Republicans and Democrats alike like to spend money. As is typically the case, the only disagreement is how to pay for it.
Please consider Democrats, Trump Agree to Aim for $2 Trillion Infrastructure Package
Democratic congressional leaders said President Trump agreed to aim for a $2 trillion infrastructure package in a White House meeting on Tuesday, though it remains unclear how they will seek to pay for it.
In unusually positive comments about negotiations with the president, House Speaker Nancy Pelosi (D., Calif.) and Senate Minority Leader Chuck Schumer (D., N.Y.) both praised the meeting as productive and said they had agreed to return in three weeks to hear Mr. Trump’s ideas about how to pay for an infrastructure bill.
Democrats disagree internally on how to generate revenue for an infrastructure plan. Mr. Schumer won’t consider a proposal to raise the gas tax, unless Mr. Trump agrees to undo some of the 2017 tax cuts, a person close to the minority leader said. Mr. Schumer, along with several other Democrats, say a gas tax disproportionately hurts poor and working-class people.
Other Democrats, like Transportation and Infrastructure Committee Chairman Peter DeFazio (D., Ore.), say they would support increasing the gas tax, which hasn’t been raised in over 25 years, to pay for infrastructure projects.
It is unlikely Republicans will agree to roll back the tax cuts, which Mr. Trump sees as a signature accomplishment. Should Democrats reach agreement in the House, any legislation that proposes raising taxes would be “categorically dead on arrival” in the Senate, a GOP leadership aide said.
Democrats acknowledge that collaborating with the president could give him a win on a major campaign promise as he runs for re-election and members of their party try to defeat him. An infrastructure bill could also help vulnerable Democrats who campaigned on fixing the nation’s roads and bridges and expanding broadband access to rural areas.
Both parties want to spend more money.
Gee, who coulda thunk?
Since they will not agree on raising taxes to cover it all, expect another huge jump in the deficit.
Mike “Mish” Shedlock
Trump has showed he is no conservative so at this point to stop impeachment his tactic is to throw(reward) money at congress. It works every time.
Wouldn’t such investments pay for themselves?
How about the 102 million Americans that do not work …
“Wouldn’t such investments pay for themselves?”
The only way to find out, is to dump toilet paper for Gold, and see if people are willing to pay for them with their own bullion.
I’m not holding my breath for anyone promoting this nonsense being willing to find out, to put it that way.
Questioning the whole “Trump Economy” may seem in poor taste to those who have benefited so much but it is something we should do. What is being ignored is the structural issues that haunt America’s competitiveness and far outweigh the benefits of lower taxes. We must also face the fact that deficit spending can only take the economy so far and carries with it a fair amount of negatives. The article below explores Trumponomics in all its glory and why this won’t end well.
“$2 Trillion Vote-Buying Infrastructure Bill”
That is the BIG money in politics.
Let’s not be silly here. If anything tax cutting has done, its shown us that deficits don’t matter. Nobody cared that tax cuts never paid for themselves. At least us middle-class nubes might get something out of this, like decent water or less time stuck in traffic.
We already have massive increases in the prices of homes, education, new autos, healthcare, …. But there is no inflation somehow.
I hope they harden our electrical grid. The earths magnetic fields are weakening rapidly. If we get hit with a solar flare and the magnetosphere is weak, our grid could fry. Even if the weakening reverses, it will help protect against a bomb detonated in the stratosphere. A much more realistic threat than global warming.
So much for Trump and his promises to cut spending/balance the budget/reduce the national debt.
Come on. Did you really believe anything he said?
QEinfinity is on its way.
I guess it is MMT all the way.
The “Magic Money Tree” will provide all the funds necessary.
They both look like they won’t be around long enough for the eventual monetary collapse. Although she does look embalmed already, so maybe we are stuck with her for eternity.
The only silver lining to this buffoonery is that supporters of such spending are openly admitting that they think Cheney was right, that deficits really don’t matter. They’re past pretending to care about fiscal responsibility.
If that’s the case, why limit ourselves to $2T on infrastructure? Why not round it up to 5 or even 10?
they don’t matter, if they did then the 10 yr yield would be double what it is now… Since the economy is booming and tax revenues are at a record high (with the tax cut) , its a perfect time to spend the money.
Presumably you’re being sarcastic. If not , you need help. Possibly a brain transplant, or maybe just an education. Either way …
Should have read your post before making mine. And hey, why decrease tax rates? Why not just eliminate taxes altogether? Responsible behavior has been out the window for generations now.
Whoopee. Trillions used to be billions. Now the dems will love Trump. This is enough moolah to grease every wheel, every graft, every union (or non-union), and leave some crumbs on the table for the poor. Let’s hope the roads will connect and not leave too many bridges to nowhere. Pay for it? Don’t be ridiculous!
Just wait till the inflation genie is out of the bottle – once it is, its game over.
“The American democracy will survive until Congress learns it can bribe the people with the people’s money.” – Alexis de Tocqueville in Democracy in America.
All of it borrowed/printed lol,that’s a crap load of money printing,I always said chump would be the first president to”officially” run trillion dolla MONTHLY deficits.Even without this nonsense,el presidente will rack up as much red ink in 4 years as Barry did in 8.
Doubtful. The national debt went up 86% during President Obama’s time in office. That was $9 Trillion. The debt was almost $20 Trillion when Trump took over and now stands at $22.25 (just checked the clock). Unless Trump bleeds another $7 Trillion, no way that happens in 4 years. It might match or exceed Obama’s time if Trump goes 8 years. Either way, people should also look at the debt not just as a President’s responsibility but the entire Federal Government. Congress is at least as much to blame as any of the Presidents in who were in office.
The only thing Democrats and Republicans both are consistently willing to do is to spend massive amounts of money we don’t have
This is our future and this is also the twilight of the existing monetary system.