, millions of Americans will never live in the home they would have lived in if only we’d spent less money…”

      Oh, but that government owned 900 square foot condo with a view of the slums will be so much better for raising your 1.2 children….

      1. 900 square feet? Nobody needs a sprawling luxury apartment like that.

    3. They want to force you to live a worse life than you would have for the benefit of other people.

      “I swear by my life and my love of it that I will never live for the sake of another man, nor ask another man to live for mine.”

      1. Ask not what your country can do, ask what you can do for your country.

        – And that’s not from Mao.

        1. Yeah, it’s from another nasty collectivist.

    4. The one part of this I disagree with is that I think at least a sizable number of the people who are supposed to benefit from these entitlements actually won’t enjoy a better quality of life. I live in a low income neighborhood and grew up in a pretty poor family and I at least never saw a correlation between entitlements spending and my friends/neighbors/relatives having better lives. The real problem with entitlements isn’t a bunch of “welfare queens” out there living in luxury from money taken from the rest of society, it’s a bunch of people still living in crushing poverty because the money taken from everyone else to help them just gets wasted instead of being used on anything that will actually help. It doesn’t even matter if you believe that people should be forced to sacrifice their own wellbeing for the benefit of those well off or not, since that isn’t really what’s happening. What’s happening is people are being forced to sacrifice their own wellbeing for essentially nothing, and there’s really no possible moral argument to support that, it’s just dumb.

      1. Those less well off*

      2. It doesn’t even matter if you believe that people should be forced to sacrifice their own wellbeing for the benefit of those well off or not, since that isn’t really what’s happening. What’s happening is people are being forced to sacrifice their own wellbeing for essentially nothing, and there’s really no possible moral argument to support that, it’s just dumb.

        ^ Exactly this. The moral argument is sort of beside the point, in many ways.

        1. Welfare/entitlement spending is money laundering, mostly to the administrative class.

  7. >>unless you work in government, that is

    they. don’t. fucking. care.

  8. Biden’s $3.5 Trillion Spending Plan Political Party and Their Tech Giant Media Friends Will Leave Americans Poorer in the Long Run

  9. They won’t stop. They will keep spending until they completely destroy the economy and currency.

    1. It does seem to be the plan, heartfully supported by those who just want free shit as well as those who believe the world is stacked against unfortunates for whom you cannot possibly do enough.

      And when the damage is severe enough to call it a “crisis,” there will then be justification for outright nationalization.

    2. The democrats need to be eliminated as a party, with many committed progressives imprionsed, expatriated, and executed in some combination. We have to figure out how many must be pruned from the population to end them.

  10. The Democrats envision a generally less affluent society. They are really quite upfront about this. Their argument is that they’ll take care of you, albeit at a lower level than most can take care of themselves. Why people vote for this I don’t know, but a majority do. Perhaps they assume it will be others made poorer but they’ll be let be. Of course, if you know how to maneuver, and if you can make some intelligent assessments about where the ripples go from when the Dems throw rocks in the market, then you can prosper in a Democratic run environment. But most people don’t.

    1. //Why people vote for this I don’t know, but a majority do

      ohhhh, boy, have I got news for you.

      The recall election in California just started and the fuckery is already apparent

      1. A majority voted for Hillary Clinton and for Joe Biden. I expect Newsom to win this recall vote, despite being ghastly.

        1. //A majority voted … for Joe Biden

          No, they did not. The evidence is overwhelming.

          I mean at this point it’s pretty clear Democrats have not been winning fairly for quite some time now, and have been using cheating for quite some time. Blue states are probably a lot less blue than we think. How else do you explain the party’s Daffy-Duck-esque lunacy? Who’s voting for this shit? People want gibs, but they don’t want trannies near their kids. There’s a limit to how much you can attribute votes to people wanting freebies.

      2. They only want to help you… vote for Newsom, especially if you registered R

        1. We’ve had that lying POS Obo on teh tv telling us that Elder is gonna kill us, since he’s declared no masks and no vaccine mandate.
          Seems they cut him off before he got the part where you can keep your doctor.

    2. “…then you can prosper in a Democratic run environment.”

      By investing in surveillanceware? Low income apartment blocks that meet code for Section 8? More military hardware for law enforcement?

      1. There are, and will be more, ways to invest based on calamity. Gold is one today. And I foresee future ETFs that bet on inflation.

  11. If only these policies had been tried before in the 70’s.
    Triple-double, as I recall.
    Double digit interest rates.
    Double digit inflation rates.
    Double digit unemployment.
    Oh, yes; wage and price controls as well.
    Worked out alright though. (as soon as Ronnie Ray-gun got elected)

    1. It was the “Whip inflation now” buttons that did the trick.

  12. Like we’re going to make it to 2050.

  13. The nation faces an unprecedented array of challenges and will inevitably encounter additional crises in the future. Yet some in Congress have a strange belief there is an infinite supply of money to deal with any current or future crisis, and that spending trillions upon trillions will have no negative consequence for the future. I disagree.

    1. It appears to be a majority in Congress, not “some.”

      I have attributed this to a vague belief in MMT; but apparently they don’t even think that hard about it.

    2. They’re right. There IS an infinite supply of money. What they don’t understand are the implications for accessing it.

  14. “Biden’s $3.5 Trillion Spending Plan Will Leave Americans Poorer in the Long Run”

    I believe that is a feature, not a bug. Once everyone is equally poor, we will have true “equity”.

  15. “Leave Americans Poorer”

    Well, it might leave some Americans poorer. But I’m confident Biden’s billionaire base will continue to prosper. And for us Koch / Reason libertarians, that’s what really matters.

    #InDefenseOfBillionaires

    1. Another thoughtful nationalist comment brought to you by your favorite Koch sucker — OpenBordersLiberal-tarian.

  16. You can find a study to support just about any conclusion.

      1. Democrats’ plan to spend more than $4 trillion over a period of years on everything from road repair to child care would boost the U.S. economy in the long run without sparking higher inflation, according to a new analysis from Moody’s Analytics.

        1. Because we can ignore history which never is repeated right?

          1. “History is a right wing conspiracy theory!”

            -spazzle

        2. Welp, you can no longer pretend to be remotely libertarian after posting that.
          I’ll save that quote for when you do.

          1. Strudel has always liked Eau de Joe.

        3. ya but that money disappears and nothing gets repaired and nobody should give their fucking 3 year old over to the government 5 days a week

        4. But no hyperlink, interesting. Does this analysis even exist?

        5. Wonder when you Biden voters are going to apologise to your fellow countrymen, and I’m not even American.
          At the very least you should stop trying to take the shit sandwich this government is and telling everyone how good it tastes.

    1. Cool, so you’ll never post them to defend your retarded arguments; sounds good.

    2. “You can find a study to support just about any conclusion.”

      You can find some assholish sun of a bitch stupid enough to believe random studies, too.
      And we’ve got the steaming pile of lefty shit Lord of Shit to prove it

  17. Biden’s $3.5 Trillion Spending Plan Will Leave Americans Poorer in the Long Run
    They are poorer in the short run too. From the day Biden took office inflation has been increasing due to his policies.

  18. Biden’s $3.5 Trillion Spending Plan Will Leave Americans Poorer in the Long Run

    That time when Boehm didn’t blame it on Trump…

    1. “Trump made us support Biden” – t. Reason

      1. All too true; because mean tweets etc.

  19. Making us poorer is a feature, not a bug: It’s easier to buy the votes of poor people.

    1. And control them with the dole; with a little circus on the side.

  20. Trump ran up deficits in 4 years that were equal to the amount of deficit Obama ran up in 8 years, and Obama inherited the Great Recession.

    If you are complaining about Democrats then you are just a partisan complainer and you are dishonest

    1. They complained constantly about Trump. He is no longer president. Buy a clue.

    2. To be entirely fair, Biden is doing his damndest to run up deficits in two years that Trump ran up in 4. He’s already blown the first three years of Trump’s presidency out of the water but doubling that 4th year is going to be a real doozy I think.

    3. Every president doubles the previous debt. It’s been a tradition for forty years.

      1. And you double your alcohol intake every year, sarc.

      2. Until President Trump broke tradition and didn’t. Don’t worry though. Ol joe is going to get it doubled in a year or two.

    4. Trump ran up deficits in 4 years

      You mean the veto-proof Covid bills that Pelosi and Schumer forced down his throat?

      Go fuck yourself, you mendacious shill.

      1. Until April 2020 not even 1/4 of Obama’s first term had been spent.

      2. Ok. Let’s just count the 2 trillion for the TCJA. Full R power on display and it was a full 10 PERCENT of the entire debt at the time. The deficit ballooned to TWICE its current amount that Obama left it at (450 billion to over a trillion).

        So how about you fuck off you gd dumbass.

        1. And what were the CBO projections for the deficit through 2020 the year Obama left based on his policies? Hint: 1.5 trillion a year due to ACA, medicaid expansion, lowered disability claims, etc.

        2. So how about you fuck off and die.

        3. Except that it didn’t you mendacious DNC shill. Not one of the numbers you just stated was remotely true.

          Do you really imagine that you can just make up some nonsense and we’ll say “Oh wow, Tony’s right”?
          Go back to Huffpo if you want to try and pull those games. They’ll believe anything as long as its orangemanbad.

        4. In 2018 record tax revenue was collected by the government. So how do you get it cost 2 trillion? Putting millions back to work and raising millions out of poverty into middle class jobs increased the tax revenue just as the increased production and profits companies paid taxes on did.
          Republicans took the Senate in 2014 and cut Obama’s record deficits in half. Every budget submitted by Trump was ignored and Democrats would not vote for a budget without adding billions to the deficit. It was pass the budget the Democrats demanded or a government shutdown. Now that Democrats have a majority in Congress and the presidency they are unleashing spending with 6 trillion in Biden’s first year.
          For you to attempt to act intelligent after voting for Joe Biden is hilarious. For the next decade or two fights will start when someone insults someone by calling them a Biden voter. It will most likely be called a slur and a hate crime.

      3. Veto-proof means Republicans voted for it too.

        Not that I have the slightest idea why any of you are wasting your time defending their honor.

    5. Deficits aren’t the issue, government spending is. The harm of government spending is exacerbated by paying for it with taxation.

      The statistic that matters is government spending as percentage of GDP. That rose to a massive high of 43.3% under Obama and then steadily declined until the massive and ridiculous bipartisan COVID bills in 2020.

      And the people to blame for those ridiculous spending levels are Congress, almost all Democrats and many Republicans.

      1. No, the people to blame are the ones who, whenever something even inconvenient happens, demand Government do something. Which always invariably fails, costs lots of money and can never seem to be undone despite the failures.

        1. People line Strazzle in other words.

        2. “Government do something”

          Yes, that does seem to be at the heart of the matter; and it is not getting any better. It will take a crisis of incredible magnitude, under Democratic administration, to create the necessary level of government mistrust that this country was founded on. It will be a sea change of epic proportions.

        3. The people to blame for it are the people who have the power to change it. That’s representatives in the House, not likely voters being polled by Pew Research.

          1. They’re the ones who keep voting these numbers into office and then demanding the government do something.

            1. You’re saying “representatives vote this way because the people want it”. Ironically, that is actually the root of the problems we are facing.

              The solution is to hold representatives accountable for their free and individual choices, not let them hide behind “”I did what the polls told me to do”.

    6. Meet the new sock. Same as the old sock.

    7. Rent-fucking-free. One of the saddest things I’ve seen in my life, but at least the TDS-addled faggots (on both sides) have been hilarious to watch. I guess bread and circuses is all we have left.

      1. “…(on both sides)…”

        One more TDS-addled piece of shit I see.

      2. Looks like sarcasmic has a new sockpuppet. I’m guessing when he sobered up he realized how badly he fucked up yesterday.

        1. I thought he’d died of alcohol poisoning.

          1. He’s got a 45lb liver. That’s almost half his bodyweight.
            He’ll survive.

    8. >>Obama inherited the Great Recession

      lolnope

  21. Biden’s $3.5 Trillion Spending Plan Will Leave Americans Poorer in the Long Run

    Wow, this is the kind of deeply insightful libertarian analysis we come for to Reason! Government spending hurts growth! Hold the presses!

  22. You asked for this Boehm.

    Fucking pinheaded child that you are.

    Now Apologize.

    1. And I’m sure sarcasmic will be around to deliver a semi-literate rant about how you’re a brain-dead Trump zombie for noting that this was entirely predictable before the election in 3…2…1…

      1. Semi-literate rant: Fuck off you brain-dead Trump zombie.

        1. Fuck Joe Biden.

        2. “Semi-literate rant: Fuck off you brain-dead Trump zombie.
          Fuck off and die, asshole.

        3. Fuck Joe sarcasmic

  23. Democrats are dyslexic when it comes to economics.

    1. And Republicans clearly don’t understand the value of life at all outside of money. Hell, they don’t even understand that considering R policies generally pile the money at the top and let a trickle of piss fall on the morons voting for them below.

      1. Did you see all those conservative politicians at the MET Gala???

      2. Tell me one thing money can’t buy. Tell me what I can’t spend it on for my family. Tell me that the government picking my pocket will magically turn a profit.

        Fucking dipstick. You pay for it all, eventually.

      3. You say that money isn’t everything? I’d like to see you live without it. Money IS life. It’s a method of exchange for those things not just that people want, but what they need.

        But if you insist that life exists outside of money, I’m sure you’ve already given all yours away already, correct?

      4. “And Republicans clearly don’t understand the value of life at all outside of money…”

        Steaming piles of proggie shit can’t possibly post without dragging a straw man along.
        The reasons or obvious:
        1) They are abysmally stupid.
        2) They have noting positive to offer.
        3) They are SOOOO stupid, they don’t even realize they are lying.
        They’re assholes, besides.

      5. And Republicans clearly don’t understand the value of life at all outside of money.

        That’s odd. After all, it is the Democrats who are constantly concerned about income inequality, money printing, and redistribution.

        Hell, they don’t even understand that considering R policies generally pile the money at the top and let a trickle of piss fall on the morons voting for them below.

        The morons are people like you who believe that billionaires support the Democrats because they want to achieve equality. I mean, how utterly dumb do you have to be not to see that all that taxation, money printing, and stimulus money ends up in the hands of the super-wealthy? That all that talk about “the 1%” is utter bullshit? That the billionaires lobbying for higher income taxes don’t actually pay income taxes?

      6. I would rather be employed in a good job with good benefits then to be on welfare. How is taxing the rich to give subsistence living in squalor on welfare better then the jobs and benefits you call “a trickle of piss?” One is forced by the government the other given for labor that produces and contributes to society. One compounds poverty the other builds wealth. Or are you saying we should all get UBI and live off the government which is the definition of welfare?

  24. “will decrease future economic growth and reduce private wealth, ”

    Ok, even if we believe the numbers will pan out that way, what really is “poorer”? I mean, there is zero doubt we are “poorer” financially due to the EPA laws and regulations. But we are immensely “wealthier” in health. A park is a financial drain but makes someone mentally wealthier as well.

    Sure, we could roll back all regs and let Koch run rampant and he’d be wealthier and our GDP would be bigger. But would we be better off? Hardly.

    If you are someone who thinks that money is the absolute only way to measure personal wealth then I guess you’re a pretty shortsighted moron.

    1. If you failed to develop into a competent adult, that’s no reason to sic your nanny on us too.

      Go away, and take your fascism with you.

      1. “It’s not fascism if we don’t call it that.”

        -kyles dad

    2. I can’t wait to go scrounging for my family’s dinner in the nearest park paid for by taxing the shit out of Mr. Koch—grubs and berries and leaves, oh yum!

    3. Ok, even if we believe the numbers will pan out that way, what really is “poorer”? I mean, there is zero doubt we are “poorer” financially due to the EPA laws and regulations. But we are immensely “wealthier” in health.

      EPA laws and regulations have done next to nothing to improve the health of Americans. In fact, often such regulations amount to little more than a license to pollute with impunity and without the risk of lawsuits.

      But EPA regulations have destroyed immense amounts of wealth and growth.

    4. shitlunches conflates your personal wealth with the vast and growing national debt. It explains why the left is so ignorant.

    5. “But we are immensely “wealthier” in health.” The world is the sickest it has ever been with a pandemic raging and millions dying and you think we are immensely wealthier in health? The government regulates the environment while spending millions on developing a virus as deadly as possible and then leaks it into the environment. Give me back the coal and steel pollution and regulate the government gain of function research. At least we lived well and were only a little less healthy. No hospitals ever filled to max because of coal.

  25. D’s are for debt. R’s are for responsible. Why just a few short months ago, there was no debt. But then we elected D’s and debt started. We need to think of the children because we are responsible.

    1. You got a little trickle of Biden stuck to your chin.

    2. Debt doesn’t matter per se, taxes and spending do.

      And, yeah, D’s are clearly different on taxes and spending from R’s.

  26. Trump, the Beautiful yet Manly and Outrageous Orange God Admired and Worshipped by Reason Subscribers or Nonsubscribers Who Think of Themselves as “Libertarians” but in Reality Truly Love and Admire an Obese and Deranged and Evil Authoritarian Conman Moonbat, will run again in 2024, and you all will vote for him. Unless a really super yummy Big Mac lodges itself in his already dead cold, cold heart between now and then.

    1. An “Obese and Deranged and Evil Authoritarian Conman Moonbat” is still preferable to the incompetent socialist government and their corrupt, senile puppet that we have right now.

      Far preferable.

    2. Look, someone with nothing intelligent to say attacks Trump and his supporters. News at 11.
      Oh and BTW Fuck Joe Biden.

      1. It’s sarcasmic.
        He shit the bed pretty badly when drunkposting yesterday (I laughed so much), so he slinking back as a sock.

    3. Sarcasmic switch socks after being hacked yesterday?

      1. It does sound like his twattery. Rent free, just like his dream life on the government teat.

    4. That is really weak and really easy to counter. You will vote for Biden. Again. That is or at least should be one of the biggest insults of your life for someone to not only say you voted for Biden but will do it again. I would have to have satisfaction if that was implied about me.

    5. In that entire rant (and I have no idea who it is), you’ll notice but one comment regarding Trump’s policies and that is the bullshit claim that he’s “authoritarian”; the knock on Trump by the TDS-addled assholes had him not authoritarian enough; no mask mandates, no travel limitations, etc.
      So this is right up there with the asshole Zeb’s claim yesterday that Trump wanted to be emperor. On inquiring as to why such a fucking idiotic claim was made, it turns out Zeb had NOTHING!
      The rest is nothing other than adolescent whining by some TDS-addled piece of shit.

  27. But a lot of Democrat cronies and crooks will get huge paydays, and the Big Guy will get his 10%.

  28. If it doesn’t collapse the government, Biden’s $3.5 Trillion Spending Plan Will Leave Americans Poorer in the Long Run

  29. WE TOLD YOU SO.

    This is getting old.

    1. The woke seem to be asleep

  30. There are not all that many ways to create wealth and the most common is simply commerce; free trade between parties.
    If you are selling a piece of clothing and I am buying it, we are both better off (more wealthy) after the trade than before, and this is simply self-evident: You wanted the amount of money more than the clothing, while I desired the clothing more than the money.
    Each trade may not add a lot of wealth, but repeat this millions of times a day and it compounds quickly.
    Once coercion is introduced into any such transaction and the overall wealth is no longer increased by the ‘trade’; each time a coerced ‘trade’ happens, the overall wealth of mankind is reduced.
    Taxes are coercion, and any possible increase in wealth resulting from such transactions would take very clever use of the collected funds; an skill notably lacking in our governments, both local and federal.

  31. Medicare is struggling, Biden and Democrat response, expand it and shorten the life. It will win a couple elections until it creates another Biden crisis.
    Border in crisis, Biden and Democrat response, offer amnesty and citizenship, healthcare and welfare to draw even more
    Make the wealthy pay their fair share, repeal the cap on SALT giving the wealthy a huge tax break
    And there is so much more. All this just over mean tweets? I would rather have mean tweets then an angry, red faced, steely eyed old geezer that can’t do anything right threatening the jobs of Americans over a vaccination. He’s lost patience? He doesn’t know what lost patience is until he has to put up with a president like him.

    1. “…Make the wealthy pay their fair share, repeal the cap on SALT giving the wealthy a huge tax break…”

      Which refers to one of the few other ways of increasing human wealth; transform a raw material into a valuable good.
      Mine iron, manufacture automobiles!
      This is not done casually between a couple of folks; this needs capital, but it produces greater return.
      Wanna stop it? Tax folks until the money that had been going to creating wealth (and jobs, for that matter) ends up being wasted on bicycle paths.

  32. But orange man has mean tweets so who cares.

    1. Real wealth is generated by producing goods and services, not necessarily by simply exchanging them. The free exchange does result in each party being subjectively better off then each was before the exchange, but no new wealth is created. Though it is true that goods, services or money obtained in an exchange can be used to generate new wealth (production inputs, investments, etc). Taxing and punishing those that produce goods and services to give to those who’ve not produced destroys wealth and the wealth generating process. Free exchange is founded on individual rights and private property. But almost everything government does anymore is a violation of these principles. Most politicians think that wealth just IS and only needs them to redistribute it. And as they take it they assume someone somewhere will magically produce more. When you destroy property rights and free exchange you destroy wealth and progress.

      1. +1
        Can we please have an upvote option in this comment section?
        Pretty please.

  33. “Real wealth is generated by producing goods and services.”

    Yep, and if anybody has a right to own the planet all of that comes from, it’s not some jackoff tech bro or oil baron.

    “The free exchange does result in each party being subjectively better off then each was before the exchange, but no new wealth is created.”

    No new resources are created but more are dug up out of the earth, action motivated by signals in the marketplace you describe.

    “those that produce goods and services to give to those who’ve not produced”

    Here in this universe, nothing gets produced. You’re using euphemisms for “rich people” and “poor people.” By any estimation, poor people put more actual energy into this economy than rich people. That’s why we call it work, and why we contrast it to passively generating income.

    1. The ‘world’ has a history of running out of RAW resources how many times????????????????????????????????????????????

      UR a criminal. That’s why you make such ridiculous claims – as excuses to *STEAL*. U belong in prison.

  34. $3.5T is only $26,923 per working adult…. What’s the problem? Don’t people like to work for nothing to support their masters/slavers?? Gosh; maybe they’ll be generous and send you another $1000 check for you $26,923 worth of labor.

  35. The PWBM like the CMB is biased in its assumptions against taxing the rich that come with little empirical support. Of course, the Trump administration criticized them, but they were probably at least right to be skeptical of the Trump budget’s language such as “It’ll produce many, many big beautiful jobs.”

    The big assumption they get wrong is this crowding out nonsense. Investment is investment. The only reason Democrats are motivated to do these things is because the private market, working under decades of neoliberal assumptions and policy, has not fixed the highways, has not made basic services universal, and has basically funded tech bros flying into almost-space in a penis.

    Your argument is that the government is worse than the blind market at producing optimal outcomes for human beings. Your argument is wrong, but not necessarily in every case; the problem is your total dogmatism. Name a time when it would be right to raise taxes. Go ahead. You’re not an anarchist, so there must be some time. Clearly not during wealth inequality so large that they don’t even bother with so much as the noblesse oblige of the prior gilded age.

    The alternative is that government is good at directing a vast amount of resources for targeted ends. It would be foolish for it to leave nothing for the market to do, just as it would be foolish for the private sector to assume it’s capable of doing big or universal things for the common good. It’s not even legally incentivized to care about the common good. It’s always been assumed to be too important to leave that to them.

    1. – assumptions against *STEALING* from the rich
      – The Trump administration did have the lowest unemployment
      – The only reason Democrats are motivated to do these things is because they think like criminals.
      – Your argument is that the *pointing GUNS* at people is worse than the *free-market and free-will* (i.e. Freedom) at producing optimal outcomes for human beings
      – Name a time when it would be right to *STEAL*

      You’re seriously sick in the head.

      To answer your questions; The only time it’s okay to *STEAL* is for very specific purposes stated in the enumerated powers of the U.S. Constitution (by the Union Gov anyways). That is not -just- a suggestion; IT IS THE LAW! And it has PROVEN (historically) to have built the strongest Nation ever founded.

      We don’t do Communism, Nazism or Wealth distribution as countless other nations have tried and ended up in ruin’s. Yet your idiocy and idiots like you have put us there.

      1. You’re too stupid to bother with, but just a basic thing.

        What is theft? You have two options:

        1) Theft is a crime, defined in law
        2) Theft is whatever you want it to be based on the secret messages you heard in the unicorn farts of distant galaxies

        As 2) is rather arbitrary, I prefer to stick to 1). Taxation thus cannot be theft, or else there’d be a law against taxation.

        You’re welcome.

        1. THERE IS A LAW YOU FLAMING IMBECILE…
          The U.S. CONSTITUTION — The Supreme Law – The People’s Law over their Government.

          Yet; you and your Nazi-Friends keep pretending there isn’t.
          So I guess the principle you really live by is as long as you can *STEAL* without getting caught; Stealing is A-Okay….

          That is why the Left and Democrats should be in prison; these are very basic principles – DON’T STEAL, DON’T PROMOTE SLAVERY, BE RESPONSIBLE for Yourself.

  36. Thank you) Interesting article. But as always. As those parts of the budget plan are finalized in the coming weeks, we’ll get more specific analyses from agencies like the Congressional Budget Office and the Joint Committee on Taxation.Such all the time
    the truth with such prices, I’m just shocked. Sometimes I don’t have enough money for groceries https://oncredit.vn/vay-tin-chap only helps me out in such moments. And then there are renovations and expensive houses, and also billions of dollars. I envy.)

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  38. So borrowing vast amounts of money you can never hope to pay back and then giving it away to your friends so they can party with it is not a good long-term financial plan?

  39. $3.5 trillion. 330 million Americans. About $10,000 per man, woman, infant, retiree, disabled vet, invalid, schoolchild, illegal immigrant (yeah, they’ll pay), prison inmate (yeah, they’ll pay), homeless drug addict (yeah . . . you get the message.) A family of 4 – $40,000 in tax liability. But wait! It’s not money the government saved up from the IRS receipts over the past decades in a surplus, save for a rainy day account. Nooo – it’s money they will borrow. So add to that the interest to service that debt – that also comes out of your children’s future, and out of what might have been an increase in the pathetically paltry Social Security check that grandma gets, to pay for her rent and medicine, but which will now go into the pockets of Democrat cronies. Does anyone REALLY think that money spent on “infrastructure” (a small part of the 3.5 trillion is theoretically earmarked for “infrastructure” – like pronoun worship studies) will actually end up in steel and asphalt, instead of Swiss accounts and Teslas in gated Democrat communities? This is just more of the Obama doctrine of loot the future until there is no future. All Democrats should be lined up against a wall and shot for treason, sedition, and undermining the Constitution.

  40. The model simply shows that taking money from savings and investment for current consumption is the same as eating the food the feeds the golden goose.

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