To: Lane3 who wrote (7779 ) 10/29/2021 12:41:47 PM From: TimF Read Replies (1) | Respond to New Deal by StealthDouglas Holtz-Eakin writes ,As noted by Gordon Gray, the CTC [childcare tax credit] in the Ways and Means-passed reconciliation bill costs $556 billion – and that covers only the next 5 years. A permanent CTC [expansion] would easily pass the $1 trillion mark, and it is the undisguised aim of the proponents for it to be permanent. Will Marshall , of the Progressive Policy Institute, writes,in a warning shot across Democratic bows, nearly three-in-four (73 percent) voters say they are concerned that “Democrats in Congress want to spend too much money without paying for it.” I don’t think that the far-left faction cares.arnoldkling.com not being talked about, then my candidate for the most neglected story would be President Joe Biden’s plan for $3.5 trillion in new government spending. Crazy as my hypothesis may seem, given all the stuff about Biden’s agenda on the internet, there has been remarkably little policy debate about it, and remarkably little attempt to persuade the American public that this spending is a good idea.passionate debate about AOC’s “Tax the Rich” dress.put it well : “With the reconciliation bill, there is no attempt to convince the public that it is desirable to enact an enormous child tax credit or to mandate ending use of fossil fuels in a decade. Instead, what we read is that if you’re on the blue team you want the number to be 3.5, but a few Democrats are holding out for something lower.”might be considering a carbon tax to fund their spending plans, and also to address climate change. You might have expected this news to be on the front page every day, and a dominant topic on Twitter and Substack. Isn’t the fate of the planet at stake, or perhaps an economic depression, depending on your point of view?There was a lengthy and well-done article in the Washington Post on the political risks associated with this plan. It appeared on Page A21 of the paper edition. cost $1 trillion and alter many lives, for better or worse. The proposal has been the topic of debate, but America — and its intellectuals — hardly seems obsessed with the topic. Paul Krugman’s latest column in the New York Times promotes the Biden agenda based more on its political feasibility than its intrinsic desirability.require significant expenditure increases from many state governments. I am a college professor, and hang out with many other college professors. Yet somehow this proposal has not once taken over our conversations.multiplier , the liquidity trap and the marginal propensity to consume, coming from all points of view. Then there was Obamacare, which led to even more passionate and detailed debate over the course of years. Who didn’t have an opinion about the “ Cadillac tax ” or the proper size of the mandate penalty ?widespread attention . Still, as recently as a few years ago I would have expected this story to dominate the news every day for months. In my rather obsessive media diet, it is simply one story of many.bloomberg.com
