That's the title of a study by the Gatestone Institute, examining President Biden's infrastructure spending proposals. It provides the following list of key points. Bold, underlined text is my emphasis.
- To be clear, the spending bill is actually the creation of a national debt so massive that it has the means to destabilize a democracy dependent on a functioning economy.
- For the Chinese Communist Party, seeking to master the 21st Century as the one global superpower, it represents a strategic victory without so much as firing a single bullet. They know that an economically weakened America cannot possibly sustain its military leadership when it is burdened with paying down a massive debt. Our allies and unaligned nations recognize this threat as well, and will reinvent their relationship with China if they believe America's best days are in the past.
- What makes the Administration believe that Corporate America would not respond with massive restructuring to avoid a confiscatory tax bill -- or passing the added cost on to the consumer, or moving the company's headquarters offshore to a country with a lower corporate rate -- to avoid the threat of losing its international competitive edge? Corporations have good accountants, too.
- Few debate the idea that our nation's infrastructure is in need of serious attention but the level of political dishonesty in characterizing the Biden plan as "infrastructure" has even made many in his own party queasy. Significant portions of the bill are earmarked for "environmental" agendas and seeming favors to campaign donors, such as billions in subsidies for electric vehicles. The proposed bill cries out for more sunlight and vast quantities of disinfectant.
- This recipe for an economic apocalypse comes at a time when new job creation has stagnated and the specter of a serious inflation has begun to emerge.... As historians will tell you if we have the wisdom to listen, no one escapes the devastation of a debtor nation. No one.
There's more at the link.
If President Biden's proposals are adopted, over and above our now-traditional budget deficit spending, they'll send that chart almost vertically upward. We'll add at least $10 trillion to the national debt by the end of next year, what with "regular" budgetary expenditure and "infrastructure spending" on top of that. Almost all those dollars will have to be added artificially, by the Federal Reserve creating them out of thin air. There'll be no economic activity underlying them to justify their non-existent "value". It'll be pure inflationary pressure - and we can't sustain that, on top of the existing accretion of unrepayable debt already laid on our backs.
We, as a nation, simply can't afford this. It'll bankrupt us. (Of course, that may be the whole point - see the Cloward-Piven strategy.)