The New York Post reports, “The Congressional Budget Office projected Friday that President Biden’s sweeping social spending bill would add $3 trillion to the federal deficit once so-called ‘budget gimmicks’ that critics like Sen. Joe Manchin say hide the true cost are stripped out.

Inflation up 6.8% over the last 12 months and the CBO estimates Biden’s trillion dollar tax-and-spend plan will add $3 trillion to the debt.

Next year would be a good year to take back the Senate and the House and end this nonsense. https://t.co/LdwFz3rcED

— Senator Rand Paul (@RandPaul) December 10, 2021

The nonpartisan CBO’s estimate came in response to a request from Sen. Lindsey Graham (R-SC) and Rep. Jason Smith (R-Mo.), the ranking member of the House Budget Committee, for a report — or ‘score’ — of a version of the Build Back Better Act that would not wind down programs including universal child care, an expanded child tax credit, an increase in the cap on state and local tax deductions, and health insurance subsidies.”

Read the entire story.

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Reason’s Eric Boehm writes, “President Joe Biden’s Build Back Better Act is likely to end up costing taxpayers about double what the official price tag suggests, and much of that hidden cost will end up being added to the national debt.

If all the Build Back Better plan’s proposals were made permanent, the final price tag would be $4.8 trillion and the bill would add about $2.8 trillion to the deficit.https://t.co/eUhD1G1eRQ

— reason (@reason) December 2, 2021

That’s the conclusion from two independent analyses of the proposal released in recent weeks. Both rely on a key assumption that did not figure into the Congressional Budget Office’s (CBO) analysis of the bill: that the Build Back Better plan’s various policies will be in place for at least the next 10 years.

‘The Build Back Better Act relies on a number of arbitrary sunsets and expirations to lower the official cost of the bill,’ explains the Committee for a Responsible Federal Budget (CRFB), a nonprofit that advocates for balanced budgets. The group’s newly updated analysis of the Build Back Better plan finds that the package will cost an estimated $4.8 trillion over 10 years if all provisions are made permanent—double the price tag applied by the CBO last month.”

Read the entire column.

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In pushing to pass the spending bill, Biden and his fellow Democrats in Congress are doubling down on a strategy of ignoring voter problems in favor of irrelevant party priorities https://t.co/DN1AFKn7sH

— reason (@reason) November 30, 2021

Reason’s Peter Suderman writes, “One of the strangest ticks of left-leaning punditry over the last year has been the contention that if Democrats in Congress didn’t join together to pass some sort of climate and social spending bill—the various multi-trillion-dollar reconciliation packages that have gone under the label Build Back Better—then President Joe Biden would have presided over a failed presidency. The idea was that without this legislative package, Biden would have no accomplishments, no legacy, and nothing to show for his years in office with congressional majorities. Without the spending bill, Biden and the Democratic Party were doomed.

On the contrary, the evidence suggests that Biden is already presiding over a failed presidency—and passing the spending bill could further cement that failure.”

Read the entire column.

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FEE’s Brad Polumbo writes, “House Democrats voted Friday to pass the so-called “Build Back Better” plan, a multi-trillion-dollar welfare and climate change spending bill. They’re heralding it as a major accomplishment that will uplift struggling Americans and revitalize the economy. So, let’s review all the reasons it’s an utterly terrible piece of legislation.

It’s uniquely terrible even by the abysmally low standards we expect from Congress. https://t.co/ztpeoXQix9

— FEE (@feeonline) November 20, 2021

First, the cost is astronomical. The Biden administration and its allies in Congress have repeatedly made false claims about its price tag. They’ve time and time again parroted the claim that the legislation ‘costs zero’ because it supposedly does not add to the national debt and is ‘paid for’ with new tax increases. (It actually does add to the debt, but that’s not the point). Yet this is an absurd argument.”

Read the entire column.

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Newsmax reports, “Inflation is ‘killing everyday Americans,’ and it would be right for Sen. Joe Manchin to follow through with delaying the ‘Build Back Better’ bill until next year, Rep. Kat Cammack said on Newsmax Friday.

We know that #BuildBackBroke is over $4T right now and it spends more than the combined GDP of Mexico and Canada, but bankrupts our country.

We’ve got to stop this bill from passing. https://t.co/WStcOqFJud

— Congresswoman Kat Cammack (@RepKatCammack) November 15, 2021

‘This is ‘build back broke’ and we’re seeing it already,’ the Florida Republican said on Newsmax’s ‘National Report.’ ‘If I were Sen. Joe Manchin, I would be holding off for as long as possible. This bill, this whole agenda fundamentally transforms America for the worst, and that is not something that Americans need in the wake of COVID.’

Manchin, D-W.Va., who along with Sen. Krysten Sinema, D-Ariz., have pushed for steep cuts on the bill’s initial price tag of $3.5 trillion, is indicating he may want to delay the bill until next year because of the nation’s growing inflation.”

Read the entire story.

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FEE’s Brad Polumbo writes, “Inflation is hitting home for millions of Americans. In large part thanks to runaway money-printing, consumer prices have risen and are costing the average American family $175/month. This has become a large political concern for President Biden, with voters ranking inflation a top priority. In the president’s desperation to make the issue go away, he is now arguing that passing his multi-trillion-dollar spending agenda will actually reduce—not further fuel—inflation.

‘If your number one issue is the cost of living, the number one priority should be seeing Congress pass these bills,’ Biden said. ‘Seventeen Nobel Prize winners in economics have said — spontaneously wrote to me, together, and said this will lower inflationary pressure on the economy when we pass my bills.’

“If your number one issue is the cost of living, the number one priority should be seeing Congress pass these bills,” @POTUS said.

But is passing trillion dollar spending bills really an effective way to tackle inflation?

Let’s see… https://t.co/mFEdk754xS

— Jon Miltimore (@miltimore79) November 10, 2021

The president referenced a letter from some notable economists which referred not to his current legislative proposals, but earlier, broad frameworks he unveiled. In it, a coalition of accomplished, left-leaning economists wrote that ‘because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures.’

So, is Biden right? Will spending trillions more really reduce inflation? Not so fast.”

Read the entire column.

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FEE’s Brad Polumbo writes, “The fate of President Biden’s multi-trillion-dollar social spending agenda, the ‘Build Back Better’ plan, has consumed the political conversation in recent weeks. Amid all the furious attempts at reading political tea leaves, a curious fact has flown under the radar: The latest iteration of Biden’s plan includes one of Rep. Alexandria Ocasio-Cortez’s worst ideas.

The plan would simply waste money, create zero jobs on net, and do nothing to mitigate climate change. https://t.co/lJW08xhuzi

— FEE (@feeonline) November 9, 2021

‘Happy to announce creation of a US Civilian Climate Corps is now in the Build Back Better Act,’ the far-left congresswoman recently tweeted.”

Read the entire column.

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FEE’s Brad Polumbo writes, “President Biden continues to fight to pass some version of his multi-trillion-dollar ‘Build Back Better’ spending agenda through Congress. In its various iterations, the plan includes trillions spent on everything from electric vehicle tax credits and green energy subsidies to taxpayer-funded childcare-for-all to housing subsidies and more. The Biden administration claims that the latest version would involve $1.85 trillion in new spending.

The president has made lofty promises about what we’d get in exchange for such a historic investment. (After all, that price tag is more than the inflation-adjusted cost of FDR’s New Deal!)

NEW: Ivy League Analysis Destroys @JoeBiden’s Entire Argument for Multi-Trillion-Dollar #BuildBackBetter Spending Planshttps://t.co/qYdOKA32V6

— Brad Polumbo ?? ?‍? (@brad_polumbo) November 6, 2021

‘[This is] a framework that will create millions of jobs, grow the economy, invest in our nation and our people, turn the climate crisis into an opportunity, and put us on a path not only to compete, but to win the economic competition for the 21st century against China and every other major country in the world,’ Biden said in a recent speech. ‘It’s fiscally responsible. It’s fully paid for…’

Simply put, Biden argues that his plan to spend trillions will create jobs, grow the economy, and increase wages—all without adding to the $28.9 trillion (and counting) national debt. Yet a new Ivy League economic analysis undercuts every single one of these claims.”

Read the entire column.

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FEE’s Brad Polumbo writes, “The US would become a less attractive place for business investment, which is bad news for entrepreneurs, workers, and customers alike. Businesses would understandably be less likely to conduct business in the US when they could go to dozens of other developed countries with lower tax rates. As a result, our economic competitiveness would suffer…

The costly tax hikes President Biden is pushing would the US’s economic competitiveness back on the global stage, a new report finds.

That’s not “Building Back Better”—it’s shooting ourselves in the foot.

By @brad_polumbo https://t.co/zxJXt1rJS2

— FEE (@feeonline) October 6, 2021

Biden claims his tax-and-spend agenda is meant to reassert America’s dominance. But the costly tax hikes the president seeks would set our economic competitiveness back on the global stage. That’s not ‘Building Back Better’—it’s shooting ourselves in the foot.”

Read the entire column.

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