Today’s a day that ends in y, so, naturally, a push is underway in Washington, DC to bankrupt the country. But this push could be thwarted by the most unlikely of heroes.
Here’s what’s going on. Progressive politicians like Speaker of the House Nancy Pelosi and Senate Majority Leader Chuck Schumer are pushing a $1+ trillion infrastructure bill and a $3.5+ trillion “human infrastructure” package that, taken together, amount to one of the biggest expansions of the welfare state in US history. (Even the New Deal pales in inflation-adjusted comparison!)
However, Senator Joe Manchin, a moderate Democrat, just came out against the $3.5+ trillion package. He called on his colleagues to “hit the pause button,” citing rising government debt and inflation. This could effectively doom the multi-trillion package in a 50-50 Senate. But it doesn’t necessarily doom the $1 trillion infrastructure spending bill, which could pass alone.
That would be bad news for taxpayers, because the infrastructure bill wouldn’t actually “create jobs” as its proponents promise. According to an Ivy League analysis, it would spend all that taxpayer money yet “have a net zero effect on employment, wages, and economic growth over both the medium-term (by 2031) and the long-term (by 2050).” Oh, and the spending plan funnels money toward all sorts of waste and corrupt politician pet projects.