Former House Speaker Newt Gingrich sounds the alarm over the apparent “phony bipartisanship” contained in the $3.5 trillion infrastructure bill introduced by the Democrats.
“If the economy continues to slow and inflation continues to rise, the 2022 elections will be a choking moment for failed Democrats,” tantamount to political suicide, Gingrich considers in his article published on Fox News on Aug. 8.
He also warns Republican legislators that the bill intended as a “reconciliation” bill may generate “dramatically higher debt and a much weaker economy.”
Gingrich reiterates as other authors have already done, that the bill will underinvest in infrastructure despite its title and should be called; “Higher Inflation and Higher Debt Act.”
In support of this perception, he cites the concept issued by the Congressional Budget Office (CRFB) on the $3.5 trillion bill, which is accompanied by another $1.1 billion, increasing the total to $4.6 trillion.
“By the end of 2021, federal debt held by the public is projected to equal 102% of GDP. Debt would reach 107% of GDP (surpassing its all-time high) in 2031 and nearly double to 202% of GDP in 2051.”
It adds other possible effects: “A growing debt burden could increase the risk of a fiscal crisis and higher inflation, as well as undermine confidence in the U.S. dollar, making it more costly to finance public and private activity in international markets.
Moreover, the CRFB estimated that the bill could reach $5.5 trillion over the next decade.
Gingrich also points out that in this costly program, which amounts to $27,000 per U.S. household, the Democrats intend to get a head start with the name “reconciliation bill.”
If accepted as such, it would only need to be approved by 50 senators and the vice-president of the Senate, which means that the intervention of Republican senators would not be necessary.
For his part, former President Donald Trump notes that this infrastructure project would be the beginning of the controversial Green New Deal.
According to author Lee Edwards, the Green New Deal has been pushed by progressives for decades and aims for a socialist nation.
“The Green New Deal is not just a project of Alexandria Ocasio-Cortez and her fellow campaigners, but a plan to turn America into a socialist state. It is the culmination of a 90-year campaign, begun by Franklin D. Roosevelt and the first New Deal,” Edwards wrote.
He adds, “Green New Deal sponsors, including Ocasio-Cortez and Senator Ed Markey list these goals: eliminate conventional fuels (i.e., oil, natural gas and coal) by 2030 , just a decade from now.”
Besides, he supplemented, “implement a federal jobs guarantee; retrofit all buildings in the United States; retrofit transportation with high-speed rail; and provide universal health care.”
He concluded by writing: “The Green New Deal is a direct threat to the American spirit, which would be irrevocably transformed if it were to become law.”
Nevertheless, Edwards agrees with Gingrich that through Congress, there is an “opportunity to promote the American spirit.”