Sen. Joe Manchin has published a manifesto in the Wall Street Journal saying that he won't support the Democrats' $3.5 trillion spending bill because he's worried about its effect on inflation. This is nothing new from Manchin, and it's no less crazy than it's ever been. The spending bill amounts to only $350 billion per year and is mostly paid for, which means that its effect on inflation will be negligible.
Part of the problem here is that everyone, including me, keeps referring to this legislation as a "$3.5 trillion bill," as if its size were the main thing that defines it. But it's not meant as a stimulus bill or a recovery bill or anything like that. It's just a bill that funds a bunch of progressive programs. This means the questions we should be asking about it are less about its raw size and more about which of these programs you support.
There are seven sizeable programs funded by the fill, and if you think its price tag is too high then you should fess up about which ones you would prioritize the highest. For example, here's my rough list:
- Makes the increased Obamacare subsidies from January's coronavirus bill permanent.
- Provides universal pre-K for 3- and 4-year-olds.
- Provides funding for long-term care done at home.
- Provides two years of free community college.
- Makes the increased child tax credit permanent.
- Adds dental, hearing, and vision benefits to Medicare.
- Funds various climate initiatives.
This was done off the top of my head in about a minute, so don't take it too seriously. Roughly speaking, though, if I had to cut programs out of this bill, I'd probably choose the climate stuff, the Medicare benefits, and the child tax credit.
Your priorities might be entirely different, and since #1 is the only one firmly on my list I'd probably be willing to negotiate. The same is true of Democratic lawmakers, including Joe Manchin.
Or so I assume. In any case, Democrats should start talking in terms of programs, and skeptics should start talking in terms of programs they think we should hold off on. Constantly talking about nothing but the $3.5 trillion price tag is pointless.