While the Biden administration has pulled out all the stops trying to get Americans behind the idea of the Build Back Better Act, it appears that SpaceX founder and Tesla CEO Elon Musk isn’t a fan. Just this week, Musk argued against the massive $1.75 trillion legislation, saying, “I would say can this bill, don’t pass it. That’s my recommendation. If this bill happens or doesn’t happen, we don’t think about it at all really. Honestly, it might be better if the bill doesn’t pass.” While Musk’s words don’t give much insight into why he doesn’t like the act that would drastically expand programs like climate change initiatives and universal preschool, the billionaire entrepreneur recently shared some findings showing how that national debt would rise by 24% if the bill passed.
Obviously, a point that the Democrats and President Joe Biden forget to mention, Musk released a report from the University of Pennsylvania’s Wharton School that showed the national debt rising by almost 25% due to Biden’s outlandish agenda.
The report reads:
We evaluate the Act under two scenarios. In the first scenario, PWBM presents the spending and revenue provisions ‘as written’ in the legislative text where certain provisions sunset within the 10-year budget window. Under this scenario, we project that the long-run trajectory of public debt would be 1.5 percent larger and that GDP would be 0.2 percent lower in 2050 relative to baseline projections.
Under the second scenario, we assume that temporary provisions of the proposal are extended permanently. We find that, against baseline projections, government debt would be more than 24 percent larger in 2050 and GDP would be about 3 percent lower in the same year.
Knowing the business and the signs of a scam, Musk also tweeted, “There is a lot of accounting trickery in this bill that isn’t being disclosed to the public.” He would also add a quote from economist Milton Friedman, “Nothing is more permanent than a ‘temporary’ government program.”
Nothing is more permanent than a “temporary” government program
— Elon Musk (@elonmusk) December 8, 2021
It should be noted that another report by the Committee for a Responsible Federal Budget found that the true cost of the bill could be around $4.9 trillion dollars due to… “arbitrary sunsets and expirations.”
That report found, “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.”