Editor, The Beacon:
We are repeatedly assured that the euphemistically named $5-plus trillion “Build Back Better” plan is — not to worry — “FULLY PAID FOR.”
Imagine, however, buying a new home and incurring a 20-year mortgage obligation for 90 percent of the cost. You then have to ask whether it is correct to say that the home is fully paid for — certainly the seller would feel that way, but clearly the buyer wouldn’t, as the monthly check to the lender is written.
Hold on, that analogy breaks down politically since the mortgage (tax increase) is never fully satisfied in 20 years or any other time period — you just keep writing the mortgage checks (tax payments) to the IRS on an ever-increasing obligation that you didn’t ask for and over which you have no control.
Sadly, it’s even worse, since any thinking person knows that the chicanery and political accounting gimmicks advanced to support this life-changing legislation not only contemplate, but positively necessitate, further tax increases in the future!
Bear in mind also that the current ratio of U.S. debt ($19.23 trillion and climbing) to the gross domestic product is 106.70 percent — with only 12 countries in the world worse; e.g., Venezuela, Greece, Italy and Portugal.
Indeed, the way the word “trillion” is glibly bandied about in politics today you have to wonder if anyone in Washington has the slightest idea of the magnitude of a trillion dollars? A trillion seconds ago is equivalent to 36,000 years and a trillion $100 bills weighs approximately 11,200 tons, which would require about 276 fully loaded semitrucks to transport it to the huge pile of existing debt. Indeed, multiply that by 5 and, to paraphrase former Sen. Everett Dirksen, “pretty soon you’re talking about big money.”
The cost is one thing, but try to imagine what a genuine business approach could do with a small fraction of those funds. Just think of the real infrastructure improvements and programs that might actually help those truly in need — at least those willing to try and help themselves! Dream on, as you helplessly watch all the hard-earned trillions swirling down the political rathole!
Editor’s note: The latest incarnation of the Build Back Better plan is expected to cost around $2 trillion.