The Biden administration is putting on a propaganda blitz to garner support for its $2 trillion “infrastructure” plan. Part of that blitz includes “fact sheets” for every state. Here is their list for North Carolina.
The list itemizes billions to be spent on everything from roads to bridges, to drinking water and child care facilities.
That’s what they want you to know about, the easily seen benefits from the spending.
But what aren’t they telling you? What are some of the harder to detect, unseen (but very real) impacts of this massive spending binge?
As a service, below are several of the impacts North Carolina can expect if Biden’s plan is put into action:
- How will this be paid for? The federal government is already nearly $30 trillion in debt. The money for Biden’s plan will need to be borrowed, and most (if not all) of that debt will be monetized by Federal Reserve money printing. With $2 trillion in newly-created money flooding the system, the value of the dollars held by working households will erode. Even the government’s price inflation measures are already starting to heat up, Biden’s plan would put inflation on steroids. Of course, monetary inflation always benefits the already wealthy investor class by inflating the value of equities and real estate, and is devastating on working-class and low-income households. Thanks to Biden’s plan, North Carolina can expect the wealthy donor class to benefit while the rest of us get hammered.
- Scarce construction and other resources will be diverted from productive, free market uses to those directed by government bureaucrats. Building bridges, day cares, housing and “clean energy” facilities require real resources, including workers, which become no longer available for other uses. For every brick, pound of steel or concrete, worker or foot of lumber used in Biden’s projects, there leaves that much fewer resources to satisfy the production of goods and services demanded by consumers. Instead they are directed by the powerful few in Washington, DC.
- Cronies will be rewarded, big time. With billions upon billions of government contracts up for grabs in North Carolina, expect those with the closest ties (not to mention biggest donations) to powerful politicians to reap the biggest rewards. This process of course blows the doors wide open to political corruption and pay-to-play schemes that are so loathed by people of all political stripes.
- Cost overruns, delays and waste will be the norm, rather than the exception. With the government wanting to spend this massive amount of money in a relatively short time frame, expect a sizeable portion of it to be spent highly irresponsibly and wastefully, in addition to flowing to those with the tightest political connections. Significantly more time, money and resources will be used up than necessary, making society poorer as a result.
There is a very costly flip side to the propaganda that Biden’s administration is peddling. Much of it involves enriching and further consolidating power into the hands of the political class, at the expense of struggling, working class and low-income households.
But these are all consequences you are not supposed to ask about.