task0778
Diamond Member
- Thread starter
- #21
I am aware of the cost benefits of gov't spending AND cutting taxes, the US got a nice bump in economic growth as a result of Trump's tax cuts. It seems though that people like you don't seem to factor in the inflation that Biden's massive spending is going to create, and actually has already started to take effect. And I highly doubt we will see the benefits amount to as much as those on the Left think. And I think the Left ignores the negative effect that raising taxes has on economic growth.This I agree with: "most Americans want their kids and grandkids to be better off than they are/were,"
The national debt is a concern, yet the costs and debt will be over a decade, and the benefits will benefit our posterity. We can't forever kick the can down the road and that defines fiscal conservatism. Cutting taxes and doing nothing has been on going the past forty years.
It seems people like you think a Trillion Dollars doesn't have cost benefits, and is going to amass a great debt. Taxes paid by skilled labor repairing or replacing and building a new bridges, canals, heavy and light rail will bring forth user fees; adding two years of free education in Community Colleges will benefit American Citizens in elementary school now (to be able to challenge children from foreign nations taking good paying jobs for our kids and grandkids); fees and fines to the private sectors for lateness in the contract and/or failure to pass inspection; the millions of workers who will spend on Main Streets in all communities which see fit to compete for their needs.
According to the NY Times link below and updated just last week, the CBO projects Biden's deficit in 2021 to be approx $3 trillion, and that was as of May 18th of this year, and that doesn't count the recent bipartisan $1.2 trillion Infrastructure bill that hasn't been signed into law yet, or the much larger $3.5 trillion bill that the Dems want to ram through in reconciliation. And who knows what else after that. If anyone believes all of that spending will be paid for, they are simply crazy, or that the benefits will be anywhere near worth it.
I believe that the debt will rise in Biden's 1st four years far in excess of Trump's $6.7 trillion. JMO, much depends on whether the Dems can keep the House in 2022 and their Senate majority.
Budget Deficit Projected to Hit $3 Trillion as Pandemic Spending Buoys Economy (Published 2021)
Stimulus spending will help fuel economic growth and erase pandemic job losses, according to a new report from the Congressional Budget Office.
www.nytimes.com