It’s been a busy, busy week for Democrats as they try to come up with a deal to pass trillions of dollars in additional taxes, debt, and spending.
On Thursday, Biden announced a ‘paired-down’ version of their massive bill. The top-line number for the bill is now $1.75 trillion dollars, down from $3.5 trillion.
$1.75 trillion is better than $3.5 trillion, right? Well, think again. The Left is playing accounting tricks to make their top-line spending number seem smaller than it actually is.
Here’s how their budget gimmicks work:
- Tax increases over a 10-year period: Green New Deal taxes, tobacco taxes, an army of IRS agents (more about that later), and additional tax increases will go into effect over a 10-year period. That’s important––these taxes will be in place for 10 years to pay for new spending.
- Meanwhile, new spending programs are temporary: Most of the new spending includes partial and temporary funding for many programs. Here’s an example––Obamacare will be expanded only through 2025 and both child care and pre-K programs will be funded for only six years.
Do you see what the Left is doing? They’re raising taxes over a ten year period to pay for programs only for the next few years.
You may be asking a simple question: don’t the Democrats want these programs to be permanent? The answer is YES!!
Everyone knows that the hardest thing to kill is a federal program. Once it’s created, it lives on forever.
And if the program is wasteful and ineffective, it will only grow faster, as politicians throw even more money at the problem. The bureaucracy only grows!
Democrats are counting on these four and six-year programs to get extended, expanded, and become eternal.
So, the real cost of the $1.75 trillion dollar bill will be far greater in the long run, and will add trillions to the debt. The Left loves to claim moral authority with their economic agenda, but saddling our children and grandchildren with insurmountable debt doesn’t seem moral to us.