if you thought the 1.9 trillion dollar
covid bill was big
just wait to get a load of this bloated
sequel biden's three
trillion dollar infrastructure plan
democrats are already gearing up for a
bill
that would pour trillions of your
dollars into roads bridges railroads
unfortunately it's also going to pay for
lefty priorities like taxpayer fund and
college
and universal pre-k so what are the
consequences of this level of spending
going to be
here with me now fox news contributor
and professor of business and economics
at the kings college
in manhattan brian brenberg is back this
is brian omix
welcome sir hey kennedy hey um
so with this much spending it's
impossible to unring the bill
the bell rather so what happens when you
get knee-deep into all of this
and then the country runs out of money
let's say
when uh debt surpasses gdp
what happens then oh we're already out
of money i mean
we're in that territory right now we
don't you know we don't have the money
to pay for this so
we're in the situation where you can do
one of two bad things you can raise
taxes
on investment you can raise taxes on
businesses which is exactly what the
byte administration is talking about
doing
right now including bumping that
corporate tax rate back up to 28
or you can keep borrowing but we are
putting the fed
in a really really bad position right
now because
if all of this spending spurs inflation
kennedy
the fed has very little room to raise
interest rates because the minute they
do
our debt interest costs start going
through the roof
and then we're in real trouble so we
have backed ourselves into a corner
and the biden administration is now
talking about shoving us deeper into
that corner
and the only way out of it number one is
to quit it with this spending but
as you said three trillion dollars let's
not call it an infrastructure bill
it's really not an infrastructure bill
it's some infrastructure plus a lot of
green
plus a lot of other things that have
nothing to do with covid and nothing to
do with infrastructure are there
any rationalists left in the democrat
party who are going to
save us from falling into this economic
chasm
uh do uh kirsten cinema and joe manchin
is there anything in it for them to push
back
against this particularly when we're
talking about raising corporate tax
rates on small businesses that will get
hurt
in places like arizona and west virginia
i don't think so kennedy i hate to be a
pessimist about it but i really don't
see
either one of those senators holding the
line when push comes to shove because
here's why it's too easy to borrow and
the fact is for for
the past decade we have felt like
borrowing has had no consequences and
that's because the fed
has financed all of the spending the fed
has financed all of the spending for a
decade and so politicians
are now saying debt doesn't matter
practically speaking
every single one of them are modern
monetary theorists they just don't think
debt is a problem even bill gates knows
that
yes well look you know it doesn't work
in practice but the problem is they love
living in this theory world because they
get to keep on spending
so no i don't think mansion i don't i
don't think cinema hold the line
because inflation is politicians are
addicted
to inflation they love inflation and
they will not
fight it when push comes to shove you
look at turkey right now kennedy you
just go across the globe to turkey
you look at what's happening right now
that's exactly what we're
setting ourselves up for if when jerome
paul says he's not worried about
inflation
i say i don't care if you think it's a
problem your only job should be to make
sure it never becomes a problem
in venezuela i mean once once you're on
that that
hand cart to hell there's there's no
turning around uh brian brenberg thank
you so much we can't wait to see you
back in studio
it's going to happen soon you bet brian
yes sir yep
in person you just said yes sir