The United States will be hitting our debt ceiling soon. Judging by the history of debt ceiling standoffs, when we have divided government, we can expect a last-minute deal. Or they’ll kick the can down the road for a month or two to get a deal.
The landscape has changed from the last time we’ve had these standoffs. The majority of Americans are on the Republican’s side, they have felt the effects of inflation and are worried about the future. According to Pew Research, 57% of Americans list reducing the budget deficit as a top priority and fighting climate change doesn’t make the list.
President Joe Biden and Sen. Chuck Schumer’s ballooning spending, subsidizing a painfully expensive energy transition to wind and solar and anti-fossil fuel agenda that provide 80% of our energy policies, will ensure more inflation. Federal spending is up from $5.1 trillion in 2019 to $6.3 trillion last year.
Smaller supplies of fossil fuels mean higher energy prices. All those wind and solar additions have to be paid for and we still require full-time natural gas, coal and nuclear power to keep the lights on when the wind isn’t blowing, and the sun isn’t shining. A whopping 70% of the time.
The budget grew from 21% to 25% of gross domestic product (GDP) in just three years and has shot up to an alarming 120% of GDP. It is a greater percentage than during the Great Depression or World War II. Interest payments are ballooning to more than $1 trillion a year and going higher.
Republicans are offering to increase the national debt by a generous $1.5 trillion, to nearly $33 trillion total. If we don’t change the trajectory it is projected by Statista our debt will skyrocket to $52 trillion in just 10 short years. What will our interest payments be then?
What spending do Republicans want to cut? $1 trillion in unspent COVID money, that should be a no brainer, not for Democrats. Biden doesn’t want to give up this slush fund. They want to cut the $1.2 trillion for green subsidies. Which the disingenuous Democrats told us were going to cost 1/3 of that.
They also want to block the student loan give away Biden wants, that is tied up in the courts. We should not have an imperial president giving away huge chunks of money without Congress’ authorization. While they’re at it, take back the money for 80,000 IRS agents.
And require welfare recipients that are able-bodied adults to work or seek work for cash assistance. Wisconsin had an April referendum with this work requirement that passed by 80%.
Economist Milton Friedman’s long-ago lesson on inflation is back to bite Biden and the democrats.
“It’s always and everywhere a result of too much money, of a more rapid increase in the quantity of money than in output. Inflation in the United States is made in Washington and nowhere else.”
NPR, not a right leaning news source, tells us that low-income Americans pay the steepest price from inflation. Business Insider says inflation hits people of color and rural households the hardest. NBC News reports low-income, black, and Hispanic voters the Democrats need the most are getting hit hardest by inflation.
Besides Federal spending, which is causing inflation, Democrat’s climate energy policies of subsidizing wind and solar with borrowed money contributes to both energy and fiscal inflation. Republicans have zeroed in on some winners with the American people.
We need to stop this headlong rush to take CO2 out of our energy supply. First, it is unnecessary because it will take 200 years at present annual increases, which the worldwide COVID lockdowns made no difference, to get to 850 ppm. Most plants in the world, including those that feed people, wild and domestic animals and even forests grow better at higher levels than 850 ppm.
Because CO2 warms the earth, not in a straight line rather in a diminishing curve, there will be little warming caused by the additional CO2 over the next 77 years. If it is a future problem, then I’d rather solve year 2100 problems with year 2100 technology.
Just as no one would want to solve today’s problems with 1940s technology. I expect progress, unless these fiscal and energy policies wreck the economy or cause war and set us all backwards.
Using wind and solar by subsidizing it sends borrowed federal money to China. The vast majority of all “renewables,” including batteries, are either made in or need metals that are processed in China.
The wind and solar subsidies benefit the monetary and military strength of China. While harming us with high electricity prices.
As beloved President Reagan was fond of pointing out. Peace through strength is far more likely than appeasement and even aiding of your rivals.
Republicans in congress must negotiate tough for all of us. Contact your representative and senators and tell them to stop the fiscal and anti-energy madness in Washington. And roll back the overspending and borrowing.
Frank Lasee is a former Wisconsin state senator and former member of Governor Scott Walker’s administration. The district he represented had two nuclear power plants, a biomass plant and numerous wind towers. He has experience with energy, the environment, and the climate. You can read more energy and climate information at www.truthinenergyandclimate.com which Frank leads.
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