What has gone on in the Rittenhouse trial this morning is ridiculous. Kyle Rittenhouse waits for the jury to enter the room to continue testifying during his trial at the Kenosha County Courthouse in Kenosha, Wisc., November 10, 2021. Yes, and what will make things worse is that productive people and capital will flee.īandow is right: “The American people have few friends in Washington.” Imagine similar US government insolvency nationwide. The US already includes individual jurisdictions, such as Illinois, that look like Greece before its financial collapse. And if investors increasingly doubt Uncle Sam’s ability to carry such a debt burden, the possibility of a financial crisis will grow. Even modest increases in interest rates would sharply drive up total federal payments. By mid-century that number could be over 200 percent. Debt-to-GDP will run about 106 percent in a decade, matching the record set after World War II. 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.Įven if Biden, Pelosi, and Schumer don’t get their full spending package, the U.S. President Biden wanted to go big, essentially loading B-52s with cash and carpet-bombing the country. The Biden Regime thinks that it can buy support with endless outlays of money:

So argues Doug Bandow in this AIER essay.

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