When I was a kid growing up in D.C., finding a soda bottle that I could return to the local convenience store for the 5-cent deposit was like winning the lottery. Back in those days, 5 cents could buy you a candy bar. Two decades later, when I worked at the Carter White House on the Council of Economic Advisers, I remember my boss, the legendary chairman of the CEA, Dr. Charles Shultz, often quote Sen. Everett Dirksen (R-Ill.): “A billion here and a billion there, and pretty soon you are talking real money.” Now we are talking trillions.
Congress is debating a $3.5 trillion infrastructure bill that is difficult to put into perspective or comprehend. With $3.5 trillion you could buy 7 billion round trip tickets to LA from Hartford. With $3.5 trillion, we could buy health insurance for every American family for two years. With this $3.5 trillion, the Biden administration plans on rebuilding the infrastructure of the United States. The questions on the table are how are we going to pay for this and who is going to pay for this?
Credit: Source link