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Federal Spending Hits $6.6 Trillion

Discussion in 'Money Talk$' started by KenH, Sep 22, 2020.

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  1. KenH

    KenH Well-Known Member

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    “Policymakers are considering additional relief spending. The House passed a bill in May to spend $3.1 trillion more, but Democratic leaders now say they will accept $2 trillion. If that extra aid passed, fiscal 2021 spending could hit $7.1 trillion, as shown in the chart. However, some of the additional spending would likely slop over into later fiscal years.

    Senate Republicans recently supported $300 billion more in relief, which would increase 2021 spending to $5.4 trillion. President Trump said that he favored “something like” $1.5 trillion more, which would increase 2021 spending to $6.6 trillion. If regular 2021 spending is above the CBO baseline, these spending totals would be even higher.

    Sadly then, the only options on the table for federal spending are like Starbucks sizes Grande, Venti, and Trenta. If you think those pricey coffees empty your wallet, you ain’t seen nothing yet.”

    https://www.cato.org/blog/federal-spending-hits-66-trillion
     
    #1 KenH, Sep 22, 2020
  2. InTheLight

    InTheLight Well-Known Member
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    Modern Monetary Theory has been implemented. We didn't vote for it.

    Modern Monetary Theory boiled down to a sentence or two is the idea that since the government controls their own currency they can spend whatever they want to get the economy going, pump money into the economy, and if the economy gets overheated and inflation occurs, then taxation would be used to suck the excess money out to the system.

    If you think government spending is too high now, just wait until we get Medicare for all and the Green New Deal up and running.

    If you think there are boom/bust cycles now, you ain't see nothin' yet.
     
    #2 InTheLight, Sep 22, 2020
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  3. Reynolds

    Reynolds Well-Known Member
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    Yep. I believe "sucking money out" of this economy would eventually cause stagflation. Its a house of cards that has been too severely screwed with to stand much longer.
     
    #3 Reynolds, Sep 22, 2020
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