AOC Blasts Sinema
On Wednesday, Senator Krysten Sinema (D., AZ) said she would not go along with the House Democrat's proposed $3.5 trillion package. Here's AOC's response.
Representative Rashida Tlaib (D., MI), Chimes In
Nancy Pelosi Also In on the Act
The WSJ reports "House Speaker Nancy Pelosi (D., Calif.) has said she won’t bring the infrastructure bill up in the House until the broader $3.5 trillion package has passed the Senate, effectively yoking the two bills’ fates together."
The Greens Hijack Biden's $3.5 Trillion Budget Proposal
On July 15, I commented The Greens Hijack Biden's $3.5 Trillion Budget Proposal (That Could be a Blessing)
The Greens inserted provisions for a "clean energy standard" that would mandate 80 percent clean electricity as soon as 2030. Biden's goal was 2035.
The proposal is a tariff (tax or a polluter import fee if you prefer). The idea is to put a tax on imports to make those countries adhere to the Progressive's goal of 80% carbon-free energy by 2030 or 2035 at the latest.
Carbon Emission Percentages
Progressive Economic Ignorance Has No Bounds
Imagine the costs if the Progressives get their way.
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In addition to untenable clean energy costs, the bill would expand Medicare, offer universal "free" pre-kindergarten, two years of "free" college, and other massive giveaways.
Thus my comment: The Stagflation Threat is Very Real but Congress Holds the Key
Biden calls the bill "The American Jobs Plan". I propose a slightly different name.
Stagflation Guarantee Act of 2021
If that boondoggle passes, it would practically guarantee deep and lengthy stagflation by increasing prices, reducing demand, and lowering growth.
If that's what you want, call your Congressional representatives and tell them "I want higher prices, lower growth, and higher unemployment. Please vote for the Stagflation Guarantee Act of 2021."
How likely is passage?
I don't know.
Senator Sinema clearly has strong reservations. We have not yet heard from Senator Joe Manchin (D., WV), a leading coal-producing state.
It only takes one to derail the Socialist Express Train. But it would be better if there were at least two.
It would be even better if Manchin or Sinema switched political parties. That would end all of this economic madness in one easy move.
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Mish