West Virginia Sen. Joe Manchin and Arizona Sen. Kyrsten Sinema continue to bravely endure the rhetorical flamethrowers of their party’s dominant Loudmouthed Wacko wing for their refusal to dive headfirst into fiscal insanity and blow $3.5 trillion on the Democrats’ leftwing wish list bill.
But as admirable as their stand is, and America is blessed to have any bulwark in place against the dangerous leftward lurch that most Democrats are trying to impose, it’s important to remember that they aren’t fiscal conservatives. Manchin made it clear that he’s not opposed to spending a big pile of money we don’t have; just to spending a mountain of it.
J.D. Rucker of LibertyDaily has a good article quoting what Sen. Manchin said and analyzing what it really means. Rucker reminds us that the “small,” “bipartisan” “infrastructure” bill (I use all those quotes because you could make an argument against each adjective) is described as costing “only” $1.2 trillion, but in their spending frenzy, Democrats have forgotten that even one trillion bucks is still a heap of money. (Proponents argue that some of the $1.2 trillion isn’t new spending but things like previously-allocated unused COVID relief funds. So if we take deficit spending meant for one thing and spend it on something else, then it doesn’t cost anything! There’s DC economics in a nutshell.)
Biden recently said that “trillionaires” are doing fine, apparently not realizing there’s no such thing as a trillionaire. Amazon founder Jeff Bezos is the richest man in the world with a net worth of $177 billion, but he’d need more than five times that much to have even one trillion dollars. If the Democrats confiscated the entire wealth of the 10 richest people on Earth ($1.15 trillion), they’d still need to scrape up another $50 billion just to cover their “small” spending bill.
Are you starting to suspect that they can’t really cover nearly $5 trillion in spending just by “taxing the rich?” The only good news if this passes is that you’ll soon discover YOU’RE “rich.”
Rucker notes that Democrats decried the “massive” cost of Trump’s $20 billion border wall, and now they want to spend 175 times that (none of which, needless to say, will be used to finish the border wall.)
Rucker also explains that this detachment from fiscal reality is due to most Democrats and too many Republicans embracing Modern Monetary Theory, which is the belief that the government can pay for anything simply by printing as much money as it wants, and this won’t harm our economic health in any way. Sure, everywhere it’s ever been tried before, it’s led to ruinous hyperinflation and the collapse of society, but they insist that can’t happen here. It’s odd to me that they hate the very idea of American exceptionalism, yet they believe that in this one way, we’re the exception to every ironclad rule of economics.
Here’s another way of dealing with our debt that’s so crazy, even the Biden White House claims nobody is considering it (for now, anyway.)
That link also talks about the fight over raising the debt limit and features our Quote of the Day, from Texas Rep. Jodey Arrington: “It is not our duty to raise the debt limit; it’s our duty not to spend so recklessly, irresponsibly, and egregiously that we bankrupt this country.”
On a side note: I misspoke recently in saying that only a Senate filibuster could block the “infrastructure” bill if the House passes it. I forgot that with the help of some “Republicans,” it already passed the Senate and there won’t be any reconciliation. So if the House okays it today, Biden will sign it. But Speaker Pelosi is still trying to muster the votes to pass it because Democrats on both the far left and the center are threatening to withhold their votes for conflicting reasons. So Pelosi might be forced to delay it again.