Posted on Nov 22, 2021
Here’s Everything That’s Wrong With the Build Back Better Spending Bill House Democrats Just...
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https://fee.org/articles/here-s-everything-that-s-wrong-with-the-build-back-better-spending-bill-house-democrats-just-passed/?utm_source=ribbon
Let’s review all the reasons it’s an utterly terrible piece of legislation.
First, the cost is astronomical. The Biden administration and its allies in Congress have repeatedly made false claims about its price tag. They’ve time and time again parroted the claim that the legislation “costs zero” because it supposedly does not add to the national debt and is “paid for” with new tax increases. (It actually does add to the debt, but that’s not the point). Yet this is an absurd argument. As I previously explained:
While it may be more fiscally responsible to pair spending increases with tax hikes, it doesn’t make them cost less. That’s like saying that buying groceries with cash instead of a credit card means the price tag is zero—it’s nonsensical. Every dollar the government spends has to come from somewhere. Whether it’s financed through additional debt or new taxes means that the consequences are different, yes, but there are still costs involved.
The true cost of the legislation, once one accounts for budget gimmicks and dishonest political rhetoric, is up to $4.9 trillion. That’s an astounding $32,000 per federal taxpayer.
Let’s review all the reasons it’s an utterly terrible piece of legislation.
First, the cost is astronomical. The Biden administration and its allies in Congress have repeatedly made false claims about its price tag. They’ve time and time again parroted the claim that the legislation “costs zero” because it supposedly does not add to the national debt and is “paid for” with new tax increases. (It actually does add to the debt, but that’s not the point). Yet this is an absurd argument. As I previously explained:
While it may be more fiscally responsible to pair spending increases with tax hikes, it doesn’t make them cost less. That’s like saying that buying groceries with cash instead of a credit card means the price tag is zero—it’s nonsensical. Every dollar the government spends has to come from somewhere. Whether it’s financed through additional debt or new taxes means that the consequences are different, yes, but there are still costs involved.
The true cost of the legislation, once one accounts for budget gimmicks and dishonest political rhetoric, is up to $4.9 trillion. That’s an astounding $32,000 per federal taxpayer.
Economy
Economics
Congress
Joe Biden
Money
Edited 3 y ago
Posted 3 y ago
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All I can say is all the old people out there shouldn't care. If this is passed then it won't be felt until a decade or more. My generations already experience two pandemics, and two recessions in the last 12 years. While they may be uneducated in thinking government involvement fixes issues when it doesn't. They view government intervention as the only solution be it on a federal or state level.
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SPC Steven Depuy
Not so sure, I am 3-5 years from retiring, depending on how much longer I work. Got wiped out in 2008, pretty much had to start over. Am debt free at this point, but only have a little over 120k saved in IRA's again, and another 160k invested in a growth fund. Selling my business will get me about another 300k most likely. I figure if I am lucky, i will have a bit over half a million by the time I retire in cash and IRA's. The plan was hoping to live on social security, only spending when we had to out of cash reserves. Now I listen to kids telling me screw you, not my fault you paid in to a ponzi scheme your whole life, thats your problem, not mine. I know I have put 7 figures into SSI and Medicare in my life, kind of feel I deserve what they promised me, but not feeling real great that if I live another 30 years, its going to be worth much, since if we end up with huge inflation, instead of my wife and I being able to live off the 3k a month we are supposed to get, it might not cover groceries.
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