After failed negotiations with congressional Republicans, President Joe Biden
Biden’s proposed $2.3 trillion “infrastructure” plan also includes funding for transfer programs such as child care, elder care and education, as well as climate-change initiatives. Republicans balked at the non-infrastructure spending increases, as well as the president’s plan to finance part of this spending through an increase in the corporate tax and taxes on families earning more than $400,000.
Congressional Republicans were negotiating up from Sen. Shelley Moore Capito
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Republican and Democratic politicians agree that a massive increase in infrastructure funding is a good investment in America’s future. But paying for this investment without at least cutting other government spending would undermine the market economy’s more productive process of growing private investment.
Clearly the president is focusing on investments in the future a praiseworthy goal, however, one that will not be effective in practice if at the same time we are increasing the mountain of debt our kids are slated to inherit.
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