Sinclair Broadcast Group Pushes GOP National Debt Alarmist Attacks on US Bailout

0


During his reporting, Sinclair’s chief political correspondent, Scott Thuman, asked the bill: “Is this exorbitant $1.9 trillion price tag too high and jeopardizing the financial future? from America ? To advance this GOP argument, Thuman quoted Senate Minority Leader Mitch McConnell as saying the bill was “considerably more money than necessary,” and quoted an op-ed by former Governor John Kasich who asserted that “growing debt poses increasing risk” and is “a bomb that can explode at any time”. (The death of more than 514,000 Americans of the ongoing pandemic were not mentioned in the editorial.) Thuman also released a video of the CEO of a non-profit organization tracking government spending saying “we’re blowing up our national debt.”

Contrary to those Republican talking points, many leading progressive economists have argued that President Joe Biden’s proposed spending limit is necessary to meet the challenge of the pandemic.

A letter from the leaders of the National Employment Law Center, the Economic Policy Institute, the Washington Center for Equitable Growth, the Center on Budget and Policy Priorities, the Center for American Progress, and the Roosevelt Institute States that “President Biden’s $1.9 trillion US bailout — with his critical investments in public health to defeat COVID-19, his help to help struggling families, and his aid to states, localities, tribes and territories – is an appropriate scale of new spending under current conditions.”

Josh Bivens, PPE Research Director argued that concerns that the bill might be too big should be ignored: “By way of context, we should just note that after a generation of being too small in providing fiscal support to support the growing economy , a decision to get it wrong on the high side would be welcome. But more importantly, the Biden package almost certainly doesn’t get it wrong on the high side of what is needed to support economic recovery in the years to come.”

Bivens d’EPI has also advocated for the use of debt to fund COVID-19 relief and recovery. Other economists agree and have explained why it’s affordable. Economist Kyle Anderson of the Kelley School of Business Told Scripps Media that “the US government can borrow money at incredibly low rates right now. Basically negative real returns. So from that perspective, we can definitely afford it and we can pay it back later, so that’s not a problem. Oxford Economics’ chief US economist, Gregory Daco, also told Scripps Media that the United States could foot the bill. CBPP Senior Fellow Paul N. Van de Water explained in more detail why it’s wrong to use fears of rising national debt to oppose COVID-19 aid and stimulus:

Share.

Comments are closed.