Sprinkles from the Left
⏰🚀 Ready, Set, Go: These opinions take 1.69 minutes to read.
“The politics of Biden’s Build Back Better initiatives are already clear enough. Democrats will either overcome their differences or prove themselves incapable of delivering the level of change they promised in 2020…
Virtually all Democrats in both houses of Congress understand it would be politically ruinous and historically irresponsible to kick away this opportunity to establish a more equitable social contract. That’s especially true since their initiatives — on child care, paid leave, elder care, health care, education and the pro-family child tax credit — are broadly popular.
Two points are often lost. One is about the size of what’s being considered. Yes, the much-discussed $3.5 trillion price tag is a lot of money. But that number is based on 10 years of spending. Sharon Parrott, president of the Center on Budget and Policy Priorities, points out that the $3.5 trillion should be placed in the context of an anticipated gross domestic product of $288 trillion over the same period — meaning that this debate is over roughly 1.2 percent of the economy.
That’s hardly a gargantuan investment in social equity and economic stability for tens of millions of our fellow citizens.”–E.J. Dionne Jr., Washington Post ($)
“Since the start of the pandemic, Congress has authorized more than $5 trillion in emergency spending, much of it on relief… The fact is, though we don’t often think of it this way, Democrats and Republicans have come to share a core economic conviction: In a crisis, government’s role in addressing unemployment is to offer relief, not work.
This reflects a general left-right consensus among the nation’s leading economists on how government should respond to market downturns. Maximizing the speed of the recovery, they argue, calls for cash payments and tax cuts. Makeshift jobs may only slow the pace of private investment and hiring…
This common economic denominator is noteworthy, because for all the talk on the right about the Democratic Party’s radicalism, it remains far more conservative on economic policy than it was in FDR’s day… Yet today’s progressives stand to the left of Roosevelt in a crucial way: their willingness to provide cash relief without expecting — or empowering — anyone to work…
The difference between a deal and a rescue is worth contemplating, given its broader political ramifications. Democratic leaders and activists are continually frustrated that so many working people vote Republican, and they usually lay the blame on cultural flashpoints, from abortion to immigration. Those certainly play a large role. But as I heard while traveling across the country over the past year, many people are concerned about what they perceive as the country’s declining work ethic, and they often lay the blame for that on a Democratic Party that they view as more concerned with providing benefits than promoting work.”–Frank Barry, Bloomberg Opinion
Sprinkles from the Right
⏰🚀 Ready, Set, Go: These opinions take 1.68 minutes to read.
“Mr. Biden’s ‘build back better’ program would create the largest expansion of welfare benefits since the 1960s, further dissuading able-bodied Americans from reentering the workforce. It would hamstring small businesses with increased regulation. It would raise the business tax rate to 28%, higher than communist China, incentivizing more U.S. companies to take their jobs abroad.
It aims to push Green New Deal objectives, killing thousands of fossil-fuel jobs, at a time when American’s are paying on average over $3 per gallon at the pump, Russian exports of oil to the U.S. are at an all-time high, and Mr. Biden is begging OPEC to pump more oil to lower prices.
Mr. Biden’s ‘build back better’ plan will also, undoubtedly, cause further inflation. Higher prices have already exceeded wage growth in the first six months of Mr. Biden’s presidency.
Not surprisingly, Mr. Biden used the disappointing August jobs report as proof his $3.5 trillion spending bill and $1.2 trillion bipartisan infrastructure bills are needed to create “good-paying jobs” and “long-term prosperity.”
He couldn’t be more wrong…
The key to building back better is lowering taxes, reducing regulations, and rewarding hard work, innovation, and economic risk-taking. Mr. Trump’s administration proved this.
Unfortunately, Mr. Biden is doing the exact opposite. He wants to ‘fundamentally transform’ this country through a historic tax and spend policy, which will only threaten American prosperity and destroy the American dream. It’s the opposite of what’s needed right now.”–Washington Times Editorial Board
“Congress is back in session, and don’t blink or you may miss the plan to transform America in 17 days… Democratic leaders are moving to ram into law their $3.5 trillion plan for cradle-to-grave entitlements with the narrowest of majorities before Americans figure out what they’re doing. As Nancy Pelosi famously said about ObamaCare, Congress will pass the bill so people can find out what’s in it…
It’s worth putting Mrs. Pelosi’s blitzkrieg in historic context. FDR’s New Deal programs were passed incrementally over two presidential terms with overwhelming Democratic majorities. Democrats created the Great Society over two years with supermajorities. ObamaCare was hashed out over nine months before Democrats enacted it into law with 56 votes in the Senate. The 2017 GOP tax reform was debated for months, and its principles for years, before Congress voted.
Now with merely 50 Democrats in the Senate and a five-member House majority, Democrats are planning to rush through the biggest tax and spending increase in half a century… Americans should be shouting from the rooftops to stop this steamroller before they wake up to a government that dominates their lives in a country they don’t recognize.”–WSJ Editorial Board