I find this article especially interesting because much of the deficit the
author decries is due to the McConnell/Trump tax cut. Eric
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Subject: A Sinking Ship of State Drowns Everyone
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A Sinking Ship of State Drowns
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by Lawrence Kadish • October 18, 2021 at 12:00 pm
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* To be clear, the spending bill is actually the creation of a national
debt so massive that it has the means to destabilize a democracy dependent on a
functioning economy.
* For the Chinese Communist Party, seeking to master the 21st Century as
the one global superpower, it represents a strategic victory without so much as
firing a single bullet. They know that an economically weakened America cannot
possibly sustain its military leadership when it is burdened with paying down a
massive debt. Our allies and unaligned nations recognize this threat as well,
and will reinvent their relationship with China if they believe America's best
days are in the past.
* What makes the Administration believe that Corporate America would not
respond with massive restructuring to avoid a confiscatory tax bill -- or
passing the added cost on to the consumer, or moving the company's headquarters
offshore to a country with a lower corporate rate -- to avoid the threat of
losing its international competitive edge? Corporations have good accountants,
too.
* Few debate the idea that our nation's infrastructure is in need of
serious attention but the level of political dishonesty in characterizing the
Biden plan as "infrastructure" has even made many in his own party queasy.
Significant portions of the bill are earmarked for "environmental" agendas and
seeming favors to campaign donors, such as billions in subsidies for electric
vehicles. The proposed bill cries out for more sunlight and vast quantities of
disinfectant.
* This recipe for an economic apocalypse comes at a time when new job
creation has stagnated and the specter of a serious inflation has begun to
emerge.... As historians will tell you if we have the wisdom to listen, no one
escapes the devastation of a debtor nation. No one.
[https://www.gatestoneinstitute.org/pics/1662.jpg]
(Image source: iStock)
This article is being re-printed in response to numerous requests from our
readers. — The Editors
One suspects that historians and economists will consistently agree on one
irrefutable fact: nations that allow their economies to bathe in red ink are
destined to fail. This failure takes many roads and differs in timing, but
massive, uncontrolled national deficits eventually reduce a nation state to
being a pauper, a pariah -- and pathetic.
Enter Joe Biden's "American Jobs Plan," a $2.3 trillion spending scheme that
takes some Americans' most fevered fantasies and wraps them inside an
"infrastructure" label in an effort to convince Capitol Hill that the spending
is all about roads and bridges. An analysis by the Wharton School places plenty
of caution flags on this initiative.
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