President Biden's $4.2 trillion, 10-year spending package would increase total spending by 7 percent.
“Inflation would eventually undo the good things the government is trying to do.”
Will President Biden’s $4.2 trillion, 10-year spending package cause inflation? The number to look at isn’t the consumer price index, which is up 5.4 percent over the year, twice as high as the average 2.1 percent over two decades. There’s an even more startling figure: the record 23.4 percent growth in house prices since June 2020.
Biden’s $600 billion infrastructure plan, plus the nearly $3.6 trillion 10-year “reconciliation” plan Sen. Bernie Sanders has put forth, would increase the country’s discretionary spending over the next decade by a full quarter. It would increase total spending by 7 percent.
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Nicole Gelinas is a senior fellow at the Manhattan Institute and contributing editor at City Journal. Follow her on Twitter here.
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