A review of “Build Back Better” validates the suspicion that President Joe Biden and team are working toward a new kind of America, characterized by irreversible entitlements, increased dependence on government, new regulatory burdens, inflationary spending, diminished border control, and neglect of fiscal discipline.
This flies in the face of history and the many current examples of state governments proving sound economic principles work.
Utah consistently performs as one of the nation’s best economies. Business, legislative, and community leaders, as a matter of bipartisan practice, collaborate to balance budgets, restrain government overreach, control regulations, and protect livelihoods.
Consequently, Utah has the lowest unemployment in America, one of the strongest economies, the fastest growing population centers, and — according to a study released last week — the highest rate of charitable giving.
Other states are thriving, as well, and they have much to teach those currently controlling the agenda in Washington.
The real costs of “Build Back Better” are buried in its implementation.
Senator Joe Manchin calls it a shell game of budget gimmicks, concluding that if the reconciliation bill passes, it will be “a recipe for economic crisis,” perhaps because the Committee for a Responsible Federal Budget projects real costs in the range of $5 trillion over the next decade.
Penn Wharton’s Budget Model predicts macroeconomic effects will require constraints on spending or large tax increases, and more likely both, particularly as the programs created by the legislation are funded for only a few years, but like the “temporary” programs of the New Deal and Great Society will most certainly never expire.
Instead, they will create ripple effects that threaten GDP, further empower special interest groups, and harm future economic growth while doing little to control record-setting inflation that many believe is settling in for what’s likely to be more than a long winter’s nap.
These analyses, of course, do not take into account our current debt or future economic shocks. What happens if we face another pandemic, the dollar loses reserve currency status, or US foreign interests are threatened by conflict in Ukraine, Taiwan, or the Middle East?
Unintended consequences could be that we are not prepared or able to shape future events in the best interest of Americans.
Unlike states that work, the reconciliation bill has not engaged bipartisan stakeholders but comes instead as a bouquet to unyielding progressives on the far left who threaten political retaliation in 2022.
But at whose expense? Six-and-a-half-trillion dollars in federal spending was already mainlined into the system in 2020, exacerbating inflation on ordinary Americans in their housing, food, and energy bills.
Data show consumer prices surged 6.2% in October, making it the largest inflationary jump in over 30 years. Beyond inflation, the nonpartisan Tax Policy Center warns the bill will hit up to 30% of the middle class with direct tax increases.
Couple this with myriad pro-union mandates contained in the reconciliation bill, and one can expect higher costs, more regulation, and greater division between labor and employers across the country, but especially in Right to Work states — all this at a time when many have withdrawn from the labor force.
But not only is labor in the crosshairs, [but the bill also] hits many businesses with a global minimum tax, a surcharge on stock buybacks, more IRS enforcement measures, and catch-alls like equity investments, further harming the nascent economic recovery.
This progressive wish list needs to be shelved. Americans sent the beltway a message with the recent election.
It is time for leaders to heed that message, study those states where economies are working, and focus on ways to build the middle class — the very foundation of America.
That, Mr. President, would provide a blueprint for real economic development.
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Let’s face it. The “progressive” wing of the Democratic Party is extremely ARROGANT. They seem to think the citizenry, largely, is some “Unwashed mass” that is adrift and helpless without their vision. I maintain that due to their ideological zeal, they are BLIND to any opposing views, facts, reason & common sense. You can’t negotiate with FANATICS! Sooner or later, sensible Republicans, any remaining moderate Democrats (with any character) and independents will have to form a coalition to run these guys out of town. All we can hope is that damage is minimized before the 2022 mid-terms. COMMON SENSE and devotion to our Constitutional and basic societal values needs to make a BIG comeback. Otherwise, I fear America is destined for permanent decline…
Build Back Better is as meaningless and as empty as Obama’s Hope & Change as epty as Biden’s head and besides Thee Bitter biter Bittern is a way better Toungue Twister