It seems that there is little appetite for fiscal sanity in Washington, D. C. these days.
Last Friday, the House passed a $3 trillion bill called The HEROES Act, but there’s little about it that’s heroic. It sounds like it is meant to honor our heroes on the medical frontlines but, in reality, it’s a wish list of spending dreams that heightens one of the most significant threats facing our nation—and especially the middle-class American.
The HEROES Act might get progressives fired up ahead of the fall election, but it contains countless examples of frivolous spending and excess, much of it having little to do with the COVID-19 crisis: student loan forgiveness, repealing tax cuts, „environmental justice“ grants, mandated nationwide voting by mail and hate crime legislation, to name but a few.
Other examples of irresponsible spending hidden inside The HEROES Act include:
All of it is especially egregious because we’d have to borrow and print the money to do any of it. As Shakespeare put it, „Aye, there’s the rub.“ For this fantastical spending bill spotlights a deeper, more dangerous problem—our ballooning national debt.
Our national debt has soared over the last several decades, from $1 trillion in 1982 to over $25 trillion today. Even with a booming economy over the last few years, we kept racking up debt. We were already headed to over $23 trillion before the COVID-19 crisis, which is more than the entire U.
