$2 trillion in taxes, $6 trillion in spending, $22 trillion in borrowing — what could go wrong? | WHAT REALLY HAPPENED

$2 trillion in taxes, $6 trillion in spending, $22 trillion in borrowing — what could go wrong?

A few years ago some nutty professors came up with a crackpot idea called "modern monetary theory," or MMT. It was the idea that as long as interest rates stay low, the U.S. government can spend and borrow trillions upon trillions of dollars at almost no cost and we will all be richer. This is a little like saying you can jump out of an airplane without a parachute and as long as you never hit the ground, you will be fine.

This looney idea was mostly ridiculed as a flat-earth-society idea - and yet now we have a president, Joe Biden, who actually is practicing MMT. His latest budget calls for $6 trillion in spending, soon to rise to $8 trillion, paid for with a $2 trillion tax hike on the rich and $7.6 trillion in additional debt. This is more debt than accumulated by the previous four presidents - combined.

The red ink is also on top of the some $5 trillion we spent to combat COVID-19. Now that the pandemic is over, a sane administration would be looking for ways to start to pay off some of that debt burden, which will grow to more than $150,000 per child born today. (And this from the same party that says it cares about the children

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