Judge Andrew Napolitano -
President Joseph R. Biden Jr. asked Congress to raise taxes and increase borrowing so his administration can spend $2.3 trillion — on top of the $1.9 trillion Congress authorized two months ago for so-called COVID relief — for thousands of projects he calls “infrastructure.” All this is in addition to the $2 trillion that the government borrows annually these days just to make ends meet.
These are serious numbers of dollars, the repayment of which will have seriously unpleasant consequences for future generations of Americans. Indeed, under Biden’s administration, the feds will borrow three times what they collect in taxes. This is not a new phenomenon, but it exacerbates the modern trend of spend now and pay later.
Under the Constitution, can the feds borrow as much as they want and can they spend it on anything they want? Here is the backstory.
More HERE
Read about the post WWI German inflation of 1923 to see how bad this could become.
A wheelbarrow full of Reichmarks to buy a loaf of bread!
Employees paid two or more times PER DAY to ruch out and buy necessary commodities (like food) before the prices DOUBLED again!
Savings of frugal Germans wiped out because the money they saved became nearly worthless!
Here’s one thing I will say about the Basement Dweller’s fiscal policy.
The DJT-GOP is a center-right party.
We are fiscally liberal and culturally conservative.
Fiscally liberal means that we will not tolerate new taxes on the working and middle-class. This translates into opposition to regressive use taxes or energy taxes of any kind.
If GOP lawmakers want to arrive at a compromise with biden, so be it. So long as it doesn’t involve any tolls/carbon tax/increase in the gasoline tax.
I don’t care if they raise the federal debt. Japan’s debt/gdp is 250%, and it’s paying 0.10% on 10-year debt. We can certainly increase debt/gdp by another 100 percentage points without negatively impacting our fiscal outlook