Biden Administration Preps Next Trillion Dollar Government Expansion Plan
The Biden administration is putting the touches on its next big spending initiative, this one, according to reports, centered on “child care, paid family leave and other domestic priorities.”
The potential price tag: “roughly $1 trillion in new spending and approximately $500 billion in new tax credits.”
Will any of it be paid for? Yes, according to those privy to the discussion:
The measure is expected to be largely if not fully paid for with new tax increases centered on upper-income Americans and wealthy investors, the people said. The details of those tax measures remained unclear.
Who the Biden administration considers “wealthy” is fluid, as well. But what sort of goodies might be included in this next proposal:
While final numbers had not been determined, the largest efforts are expected to center on roughly $225 billion for child-care funding; $225 billion for paid family and medical leave; $200 billion for universal prekindergarten instruction; hundreds of billions in education funding, including tuition-free community colleges across the country; and other sums for nutritional assistance, the people familiar with the matter said.
In other words, a significant expansion of the state is on tap…on top of the trillions of dollars in government funding approved ($1.9 trillion American Rescue Plan) and proposed ($2.25 trillion infrastructure plan, plus $1.5 trillion federal budget) in the last couple of months.
A trillion here, a trillion there…pretty soon, you’re talking about real money.