Democrat spending spree doesn't add up

 Washington Examiner:

Democrats are facing major speed bumps in passing their social spending legislation after inflation clocked in higher than expected and the Congressional Budget Office found that their plans could add trillions to the deficit over the next decade.

The Bureau of Labor Statistics said on Friday that consumer prices increased 6.8% for the year ending November , the highest in nearly four decades. The new numbers threaten support for President Joe Biden’s Build Back Better legislation because centrist Democrats such as Sen. Joe Manchin have expressed concerns that more federal spending could further stoke inflation.

Immediately after the numbers were released, the U.S. Chamber of Commerce reacted by calling on lawmakers to slow down the spending bill and consider the effect its passage could have on the economy.

“With prices rising 6.8% over the past year, squeezing budgets for families and small businesses alike, it is time for Congress to hit pause on the reconciliation bill and not add any more fuel to the inflationary fire,” said Neil Bradley, the Chamber’s executive vice president and chief policy officer. “Rather than ‘building back better’ — the reconciliation bill will just be bringing back bad inflation.”

Just hours after lawmakers learned about the 6.8% inflation rate, they also learned that the House-passed version of the Democratic climate and social spending bill would increase federal deficits by $3 trillion over the next decade if its temporary provisions are made permanent, as Democrats say is their intention.

The Congressional Budget Office made the estimate at the request of Sen. Lindsey Graham, the top Republican on the Budget Committee, who has accused Democrats of budgetary gimmicks to reduce the headline price of their spending legislation. The House version of the bill has numerous spending measures that sunset early, which, if made permanent as Democrats intend them to be, would balloon the cost of the bill.

...

If a corporation were doing this they would face a fraud suit from shareholders and the SEC.  What Democrats are engaged in is the politics of fraud.  This mess should be rejected, and those who support it should be defeated in the next election. 

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more