The News London 365
  • Breaking News
  • Lifestyle
  • Coronavirus
  • Food
  • Politics
  • Sport
Tuesday, July 5, 2022
London
+10°C
Privacy Policy
Copyright
Contact us
No Result
View All Result
  • Breaking News
  • Lifestyle
  • Coronavirus
  • Food
  • Politics
  • Sport
No Result
View All Result
The News London 365
No Result
View All Result
Home Politics

Economist Warns of Inflation Crisis That Will Hurt All of Us, Fueled by Congress’ $4.5 Trillion Spending

The News London 365 by The News London 365
August 12, 2021
in Politics
0
Biden's Complicated New Task: Keeping Democrats Together

If the president’s massive $3.5 trillion budget passes, every American child will be burdened with $600,000 in debt over his or her lifetime. That’s just one of the warnings being issued as congressional Democrats push ahead with another huge spending plan right on the heels of the infrastructure deal.

A few moderate Democrats in the Senate don’t like the $3.5 trillion price tag, so they hope to convince colleagues to trim the budget bill before they commit their support. 

Still, Majority Leader Chuck Schumer vows to keep all of President Biden’s agenda in the final product. “It will have every part of the Biden plan in a big, bold robust way,” Schumer said. 
 
Democratic Socialist Sen. Bernie Sanders, who runs the Senate Budget Committee, exerted major influence on the bill.
 
Connor Semelsberger from the Family Research Council says Sanders’ socialist influence is evident. “It really is the most progressive priorities we’ve seen out of the Democrat Party put into one proposal,” he said.
 
Semelsberger says this bill is not what families want. “It really is this liberal wish list that is couched in this language for being about families when in actuality it’s really about liberal elites.”
 
Semelsberger says Sen. Joe Manchin (D-WV) helped Republicans take an important step in preventing taxpayer funds from paying for abortions.
  
“Senator Lankford worked with his colleagues across the aisle (like Manchin) and actually got an amendment added to this budget resolution which reaffirmed the Hyde Amendment and then the Weldon Amendment which protects the consciences of health care workers to not perform abortions,” he explained.
 
Still, economist Stephen Moore told CBN News’ Faith Nation he’s aghast at how much money the U.S. government plans to borrow. 
 
“This is a gigantic amount of money. Each child born today if this passes will pay 600,000 in debt over their lifetime,” he said. “I have nothing good to say about this. We should be saving money right now not spending it.”
 
He fears if this becomes law, it will cause a financial crisis.
 
“I am very worried about inflation. If you pass another $4.5 trillion of debt borrowing, that’s going to be financed by printing more money and when you print more money, that means more inflation,” he said.

The $4.5 trillion dollars he refers to is a combination of the $1 trillion infrastructure package the Senate just passed, plus the $3.5 trillion in the Democrats’ social spending plan.
 
As House Democrats prepare to take up the budget bill, there’s a chance the price tag could go even higher, and they might try to remove Lankford’s pro-life protections, too.

Tags: Biden
Previous Post

British-flagged vessel sinks in Greece, coast guard says | World News

Next Post

COVID-19: Number of ‘pings’ drops by just under 80,000 in a week – as rules set to change for double-jabbed from Monday | UK News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECENT NEWS

Kent’s first Amazon Fresh store set to open

Kent’s first Amazon Fresh store set to open

July 5, 2022
Duggan goal helps Meath edge Dubs

Duggan goal helps Meath edge Dubs

July 5, 2022
Delays after detached trailer blocks tunnel

Delays after detached trailer blocks tunnel

July 5, 2022
Bafta TV Awards Red Carpet: All The Looks From TV’s Biggest Night

Bafta TV Awards Red Carpet: All The Looks From TV’s Biggest Night

July 5, 2022
Sole candidate for Hong Kong leadership faces election he’s widely expected to win

Sole candidate for Hong Kong leadership faces election he’s widely expected to win

July 5, 2022
When you’re autistic, going to the dentist can be a terrifying experience

When you’re autistic, going to the dentist can be a terrifying experience

July 5, 2022

Categories

Breaking News Coronavirus Daily Devotionals Food Health and Science Lifestyle Politics Sport What's On

Recent News

Kent’s first Amazon Fresh store set to open

Kent’s first Amazon Fresh store set to open

July 5, 2022
The News London 365

  • Privacy Policy
  • Copyright
  • Contact us
No Result
View All Result
  • Breaking News
  • Lifestyle
  • Coronavirus
  • Food
  • Politics
  • Sport

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT