Despite it failing in Congress last week, the Biden administration is still making the absurd claim, “The Build Back Better Agenda costs $0.”
On its face, the statement is revealing: The president apparently believes his supporters lack enough intelligence to do basic math. Of course, a $3.5 trillion spending bill can’t cost nothing, and thankfully, it appears Americans get that. According to a new survey taken by Americans for Prosperity and YouGov, a plurality say the new spending will drive inflation higher and think Congress should hold off on spending more.
In addition to paying more for basic good such as bacon, gas, diapers and items at the Dollar Tree, 55% of Americans say the middle class would end up paying more taxes as a result of the Democrat-proposed spending spree.
President Biden claims his agenda “won’t raise taxes on anyone making under $400,000 a year.”
“We’re going to pay for it by ensuring those at the top and big corporations pay their fair share,” he added.
But as The Wall Street Journal correctly notes, “In the real world, Congress’s Joint Committee on Taxation says the bill raises $2.1 trillion over 10 years. Somebody must be paying more. Among the tax hikes are a 5.5 percentage point increase in the corporate income tax rate that will be paid by workers in lower wages, consumers in higher prices and investors in lower returns.”
Worse, John Steele Gordon, a business and economic historian, pointed out that Congressional rules require that spending bills project their cost over 10 years, yet the bill didn’t even account for that long.
But the $3.5 trillion ‘social infrastructure’ bill now before Congress calls for several of its most expensive programs (such as Medicare expansion) to lapse after three years. But everyone knows that such programs, once enacted, are politically untouchable and will be made permanent. The actual projected cost of the bill is probably north of $5 trillion.
When the economic argument doesn’t win, Democrats say it’s not about the price of the bill, but what’s inside. However, according to this survey, a plurality of Americans say they don’t think they’ll benefit from the trillions of dollars in new spending. Only 9% say they would benefit “greatly,” 23% say they would benefit “somewhat” and another 23% are “not sure.”
45 percent say they would not benefit at all.
It’s encouraging that the majority of Americans aren’t buying the Biden administration’s propaganda about the largest entitlement proposal in history costing “zero.” In addition to the economic toll, if enacted, it would permanently expand government control over almost every aspect of American life, from childcare responsibilities and health care, to flexible work options and energy costs.
Now, if only the president would listen.