Democrats are well-known for their initiatives to improve living conditions in the country. However, this time, their generosity knows no bounds. Democrats are trying to wrangle through Congress the largest-ever aid program to the population, business, and the economy. The new massive bill proposed by Joe Biden is worth a whopping $3.5 trillion.
Naturally, the allocation of such a huge sum is sure to adversely affect even such a large country like the US. First of all, it may cripple the gross domestic product in the foreseeable future. The government is well aware that in the long term, such expenditures may backfire. Economists warn that it may lead to a sharp jump in the budget deficit of approximately 8.9% and a decline in GDP of 4% in 2050. If so, it will significantly undermine the ratings of the Democratic party.
"I, for one, won’t support a $3.5 trillion bill, or anywhere near that level of additional spending, without greater clarity about why Congress chooses to ignore the serious effects inflation and debt have on existing government programs," Manchin said. However, the senator may vote for a smaller bill.
The bill combines major initiatives on tax reduction for the middle class, paid parental leave, access to preschool education, the creation of community colleges, climate change, and the expansion of medical care programs. Biden called on Congress to raise taxes on the wealthiest Americans and corporations in order to fund his infrastructure plan.
