Bennet doubles down on more spending as inflation rages in Colorado

Inflation is raging and Democrats have absolutely no plan to deal with the problem.

New inflation data shows price increases in Colorado are even worse than the national average, which is accelerating at the fastest rate since 1982.

Yet, all indications are that U.S. Sen. Michael Bennet and the White House intend to double down on even more spending.

White House National Climate Advisor Gina McCarthy expressed confidence on Thursday that tax credits for electric cars would survive in a reworked Build Back Better climate and social spending bill after President Joe Biden signaled willingness to accept “chunks” of the stalled legislation. 

In addition to special interest handouts, Bennet is attempting to resurrect his Child Tax Credit welfare program as a means to (wait for it) combat inflation.

We aren’t entirely sure what kind of economics classes they teach at Wesleyan, but shoveling out $1 trillion in welfare payments over the next decade doesn’t seem like the prescription for an economy mired by too many dollars chasing too few goods.

Liberals might protest that the Child Tax Credit extension would be paid for through tax increases, but even the record tax hikes in the failed $1.7 tril BBB bill only covered the cost of Bennet’s welfare program for one year.

In comments to reporters this week, Bennet made clear he’s still dead set on setting the program up as a trojan horse that Congress would be essentially bullied into reauthorizing every year.

“My argument to Sen. Manchin is give us a chance to let this work, let’s see how it works over the next year,” Bennet said.

West Virginia Sen. Joe Manchin took aim at colleagues like Bennet this week who still have their head in the sand when it comes to spending and inflation.

 

Raising taxes on small businesses with inflation raging to pay for the Child Tax Credit is of course a nonstarter in Congress right now.

However, if Democrats really want to put their money where their mouth is and actually pay for the Child Tax Credit, they might get a chance.

Utah Sen. Mitt Romney is signaling he’d support a compromise on the Child Tax Credit, but there’s a catch. He wants to pay for the program by eliminating the $10,000 cap on the State and Local Tax (SALT) Deduction.

In other words, Romney wants to pay for the program by eliminating a tax loophole used by Bennet and Pelosi’s donor base of wealthy coastal liberals.

Peak Nation™ will recall coastal liberals’ demand to expand the tax deduction for wealthy blue staters is partially why Biden’s BBB collapsed in the first place.

We’d be remiss if we didn’t reiterate there are worthy concerns from Manchin and Republicans about whether extending monthly welfare payments with inflation raging out of control is a good idea.

In fact, anything that would make inflation and labor shortages even worse is the last thing we need from Congress right now.

However, we’d by lying if we pretended we wouldn’t be a bit intrigued if a bill scrapping SALT to pay for Bennet’s welfare program somehow made it to the Senate floor.

That’s because it would trap Democrats in a box of their hypocrisy.

There is precisely zero chance Schumer and Pelosi would support splitting their caucus and killing their donors’ prized tax loophole, even if doing so was ostensibly “for the kids.”

Bennet isn’t exactly known as being the most effective member of the Senate, so he’d be left holding the bag to explain why he was unable, as he argues, help families deal with the financial strain of inflation.

Still, the politics of SALT are so bad for Democrats it’s pretty unlikely they’d put themselves in a position where they’d be forced to admit they care more about their donors than Bennet’s welfare payments.

Even President Biden himself said he doesn’t see Bennet’s welfare program getting through Congress.

The fact Bennet is building up his doomed welfare program as a means to alleviate the soaring cost of living is nonsensical, but it shows just how weak is hand is right now when it comes to inflation.