Delusional Democrats Subsidize Biz in One Bill, Then Tax It in Another
Congress this week offered a masterclass in the incoherence of government.
First, congressional Democrats (with the help of Senate Republicans) passed the “Chips and Science Act” that will provide up to $280 billion for semiconductor production as well as broader tax credits and subsidies for scientific initiatives. None of the bill was paid for.
Shortly after Democratic senators secured the GOP votes necessary to pass that bill (based on the Republicans’ naïve assumption that Congress would pass no additional major spending expansions), Sens. Chuck Schumer and Joe Manchin surprised Republicans by unveiling a reconciliation agreement that would add $485 billion in energy, climate and health care expansions and offset that cost with $790 billion in new taxes plus Medicare drug savings.
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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.
This piece originally appeared in New York Post