The Democrats are proposing a $1.75 trillion social spending bill on top of the already-spent trillions on COVID relief and the Federal Reserve's buying programs. While progressives are focused on income inequality and taxing the rich, there is pressure to get something done before the midterms.
Progressives' focus on income inequality can lead them to tax those who have more money, which may not be a popular decision amongst American citizens.
The Democratic spending bill is estimated to be around $1.75 trillion, adding up to about $5 trillion in wealth redistribution. With the Democrats in charge of both the Senate and the House, they need to pass something before the midterms to avoid consequences.
The U.S. is experiencing a distortive inflationary cycle that will eventually hurt the economy when interest rates go up, and while financial bubbles are occurring, everyday goods and services are being bought by average working individuals whose wages are increasing.