On Wednesday, Senate Majority Leader Chuck Schumer released a report arguing that spending trillions will “ease inflation pressures.”
I’m no genius, but I’m pretty sure that spending trillions will do that exact opposite of easing inflation.
“Greater investments in public infrastructure and social programs will lift productivity and labor force growth, and the attention on climate change will help forestall its increasingly corrosive economic effects,” says the report, written by Moody’s chief economist Mark Zandy.
The plan’s policies “would direct the benefits of the stronger growth to lower-income Americans and address the long-running skewing of the income and wealth distribution.”
Moody’s, which paid a $864 million settlement to federal and state authorities in 2017 for marking risky mortgage securities as safe before the 2008 financial crisis, contradicts an older report from the firm suggesting former President Donald Trump’s immigration and labor reform policies forced down unemployment, pressured companies to raise Americans’ wages and salaries, and even made housing cheaper for young families.
“As the immigrants leave, the already-tight labor market will get tighter, pushing up labor costs as employers struggle to fill the open job positions,” the report continues. “Mr. Trump’s immigration policies will thus result in … potentially severe labor shortages, and higher labor costs.”
Schumer appears to be leveraging the second Moody’s report to push a $3.5 trillion Trojan horse package, while the Producer Price Index rose 7.3 percent in June from 12 months earlier, the largest demand since 12-month data was first introduced in 2010. In comparison to May, the index rose one percent. On average during the pre-pandemic Trump administration, the index rose by around 0.2 percent per month.
Self-designated socialist Sen. Bernie Sanders (I-VT) is writing the $3.5 trillion Trojan horse package, which includes expanding medicare, global warming initiatives, and suburb displacement with low-income housing, amnesty, subsidized housing, and subsidized childcare.
The last thing America needs right now is more government spending. They are already using our tax dollars for gender studies in Pakistan, bribing people to take the COVID-19 vaccine, and funding abortions. We should not be spending trillions more.
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