Democratic Senator Joe Manchin is sounding the alarm over the Democrat’s $3.5 trillion budget plan that was passed by the Senate on Wednesday, stating that the insane amount of spending would be dangerous for future generations.
“Adding trillions of dollars more to nearly $29 trillion of national debt, without any consideration of the negative effects on our children and grandchildren, is one of those decisions that has become far too easy in Washington,” Manchin said in a press release on Wednesday.
“I urge my colleagues to seriously consider this reality as this budget process unfolds in the coming weeks and months,” Manchin said, raising concerns of “grave consequences” if the budget goes as planned.
“It is simply irresponsible to continue spending at levels more suited to respond to a Great Depression or Great Recession — not an economy that is on the verge of overheating,” he added.
“The challenge we now face is different: millions of jobs remain unfilled across the country and rising inflation rates are now an unavoidable tax on the wages and income of every American,” Manchin said. “These are not indications of an economy that requires trillions in additional spending.”
My statement raising concerns about the consequences of passing a $3.5 trillion budget: pic.twitter.com/gGsEXcVTxd
— Senator Joe Manchin (@Sen_JoeManchin) August 11, 2021
During an interview with Fox Business, former Council of Economic Advisers Chairman Kevin Hassett also raised red flags about the Biden budget on Fox Business’ “Mornings with Maria.”
Read his comments below:
KEVIN HASSETT: These people really are throwing everything they can at the economy, hoping to juice up demand so much that the economy will be growing a lot and that they don’t get crushed in the Midterms, it seems to me. But the fact is that you can’t do that while you wax supply and not see runaway inflation.
There’s much slower growth than people thought, much higher inflation [than] people thought. Because the Biden administration is looking at the demand side and threatening the supply side. And so this is exactly what economics says would happen. And if that bill passes, then you really are looking at an unprecedented negative shock to the economy. And that’s going to destroy the Democrats in the Midterms.
People hate inflation because their wages don’t keep up with the higher prices. And inflation right now is starting to be the number one issue on Americans’ minds. And this bill that they’re proposing in the fall is going to make inflation probably double.
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