MCViewPoint

Opinion from a Libertarian ViewPoint

Erie Times E-Edition Article-$3.5T sought for social, climate efforts

Posted by M. C. on August 10, 2021

“While Democratic leaders’ have asserted that the measure will be fully paid for,” When you pay for stuff by printing money you end up looking like Venezuela and Wiemar Germany (recall the photos wheelbarrows of money used to buy bread).

“with much of it paid for with tax increases on the rich and corporations.” Just about everything anymore will be paid for by ” tax increases on the rich and corporations”. How long before YOU are considered (taxable) rich? Corporate taxes are costs of business. Corporations can develop new products, create job opportunities…or not.

When you get something for “free” from government, government first has to take it from someone else.

https://erietimes-pa-app.newsmemory.com/?publink=230e5a54a_1345e9e

ASSOCIATED PRESS

WASHINGTON – Senate Democrats unveiled a budget resolution Monday that maps $3.5 trillion in spending boosts and tax breaks aimed at strengthening social and environmental programs, setting up an autumn battle royal over President Joe Biden’s top domestic policy ambitions.

The measure lays the groundwork for separate legislation later this year that over a decade would pour mountains of federal resources into Democrats’ top priorities. Included would be more money for health care, education, family services and environmental programs and tax breaks for families, with much of it paid for with tax increases on the rich and corporations.

While Democratic leaders’ have asserted that the measure will be fully paid for, the budget does not require that. The Senate Finance Committee and House Ways and Means Committee, which control tax legislation, have been given flexibility to raise as much money as they want to offset the bill’s costs, and a memorandum summarizing the budget says those savings will be “substantial.”

The budget’s introduction marks the start of a long legislative trek through Congress that Democrats hope will result this fall in a progressive reshaping of government. To succeed, they’ll have to overcome likely unanimous Republican opposition and find the sweet spot between the demands of their own often antagonist progressive and moderate factions.

That will be a fraught task in a Congress they control by a hair. They’ll need the support of every Democrat in the 5050 Senate, with Vice President Kamala Harris casting the tiebreaking vote, and will be able to lose only three Democrats in the House and still prevail – margins that give every Democrat tons of leverage.

“At its core, this legislation is about restoring the middle class in the 21st Century and giving more Americans the opportunity to get there,” Senate Majority Leader Chuck Schumer, D-N.Y., said in a letter to his colleagues that unveiled the plan.

The resolution calls for creating free prekindergarten for 3- and 4-year-olds and two years of free community college, extending tax breaks for children and some low-income workers, and establishing paid family and sick leave.

Medicare coverage would be expanded to cover dental, hearing and vision benefits, and the program’s eligibility age would be lowered from its current 65. There would be an extension of federal subsidies for people buying health insurance through former President Barack Obama’s 2010 health care law and money for states that haven’t yet expanded Medicaid coverage.

Spending would also increase for housing, home health care and job training, and new resources would go to efforts encouraging a faster transition to clean energy.

To pay for the plans, taxes would be raised on wealthy people and large corporations, without any increases on people earning under $400,000 a year, a key Biden campaign pledge. The budget also calls for reducing the prices the federal government pays for pharmaceuticals it buys for Medicare recipients, a longtime goal of Democrats who want the government to be allowed to negotiate those prices.

“At its core, this legislation is about restoring the middle class,” Senate Majority Leader Chuck Schumer, D-N.Y., said in a letter to his colleagues that unveiled the plan.

Be seeing you

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