‘Fiscal Insanity’: Senator Joe Manchin Comes Out Against Biden’s $3.5 Trillion Spending Proposal
“America is a great nation but great nations throughout history have been weakened by careless spending and bad policies," the senator warned in a statement dooming the $3.5+ trillion proposal.
Democrats and Republicans should be able to have a difference of opinion on spending and taxation levels without being batsh*t crazy. Wanting to spend more or less, or tax more or less is one thing. But for government to spend trillions more than it takes in is not just crazy, it's outright malevolence.
In 2020, the U.S. took in about $3.7 trillion in taxes. However, in the last year it has spent $5.4 trillion with another $3.5 trillion proposed. Where does all this excess money come from? Essentially, it is just printed. This of course devalues the dollar and amounts to taxation through inflation. Or outright theft. This hurts people with fixed incomes the most irresponsible behavior like this by governments all over the world is one of the reasons for crypto's popularity. It seems thing are only going to get worse in the world of fiat.
To clarify, this was $3.5 trillion on top of the already $5.4 trillion budget for a total of nearly $9 trillion. All in a year in which taxes collected equated to less than $4 trillion. Next years budget is already proposed to be $5.8 trillion and is supposedly geared towards "moderates". If a $5.8 trillion budget in which will add literally trillions to the national debt is "moderate" I can't even begin to imagine what "extreme" would be.