The New York Times gave conservatives a case of the vapors this Monday after releasing a report stating that “President Biden’s economic advisers are preparing to recommend spending as much as $3 trillion on a sweeping set of efforts aimed at boosting the economy, reducing carbon emissions and narrowing economic inequality, beginning with a giant infrastructure plan that may be financed in part through tax increases on corporations and the rich.”
Remember at the beginning of the pandemic; we were all shocked Congress put forward a billion-dollar plan? How quickly it went from billion to trillion as soon as Joe Biden took over.
The Times report states that that whopping $3 trillion figure “does not include the cost of extending new temporary tax cuts meant to fight poverty, which could reach hundreds of billions of dollars, according to estimates prepared by administration officials.” Apparently, President Biden supports every dollar proposed to be spent but hasn’t nailed down just how he plans to ram this through Congress.
We’ve needed infrastructure help for decades. It is one of the only true purposes of our government. We pay the taxes, and the government – local, state, federal – builds and maintains the roads. Trump’s infrastructure plan was stalled in Congress for political reasons. Now the man responsible for handing out infrastructure contracts and determining which state needs what can barely make it through a written speech with the help of a teleprompter.
The plan would spend heavily on “high growth industries of the future like 5G telecommunications.”
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Reuters calms the ruffled feathers by releasing a report that says that the White House is backing off the $3 trillion spending plan.
The White House said a New York Times report that said U.S. President Joe Biden will consider spending $3Trillion for infrastructure and other priorities is premature and does not reflect White House thinking. The Times reported that Biden advisers are preparing to recommend he spend as much as $3 trillion for infrastructure and other priorities is premature and does not reflect White House thinking.
The Times reported that Biden advisers are preparing to recommend he spend as much as $3 trillion on boosting the economy, reducing carbon emissions, and narrowing economic inequality, beginning with a giant infrastructure plan.
President Biden and his team are considering a range of potential options for how to invest in working families and reform our tax code, so it rewards work, not wealth. Those conversations are ongoing, so any speculation about future economic proposals is premature and not a reflection of the White House’s thinking,” White House spokeswoman Jen Psaki said in a statement in response to the article.
Reuters contributed to this report.
ARTICLE SOURCE : thefederalistpapers.org