Kennedy blasts Biden's massive spending plans: Moving toward the 'China model of capitalism'
Louisiana Sen. John Kennedy blasts the Democrats' proposed $2 trillion infrastructure plan.
Sen. John Kennedy, R-La., told "America's Newsroom" on Thursday that the Biden administration's infrastructure plan is a "bold-neo socialist experiment" that is similar to "China's model of capitalism," and has little to do with simply improving America's roads and transportation systems.
JOHN KENNEDY: Well, no one can accuse the Biden administration of timidity. This is a bold neo-socialist experiment. I mean, this will be over $4 trillion dollars of spending and less than 100 days. And by spending this massive amount of taxpayer money, it's clear that, to me, that the Biden administration is moving more toward the Chinese model of capitalism, where the biggest player in the economy is government. It's no longer the private sector.
Number two, do deficits and debt matter? We're about to find out. Number three, this is going to lessen the independence of the Federal Reserve. There's no way that the Biden administration can do this without the Federal Reserve financing this kind of deficit spending. And number four, this is not an infrastructure bill. I mean, everybody's for infrastructure. Being against infrastructure is like being against golden retrievers. But this is not an infrastructure bill.
As best I can tell, just being charitable, about 15 percent of this bill is addressed to infrastructure and the rest is climate subsidies and social welfare spending. There may be something in here for Murder Hornets for all I know. I need to read the details, but if you're talking about bridges and roads and ports and airports, by my numbers I'm still reading things. But it is way less than 10 percent.