On the Point commentary by Greg C. Truax
Right now, congressional Democrats are working on a spending bill that could total $3.5 trillion. Let me repeat: $3.5 trillion.
Opposed by Republicans, the proposed new spending over the next 10 years is a cradle to grave expansion of social welfare programs. What the liberal spenders propose is the New Deal and Great Society all rolled into one piece of legislation.
Is all of the new spending really needed? The economy is growing, jobs are available — openings total 10 million — and a whopping $5.4 trillion already has been appropriated to respond to the coronavirus pandemic.
Keep in mind the national debit is $29 trillion dollars, a record level. It continues to grow and grow.
And what about Social Security? Its reserves are now projected to be depleted by the year 2034. At that point, benefits would be mandatorily reduced unless Congress spends taxpayer money to shore up the program. Shouldn’t we today be thinking about what spending will be needed in the future?
Taxing more, spending more and borrowing more. Is a European style social welfare state really the path to economic prosperity for all Americans?