Since the founding of America, Congress has held the power of the purse. It is up to Congress, not the White House, to control budgets and approve new spending. However, according to the radical, AOC-aligned group known as New Consensus, that is just a minor technicality from a bygone era.
According to a memo titled “Building Back Better Without the Senate,” New Consensus contends, “Joe Biden won the Presidential election with a mandate to restore America’s promise and Build Back Better from our current crises. …While the Biden administration will have more tools available if it is able to work productively with Congress, New Consensus shows in its new memo that Biden can achieve most of his ‘Build Back Better’ agenda even without a cooperative Senate in order to keep the promises he made to the American people.”
Among the things New Consensus believes Biden can do without congressional input is create digital “taxpayer wallets,” which would allow the president to funnel money directly to American citizens, businesses, and “approved residents.”
According to the memo, “Either the Fed or the Treasury will establish a system of peer-to-peer (P2P) digital ‘Taxpayer Wallets’ through which citizens, businesses, and approved residents can transact ‘vertically’ with public entities and ‘horizontally’ with one another in real time. The already-existing ‘TreasuryDirect’ system of electronic accounts, which allows any person who wishes to buy or sell Treasury Securities literally within seconds, can be converted into such a system within weeks. So says U.S. Digital Service, an agency of our Executive charged with keeping the technology used by our government ‘state of the art.’ Later the digital wallet system can be migrated over to the Fed, enabling our central bank to conduct ‘leak-proof’ monetary policy by offering interest on wallets to slow down spending in periods of overheating growth, and lowering rates or even making direct stimulus expenditures (digital ‘helicopter drops’) into wallets during slowdowns.”
The last sentence is especially ominous. If you believe in the law of supply and demand and have ever heard of a thing called inflation, you ought to be afraid–very afraid.
Chris Talgo ([email protected]) is the editorial director and a research fellow at The Heartland Institute, as well as a researcher and contributing editor at StoppingSocialism.com.
