[This article has been published in Restoring America to highlight how out-of-control government spending hurts individual consumers and the economy as a whole.]
Americans are rightly in a sour mood, driven by pandemic fatigue as well as record gas prices, 40-year-high inflation, an unprecedented labor shortage, federal debt eclipsing $30 trillion, and now an infant formula crisis. Even the Biden administration seems to admit a change in course is needed, such as when they acknowledged last week in their “Biden-Harris Inflation Plan” that “one of the main ways Congress and the executive branch can act to lower price pressures is to reduce the federal budget deficit.” That’s an ironic turn for an administration whose signature March 2021 American Rescue Plan added $1.7 trillion to deficits in the past two years, and whose failed Build Back Better plan would have added even more. But all that is relative chump change compared with the avalanche of deficit spending proposed early in the pandemic by Vice President Kamala Harris in her now largely forgotten Monthly Economic Crisis Support Act. That legislation may be the most expensive and — given the administration’s latest take on combatting inflation — ill-advised bill ever proposed.
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