Brooks: We Need to Pay for Increased COVID Spending, Deficits Fuel Inflation

On Friday’s “PBS NewsHour,” New York Times columnist David Brooks said that while he thinks increased coronavirus funding is needed, “the Republicans are right to make that point that we need to pay for this money.” Because deficit spending fuels inflation.

Brooks stated, “The Democrats are right. We need the money. We need to spend the money on the medicines, on the coverage, all the stuff that is in there. But I think we need to get back to a normal situation, where we pay for what we spend. If we just spend money without raising taxes, A. We fuel inflation, not a big — in this case, because it’s not a big bill. But we fuel inflation. And, B. We run up our debt at a time when interest rates are rising. So, we need to get back to normal life, where, if we’re going to spend money, we’re going to pay for the spending. And it should not be hard to raise $22 billion in taxes. … And so, I think the Republicans are right to make that point that we need to pay for this money. But the Democrats are right that we need the money.”

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