No, Biden's $3.5 Trillion Spending Plan Does Not Cost "0"
Economists are attuned to our terms being bastardised by politicians. In the mouths of presidents and Congress, “investment” is widely used as a synonym for “spending.” “Infrastructure” today seemingly means any social policy Democrats think is worthy. A carbon tax was recently dubbed by White House spokeswoman Jen Psaki as a “corporate polluter fee.” And in the most shameless dictionary land‐grab of all, President Biden
, Nancy Pelosi
, Ron Klain
, and Psaki have repeatedly tried to redefine what we understand by the “cost” of the reconciliation bill—claiming that a $3.5 trillion bill actually costs “zero” dollars because it is fully “paid for” by tax increases.
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