Economic Crisis
Rising debt could trigger an economic crisis marked by soaring interest rates and falling output. Greece’s debt crisis a decade ago created long-lasting damage — its real income per capita is still down one-quarter from its pre-crisis level. Our combined federal- and state-government debt is already about the same size relative to the economy as was Greece’s before its crisis.
States Can Fund It
Most of the proposed spending is for activities that states can fund themselves. With infrastructure, more than half the states have raised their gas taxes to fund their own highways and transit since 2015. With entitlements, some states are already funding activities that the Democrats want to impose nationally, such as paid family leave. Expanding entitlements is a bad idea, but it is far more damaging when in the form of a top-down scheme imposed by Congress. Besides, the federal government is running huge deficits while the states are enjoying budget surpluses with tax revenues up 11 percent over pre-pandemic levels.
Democracy
One casualty of rising federal spending is democracy. When the feds hand out subsidies for state and local activities, decision-making authority is moved from elected state and local officials to unelected and unknown officials in far-away Washington. The infrastructure and entitlement bills would move control over activities such as preschool, child care, paid leave, housing and zoning, and the electric grid to federal bureaucrats. That is why former Senator James Buckley argued that “citizens are effectively disenfranchised” by federal subsidy programs. In his April address to Congress, President Joe Biden expressed his support for “democracy” 16 times, but his plans to expand federal power would do the opposite.
Diversity
Residents of each state have varying preferences for social programs and taxes. In our federal system, the states can maximize value by tailoring policies to the needs of their residents. But the proposed bills would undermine such beneficial diversity by imposing one-size-fits-all programs for paid leave, preschool, energy, and other activities. In his April address, the president promised that he would bring the nation together, but trying to force conformity on Americans with top-down programs would increase anger and division.
Corporate Welfare
Democratic leaders, such as Senators Elizabeth Warren and Bernie Sanders, often rail against corporate subsidies. Yet both bills include hundreds of billions in corporate subsidies for broadband, utilities, electric vehicles, manufacturing, research, renewable energy, and other items. If passed, the subsidies would be a boost to the corporate lobbyists in Washington, encouraging them to ask for even more, more, more …
Regulations
Federal subsidies come hand in hand with costly regulations imposed on the states, cities, and private groups administering the programs. The current federal education disabilities law, for example, is 94 pages long but has generated 1,700 pages of regulations and masses of litigation. Meanwhile, federal infrastructure subsidies come tied to labor and environmental rules that raise costs and delay projects. The proposed legislation would likely be accompanied by a mass of costly federal rules on education, energy, housing, college, child care, and other subsidized activities.
Fraud and Waste
Federal subsidy programs suffer from high levels of waste and fraud because state and local administrators have little incentive to restrain costs when the funds come “free” from Washington. Programs such as Medicaid and national school lunches have long had high fraud rates; we have seen massive fraud in the recent pandemic aid to the states, too. Meanwhile, federally funded local projects, such as light-rail systems, often suffer from large cost overruns. The new hand-out programs would suffer these same problems.
In sum, new infrastructure and entitlement spending would overload federal policy-makers, who are already doing a lousy job of managing the vast array of current spending programs. All the proposed spending is for activities that should be instead handled by states, businesses, charities, and individuals. When it imposes national programs, Congress needlessly crushes diversity and local democratic choices. Americans would benefit more from a smaller, leaner federal government that balanced its budget and focused on its core missions.