That is what President Biden has spent or intends to spend to get a long-term lease on the White House and the Capitol.
Add it up yourself. First there was $1.9 trillion in “stimmy” spending.
Then he followed up with his $2.3 trillion “infrastructure” boondoggles bill.
And then he announced the $1.8 trillion “families” initiative.
And that is just the first hundred Biden-Harris days. There are 1,361 more Biden-Harris days left!
Oh, they are buying a long-term lease on Washington, alright. Never mind record debt and deficits, or government trust funds running dry. It is what politicians have been doing for generations: buying their offices by spending your money. It is really a pretty good trick.
Biden may pull this flim-flam off, even as the country is already struggling under unpayable debt. (If the debt were not already unpayable, the Fed would not have had to print trillions of funny money dollars to buy US Treasures and keep the debt funded).
Climbing out of the depths of the Covid shutdown, reminds us of the song about being down so long, everything looks like up. And then there is the druggie high of all the stimmy money providing a rush of prosperity euphoria to the public.
Serving in a senior capacity with three presidents, Nixon, Ford, and Reagan, Pat Buchanan has seen these fights close-up. With his practiced eye, he says it is likely the Biden-Harris people with get what they want:
“We are coming out of the economic free fall of 2020 and the pandemic that produced it.
“COVID-19 infections, hospitalizations and deaths are fractions of what they were at the height of the pandemic. Vaccinations, while tapering off, continue in the millions daily.
“And all those billions of federal dollars sloshing through the economy are going to make tens of millions of Americans feel better.
“While the TV audience for Biden’s address tilted Democratic, the 85% approval of his speech in one poll, along with the 75% who said it made them more optimistic about America, suggest that this is Biden’s moment.”
Meanwhile the small, but once active coalition of congressmen who were thought of as deficit hawks, fiscal conservatives, a few from both parties, have been missing in action.
There may still be enough resistance to trim Biden’s wish list a little, but not enough to turn back the socialist armies running America now.
David Stockman puts it like this: “The denizens of the once-and-former party of the old-time fiscal religion are waking up this morning to wonder what hit them.
“After all, how do you compete with free maternity leave, free childcare, free pre-school, free elementary and secondary education, free community college, nearly free university, virtually free ObamaCare, free elderly care and, to boot, after $3,600 per child tax credits, essentially no income taxes at all for upwards of 75% of adult Dem voters?
“That is, the Dems are going with universal free stuff for all while the going is good.”
Apparently, the economic lab experiments in the Soviet Union, North Korea, East German, Cuba, and Venezuela have not been enough. The American people have not learned from all that bitter experience that socialism creates poverty and ruins nations.
Gold set its last high over 9 months ago. We do not know the day or the hour when it will break out again, but we are staring right into the death-pocked face of prosperity and currency-killing policies. Fortify your gold and silver positions now, because the longer the consolidation, the bigger the breakout.