Kevin McCarthy dropped a “bombshell” about the Democrat’s spending bill on September 19, to the praise of fellow Conservatives and the ire of the Left. McCarthy said that the current Democrat’s spending bill equals “the amount of money we spent to win World War II,” when he appeared on WABC 770 AM “Cat’s Roundtable” show on September 19.
A transcript of his statements appeared on Breitbart on September 19.
McCarthy points out that the amount of money in the Democrats’ spending bill, combining the $1trillion infrastructure bill and the $3.5 trillion social bills, ” is more than the cost of World War 2.
The estimated cost of the Democrats’ spending bill is comparable to the total cost of WW2’s military operations, war-related debt, veteran spending, and other related costs.
McCarthy’s statements made waves, as he called out the Democrats spending plan as “a redistribution of wealth” that would cost “the amount of money spent to win WW2.”
House Minority Leader Kevin McCarthy, R-Calif., on Sunday criticized spending plans from Democrats as a “redistribution of wealth” that in total would cost “the amount of money we spent to win World War II.” https://t.co/EkMAojyK2F
— Newsmax (@newsmax) September 19, 2021
McCarthy said in August that Democrat spending would pass “over his dead body” and that he would stop the bill from passing. MSNBC mocked McCarthy’s statements, pointing out that he did not say how he would stop the bill from passing.
WWII Spending Facts
A recap of the U.S. most expensive wars, which appear in USA Today in 2019, estimates World War 2 spending at $4.7 trillion. The cost estimates were made by 24/7 Wall Street. This group used a U.S. war costs report by Stephen Daggett, a defense policy specialist, that was published by the Congressional Research Service in 2010.
The CRS estimate of the WW2 spending’s percentage of impact on American Gross Domestic Production or GDP. GDP is the “total monetary or market value of the goods and services within a country’s borders within a specific period,” as defined by Investopedia.
Daggett’s research placed the cost at 35.8% of GDP for total war cost at peak spending in 1941-1945 with a total defense cost at the peak spending year GDP effect of 37.5%. This number averages as 36% of the U.S. GDP for that spending period.
The CRS only estimated military operations expenses and did not include the cost of veteran’s benefits, war-related debt, or the cost of assistance to allies. The estimated dollar amount for military operations alone in WW 2 was $296 billion from 1941-1945. The follow-up estimate by 24/7 Wall Street estimated the total cost of World War II at $4.69 trillion.
In other news, some Democrat progressives said they would not vote for the new spending bill if it included social spending to fund foreign aid to Israel’s Iron Dome missile defense system. CNN later tweeted that the funding for the Iron Dome was removed.
NEW: A little bit of drama with the Dem passage of the CR/ Debt ceiling in the House. A group of progressives have told leadership they will not vote for the bill if it includes $1b in funding for Israel’s Iron Dome. The flap has led to the Rules Committee to go into recess.
— Ryan Nobles (@ryanobles) September 21, 2021
These numbers mean that military operations for WW2 were worth 36% of all the monetary and market value of the United States for the span of 1941-1945. McCarthy pointed out the comparison of the profound economic toll of WW2 and its comparison to the profound economic toll Democrat-led spending plans are expected to have.
McCarthy Weighs Risks
Breitbart recapped McCarthy’s Cat’s Roundable interview, quoting McCarthy as saying the tax hikes from this Democrat spending bill were “heartbreaking.”
McCarthy said that the Democrat spending has brought up rates of inflation, and that every day Americans can observe daily use goods such as gasoline and groceries going up. McCarthy argues that the Democrat-driven spending bill will “make American less competitive.”
“China is the only one who’s going to win on this tax proposal,” said McCarthy to John Catsimatidis on the “Cat’s Roundtable” show.
Biden Weighs Power
Biden and Democrat anger over McCarthy’s remarks stems from the importance of the spending bill to the administration’s agenda. The Guardian referred to the spending bill as a legislative push that left “no room for error.” The left-wing news outlet also noted that the spending plan will “show the extent of Biden’s power,” and “define his legacy.”