For months, the Democrats and especially President Joe Biden have been promoting the Build Back Better plan as the saving grace of America. Throwing both caution and financial burden to the wind, the Biden administration produced one of the most outlandish and surreal proposals in political history. Coming in at a staggering $3.5 trillion, even some Democrats backed away from the table, making it incredibly hard for the legislation to pass. Since then, the Biden administration has made some severe cuts to bring the price down to a more manageable $1.75 trillion. But while a significant difference, a new study shows the bill would actually end up costing Americans a total of $4.91 trillion.
Released on Monday, the Committee for a Responsible Federal Budget found that the Democrats are deliberately using crafty wording and policy expirations to hide the true cost of the bill. In short – they’re lying!
According to the committee, “The Build Back Better Act relies on a number of arbitrary sunsets and expirations to lower the official cost of the bill. These include extending the American Rescue Plan’s Child Tax Credit (CTC) increase and Earned Income Tax Credit (EITC) expansion for a year, setting universal pre-K and child care subsidies to expire after six years, making the Affordable Care Act (ACA) expansions available through 2025, delaying the requirement that businesses amortize research and experimentation (R&E) costs until 2026, and setting several other provisions – from targeted tax credits to school lunch programs – to expire prematurely.”
The reason for such a rise in prices is due to the fact that policies would be permanent like the child tax credit, the state and local tax relief, and the extension of the Affordable Care Act.
The committee added, “The Build Back Better Act relies on a substantial amount of short-term policies and arbitrary sunsets to reduce its cost, raising the possibility of deficit-financed extensions in future years. A more robust and fiscally responsible package would not rely on these gimmicks to achieve deficit neutrality.”
One of the Democrats against the bill, Senator Joe Manchin said last week that the bill could have the reverse effect on Americans.“By all accounts, the threat posed by record inflation to the American people is not ‘transitory’ and is instead – getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real, and DC can no longer ignore the economic pain Americans feel every day.”