Biden isn’t done raising inflation with debt-fueled spending

Just a week after announcing a student “loan forgiveness” program that independent experts say could cost more than $1 trillion, the Biden administration has proposed even more federal spending. Just before Labor Day, the administration requested $47 billion in additional funds to add to legislation funding the federal government after Sept. 30, with no compensation for those new funds.

Of the $47 billion requested, another $26.9 billion would go to covid and the monkeypox outbreak, with the rest funding military aid to Ukraine and disaster relief in the country.

Covid funding in particular should get the Conservatives’ attention, given that taxpayers have already shelled out billions in the name of covid. The administration has publicly called for even more covid funding since the spring, and Democrats could have included such funding in the reconciliation bill passed by Congress in August — a bill Republicans could not block from procedural way. Democrats chose not to.

Having already indulged in a myriad of spending over the past 18 months, Democrats apparently consider Republicans so gullible, or eager to support government expansion, that they will gladly throw more gas on the inflation fire raging in Washington. Conservatives shouldn’t take this bait and should instead shine a light on all the hog projects and wasteful programs the left funded last year.

Unnecessary spending priorities

Since President Biden won the election pledge to ‘stop the virus’ it’s worth listing some of the elements of the misnamed ‘Cut Inflation Act’ that Democrats chose to prioritize even more covid spending after ‘unprecedented amount has already been allocated, much of which is still unspent.

For example, Section 12001 of the bill extends the enhanced Obamacare grants that Democrats passed last year through 2025. The Congressional Budget Office recently estimated that about 15% of the benefits of these grants would accrue to households earning more than five times the federal poverty level. . With the three-year grant program totaling about $64 billion, that means about $9.6 billion will fund grants for households earning at least $138,750 for a family of four.

The law also provides a myriad of money for loosely defined environmental and social justice programs. Section 60201 is spending $3 billion on a new Environmental and Climate Justice Block Grant, while Section 80002 is allocating $23.5 million to Native Hawaiian climate resilience programs. Section 40002 grants $150 million to the National Oceanic and Atmospheric Administration “for the construction of new facilities” – again, without providing a dollar for covid testing or vaccines.

Section 50141 of the bill allocates $3.6 billion to the Department of Energy, to guarantee up to $40 billion in new loans for climate-related projects. Section 50144 provides the Department with an additional $5 billion, to secure up to $250 billion in infrastructure reinvestment funding. In section 50145, an additional appropriation of $75 million would bring guarantees for tribal projects to $20 billion. All three programs would put more Solyndra-like projects on the federal government’s books, as taxpayers could suffer losses if the government chooses the wrong programs to support, as it often does.

Section 10301 euphemistically “strengthens” the IRS, providing $80 billion in new funds, with the majority, $45.6 billion, going to enforcement. Democrats say the nearly 87,000 employees the IRS wants to hire with the money won’t target low-income households. But the fact that the IRS refused to verify Joe Biden’s 2017 and 2018 filings, even after several tax experts publicly questioned the legality of his conduct, reveals the IRS’ real priorities when it comes to tax. tax enforcement – and they have little to do with chasing after the “rich”. .”

Financing the Green New Deal

Add it all up and Republicans have a compelling set of pots with which to fund the administration’s proposed new spending: eliminating Obamacare subsidies for wealthy households; closure of waves of slush funds; stop new Solyndra fiascos before they start; and keep the middle class from IRS harassment.

If Democrats reject those possibilities, then Republicans should agree to provide exactly as much money for the “covid crisis” as Democrats did in their Party Line Reconciliation Bill last month: Zero .