A sardonic congratulations must go out to Congressional Democrats who, after some years in minority exile, have made up for lost time by bringing home $800B worth of bacon.
The massive spending bill, equivalent to around 25% of the total annual federal budget, was passed with no Republican votes in the House and only 3 in the Senate. It is, in other words, nearly 1100 pages of Democratic wish list items, poison to the American electorate.
One bit of good news, if accurate, is that the Congressional Budget Office estimates that 3/4 of the package will be spent within the next 18 months. So even if it’s misappropriated money, at least it will be going out into circulation. Or so goes the theory.
Even if the spending plan gives a boost to the short-term economy – the jury is still out on that point – that’s small consolation to my sons sleeping in the next room. Unbeknownst to them, the Democratic Congress just took out an estimated net $3T mortgage on their future earnings.