The true cost of Biden's BBB

by Tom Cole

Despite failing to garner enough votes in the Senate to send their multi-trillion-dollar social spending bill to the president’s desk, Democrats and President Joe Biden have signaled they plan to regroup and attempt to push another version of it forward this year. This is a sad way to govern our country, especially considering that the legislation is wildly unpopular and would greatly damage our economy and the livelihoods of hardworking Americans.

In fact, during the hustle and bustle of the holiday season, many Americans missed a key report from the non-partisan Congressional Budget Office (CBO), which revealed the staggering true 10-year cost of this society altering legislation.

Although Democrats originally cut the promoted price tag by reducing the number of years for new social programs to be funded at the start or eventually forcing the burden of paying for certain programs to the states, CBO’s score showed what would happen if these new programs continued permanently – which is the goal of Democrats. According to CBO’s score, the legislation would increase the deficit by $3 trillion, instead of Democrats’ claim that it would go up by $200 billion.

This means an additional $2.8 trillion in tax increases would be necessary to fully pay for it if the programs proposed were made permanent.

With inflation already at a 40-year high, our nation cannot afford more big government spending.

Even in a recent survey conducted by the left-leaning New York Times, Americans acknowledged the personal realities of the dire economic situation. For example, Americans surveyed said their pay has not kept pace with current inflation. Moreover, the survey found that although 57 percent of workers received a pay raise last year, it has not kept up with rising inflation and 40 percent say prices have risen faster than their pay. Another 33 percent of workers say they haven’t received a raise this year, and 8 percent took a pay cut.

Although Democrats claim that Americans are running to the streets demanding President Biden’s so called “Build Back Better” (BBB) plan be signed into law, that is simply not true.

In fact, the majority of Americans are concerned about inflation and any future version of the massive tax-and-spend bill would exacerbate the economic crises facing our country. In the same New York Times Survey, 88 percent of American adults expressed concern about inflation and 60 percent said they were very concerned about inflation. The truth is that the American people want the federal government to stay out of their wallets.

As the United States continues to grapple with the ongoing and worsening inflation and supply chain crises, Democrats should abandon their out-of-touch, multi-trillion-dollar legislation.

I urge my Democratic colleagues to change course and focus on enacting meaningful solutions that are in line with the real priorities of the American people. Unfortunately, they seem to be no more the wiser when it comes to irresponsible out-of-control spending thatwould drastically expand the welfare state, massively increase taxes and destroy jobs for hardworking Americans, cause inflation to soar even higher and lead to heightened government control.