Economics/Class Relations

America’s Welfare State Is on Borrowed Time

It’s interesting how this article conveniently forgets to mention corporate and bank welfare. But it is the Wall Street Journal.

By Christopher DeMuth, Wall Street Journal

Biden has fully embraced the mad goal of giving 98% of the population lavish benefits at no cost.

Has anyone noticed that the president has proposed increasing federal spending by nearly $1 trillion a year, while promising that 98% of Americans will pay nothing for it? The very idea would have seemed mad to every previous generation of Americans. Today it is considered conventional.

President Biden’s plans have been rightly criticized for the incontinence of the spending and the perversity of the taxes. Much of the spending is designed to exploit the pandemic crisis by transforming emergency income support into permanent middle-class entitlements for toddler care, higher education, medical services and much else. Other spending is called “infrastructure” but includes a list of progressive wants having nothing to do with capital investment. The tax increases—supposedly confined to the 2% with household incomes of $400,000 or more, but heavily weighted against capital investment—would seriously damage the economy and raise radically less revenue than claimed.

READ MORE

Leave a Reply