Economist Warns of Inflation Crisis That Will Hurt All of Us, Fueled by Congress' $4.5 Trillion Spending

If the president's massive $3.5 trillion budget passes, every American child will be burdened with $600,000 in debt over his or her lifetime. That's just one of the warnings being issued as congressional Democrats push ahead with another huge spending plan right on the heels of the infrastructure deal.

A few moderate Democrats in the Senate don't like the $3.5 trillion price tag, so they hope to convince colleagues to trim the budget bill before they commit their support. 

Still, Senate Majority Leader Chuck Schumer (D-NY) vows to keep all of President Biden's agenda in the final product. "It will have every part of the Biden plan in a big, bold robust way," Schumer said. 

Democratic Socialist Sen. Bernie Sanders (D-VT), who runs the Senate Budget Committee, exerted major influence on the bill.

The Family Research Council's Connor Semelsberger says Sanders' socialist influence is evident.

"It really is the most progressive priorities we've seen out of the Democrat Party put into one proposal," he said.

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Semelsberger said this bill is not what families want. "It really is this liberal wish list that is couched in this language for being about families when in actuality it's really about liberal elites."

Semelsberger noted Sen. Joe Manchin (D-WV) helped Republicans take an important step in preventing taxpayer funds from paying for abortions.

"Senator Lankford worked with his colleagues across the aisle (like Manchin) and actually got an amendment added to this budget resolution which reaffirmed the Hyde Amendment and then the Weldon Amendment which protects the consciences of health care workers to not perform abortions," he explained.

Still, economist Stephen Moore told CBN News' Faith Nation he's aghast at how much money the U.S. government plans to borrow. 

"This is a gigantic amount of money. Each child born today if this passes will pay $600,000 in debt over their lifetime," he said. "I have nothing good to say about this. We should be saving money right now not spending it."

He fears if this becomes law, it will cause a financial crisis.

"I am very worried about inflation. If you pass another $4.5 trillion of debt borrowing, that's going to be financed by printing more money and when you print more money, that means more inflation," he said.

The $4.5 trillion he refers to is a combination of the $1 trillion infrastructure package the Senate just passed, plus the $3.5 trillion in the Democrats' social spending plan.

As House Democrats prepare to take up the budget bill, there's a chance the price tag could go even higher, and they might try to remove Lankford's pro-life protections, too.