THE WASHINGTON DEMOCRATS’ TAX & SPENDING SPREE:
WHAT THEY ARE SAYING…
This week the Senate passed a budget, authored by self-described socialist Senator Bernie Sanders, that included a reckless $3.5 trillion tax and spending spree. Bernie’s Budget is the means by which Washington Democrats will try to ram through their socialist agenda and raise taxes and spending levels to historic highs. Meanwhile, runaway inflation continues to drive consumer prices higher and cripple family budgets, fueled by trillions in reckless government spending under President Biden. Things have gotten so bad that some within the Democrats’ own party are sounding the alarm about the country’s spending and debt and how their agenda will affect our nation’s finances and further raise prices on American families. Just this week, House Democrats circulated a letter asking Speaker Pelosi to provide more details on the Bernie Budget reconciliation package citing “concerns” given the combined threat of rising inflation, the national debt, and the trillions already spent by Washington Democrats: After voting for the budget resolution, unlocking reconciliation and a path forward to $3.5 trillion in new spending and taxes, Senator Joe Manchin took to twitter to air his concerns about “the grave consequences facing West Virginians and every American family if Congress decides to spend another $3.5 trillion.” He stated: Back in June, House Democrats wrote to Speaker Pelosi expressing deep concern about “the fiscal state of our nation,” stating that “Congress should pass a budget resolution that, at a minimum, stabilizes the debt as a share of the economy over the next ten years, prior to passing any significant tax or spending legislation." They wrote: It’s plain to see some Democrats are anxious about the effect their reckless spending will have on what Americans are paying to put food on their tables, gas in their cars, and clothes on their backs. Even the White House can read the writing on the wall – even if they are not willing to correct course:
WHY THEY ARE SAYING IT…Bernie’s Budget contains more deficit spending & debt than even Biden’s Budget:
- $68 trillion in spending over 10 years; $4.2 trillion increase over the current spending trajectory. The highest sustained spending level in American history.
- Bernie’s Budget spends more money than total combined federal spending under all previous years of the U.S. House Republican Majority.
- Bernie’s Budget combined with all spending since 2019 under the U.S. House Democrat Majority would be more than the total taxes paid by all Americans in U.S. history.
- The debt increase under Bernie’s Budget is greater than the value of every economy on earth, except the U.S.
- $1.7 trillion more debt than Biden’s proposed budget.
- $1.6 trillion average yearly deficits.
- $1 trillion yearly debt interest payments by 2031 – more than Medicare spending this year.
- Producer prices rose 7.8% over the last 12 months.
- Consumer prices rose 5.4% in July over last year.
- Gas UP 41.8%
- Car rentals UP 73.5%
- Steaks UP 10.7%
- Fish UP 8.5%
- Utility gas UP 19%