Joe Biden and the Democrats must think Americans are stupid if they’re willing to perpetuate the lie that his “Build Back Better” plan adds zero dollars to the national debt.
It’s true, they do believe Americans are stupid because many of them are.
But the party of “science and data” can’t ignore this.
A new analysis predicts that the national debt will increase by 24% if the provisions of the Democrats’ social spending bill are made permanent.
The $1.75 trillion Build Back Better Act — which contains many portions of Biden’s economic agenda — would introduce or expand various federal programs, including universal preschool, childcare subsidies, and climate change initiatives.
The Penn Wharton Budget Model — a nonpartisan public policy research initiative at the University of Pennsylvania’s Wharton School — evaluated the legislation under two sets of assumptions.
If the Build Back Better Act’s programs expire without renewal from Congress, the analysts foresee a modest impact upon debt.
If the Build Back Better Act’s provisions are extended, the national debt would balloon as economic output declines.
Another report from the Committee for a Responsible Federal Budget said that the true cost of the bill may be $4.9 trillion due to a number of “arbitrary sunsets and expirations.” The group argued that in its present state, the Build Back Better Act will increase federal deficits by $800 billion over the next five years and $200 billion through 2031. If provisions of the legislation are made permanent, deficits could rise by $3 trillion over the next decade.
Meanwhile, this is what Biden said in a recent late night TV interview:
I don't know what's the bigger joke. The only sit-down #JoeBiden did (since August) was with #JimmyFallon or that #Biden honestly thinks (a stretch) that we believe anything he says with the amount of #lies #Biden has told us from #covid, #mandates, #inflation, #Afghanistan. pic.twitter.com/VfimK4nNk0
— Sn00pster (@sn00pdad) December 11, 2021
The truth remains, however, and all of Biden’s efforts to fool Americans into supporting Build Back Better are merely a game of shady politics.
Taking into account all major tax provisions, roughly 20% to 30%of middle-income households would pay more in taxes in 2022.
In general, the combined effects of these changes would result in many households paying higher taxes in 2023 than in 2022. They would shrink the average 2023 tax cuts for low-income households, raise taxes slightly for moderate-income households, and increase taxes significantly for the highest-income households.
Author: Elizabeth Tierney