So argues Doug Bandow in this AIER essay.
The Biden Regime thinks that it can buy support with endless outlays of money:
President Biden wanted to go big, essentially loading B-52s with cash and carpet-bombing the country. Despite his supposedly moderate pedigree, when he spoke to Democratic legislators he emphasized that he desired the full $3.5 trillion and proposed a compromise measure only because he didn’t have the votes.
Even if Biden, Pelosi, and Schumer don’t get their full spending package, the U.S. is in for rough going.
Over the long term the news is grim. Debt-to-GDP will run about 106 percent in a decade, matching the record set after World War II. By mid-century that number could be over 200 percent. Even modest increases in interest rates would sharply drive up total federal payments. And if investors increasingly doubt Uncle Sam’s ability to carry such a debt burden, the possibility of a financial crisis will grow. The US already includes individual jurisdictions, such as Illinois, that look like Greece before its financial collapse. Imagine similar US government insolvency nationwide.
Yes, and what will make things worse is that productive people and capital will flee.
Bandow is right: “The American people have few friends in Washington.”