Fiscal and Economic

The latest estimate for the Democrats’ Build Back Broke bill is $4.9 trillion, averaging $40,000 per family over the next decade.  They say its paid for.  By whom?  By you of course, through direct taxes, tax driven price increases and worst of all, inflation.  What do you get?  Amnesty for 7 million illegal aliens.   That’s the entire population of Alaska, Wyoming, Vermont, Rhode Island, Delaware, North Dakota, South Dakota and Montana – combined.

During the Trump Administration, Republicans passed one of the biggest tax cuts in American history and the greatest regulatory relief ever. The result was the biggest economic expansion in our lifetimes. Before the lockdown left took a wrecking ball to our economy, Americans were prospering with the lowest unemployment rate in 50 years – the lowest poverty rate in 60 years – and the fastest wage growth in 40 years. For the first time in decades, the income gap was narrowing.

Today we will hear from Dr. Ronil Hira of the damage done to American workers – and to the foreign workers themselves -- through abuses in guestworker programs like H-1B, L-1 and the Optical Practical Training program, and how despite assurances of the left, pay far below the market rates for labor and displace skilled American workers. This has resulted in continuing scandals as skilled American workers have been ordered to train their foreign replacements as a condition of receiving severance pay, including major corporations like Southern California Edison, Siemens, Disney, AT&T and the University of California. Under the OPT program, employers don’t have to pay payroll taxes if they hire foreign nationals here on student visas for 29 months after graduation. If you know a college graduate who has a science, technical, engineering or mathematics degree who can’t find an entry level job, you need look no farther than this discriminatory program.

Ever since the Magna Carta, it has been a settled principle of good governance that the power that appropriates public funds should not be the same power that spends them. This principle is at the heart of our Constitution: the separation of powers.

When the Democrats passed Mr. Biden’s $1.9 trillion spending spree in March, a lot of people got a lot of free money – thousands of dollars in many cases. But the bill is already coming due for that free money, and, as many of us warned, it turns out that free money is very expensive. Indeed, it turns out that the very same families most harmed by the lockdowns will be the most harmed by paying the bill for the lockdown relief. It comes to about $15,000 for an average family and the first installment is already reflected in the rising inflation sapping the purchasing power of working families.

This bill is just the first taste of the bitter brew concocted by the those who pushed through $1.9 trillion of pure deficit spending last week.