But The Deficit!

The expansion of the child tax credit has the potential to benefit nearly 83 million children and reduce the number of impoverished children by more than 40 percent — for the year. https://t.co/ZYnzHVXBFL

— Eugene Scott (@Eugene_Scott) June 21, 2021

Yeah, but!

"The federal government is digging America into a hole. According to CBO’s baseline projections—which don’t account for Mr. Biden’s proposals—interest costs will surpass spending for Social Security by 2045 and will consume nearly half of federal revenue in 2051." https://t.co/Wn4uEqUwFN

— George Conway (@gtconway3d) June 21, 2021

Except the "deficit spending" during WWII didn't bother anybody, because: WAR! FREEDOM!  And that wasn't wrong.  Now the deficit spending is infrastructure and people, and that's wrong because...?  Money?

I don't understand economics well, but I understand it well enough to know the federal government is not a household.  It's not even a business. The heart and soul of capitalism is living on borrowed money.  Car dealers, for a simple example, have a "floor loan" that buys the cars on their lot.  As they sell cars, they pay the bank and the bank buys more cars for the dealer to sell.  The loan is never paid off, the dealer never spends the dealership's money to buy cars from the factory.  Deficit spending?  Or capitalism?  A friend explained to me once that you save your money, and spend the bank's money.  So long as what you earn from savings comes close to what you pay in interest, it's gravy.  And that "capital" is why they call it "capitalism."  You spend money, but you spend somebody else's money (I know, I sound dangerously like Trump here.  But the spending shouldn't involve fraud; that's the direction Trump goes.).  Checkbook?  That's your money.  Spend carefully.  Bank loan?  That's the bank's money.  Spend it as you agreed to do with the bank.  This is why rich people have lots of money on hand.  They don't spend their money.  I'm not saying it doesn't resemble a house of cards, but that's capitalism.  I wonder how much these two Senators worry about the deficit the next time the financial system approaches collapse.  Or the entire economy.

And, of course, we could always raise taxes; say, on the rich.

Anyway....