For those who believe in limited government, fiscal responsibility and the free enterprise system, Friday was one of the most ignominious days in the history of the House of Representatives. The Build Back Better bill passed by the House was the fourth multi-trillion dollar spending package the Democratic-controlled House has enacted in just 12 months.
Let’s recount: First, in the final days of the Trump administration, the House passed a $ 1 trillion COVID relief bill. Then, in March, Congress passed a $ 1.9 trillion bill that primarily bailed out blue states that shut down their economies the previous year during the pandemic. Then last month, the House passed a $ 1.2 trillion bogus infrastructure bill that is primarily grants for green energy programs. And now we have the $ 2 trillion to $ 3 trillion social welfare / climate change bill.
Add all of this up and you have $ 6 trillion to $ 7 trillion of spending, almost all of it during an economic period. Recovery. Oh, and that doesn’t even include the annual $ 5 trillion federal budget that will be approved next month. Overall, Congress will have authorized more spending this year than combined costs Revolutionary War, Civil War, World War I and II, the intercontinental railroad, the interstate highway system, and the Apollo moon landing, adjusted for inflation.
Why are we doing this?
There is no economic justification for adding trillions of dollars in spending and debt to an already recovering economy. Build Back Better’s latest spending and debt bill is especially reckless, given that the biggest threat to the economy now is rampant inflation that could flatten the economy and family finances.
Democrats argued that all of this was justified to reduce income inequality and, as President BidenJoe BidenRittenhouse says Biden defamed his character when he linked him to white supremacists Man charged with threatening Congress sentenced to 19 months in prison 91 House Democrats ask Senate to expand immigration protections in the U.S. bill Biden expenses PLUS has said countless times, for the rich to pay their “fair share.“But then, in an act of enormous hypocrisy, House Democrats added a gap again allowing the wealthy to deduct state and local taxes from their federal tax bills. Turns out, thanks to this cheeky giveaway to high-taxed blue states, most millionaires and billionaires will pay. less federal income tax under this bill. That leaves the payment of the freight in the hands of the middle class.
On the expense side, even the New York Times has described BBB as Government “from the cradle to the grave”. We all know that the stagnant cost of benefit programs like Social Security, Medicare, Medicaid, and welfare are starting to swim in red ink, and the deficits are set to get worse each year until the money runs out. So instead of fixing the finances of these programs, we are going to create several trillion dollars of new Rights? This is the tax equivalent of putting more passengers on the deck of the Titanic.
One of the most offensive features of this bill is the addition of 75,000, the number of seats at the Rose Bowl football stadium, new IRS agents for more revenue. Conservatives should be horrified by this idea. Has Congress forgotten that less than 10 years ago, the Obama administration’s chief enforcement officer at the IRS illegally targeted conservative groups and donors for audits and was released? Is there any doubt that the Biden administration would do the same to squads of new IRS snoopers?
Then there are the higher tax rates for American businesses included in this bill. The Wall Street Journal reported last week that under the House bill, the United States would see federal tax rates greater than 50 percent And, in some states, the combined state and federal tax rates would rise to about 65 percent, the highest in the industrialized world. These taxes would be paid by successful small businesses, their investors, owners and operators. This reverses 40 years of keeping tax rates low, especially under Reagan and Trump, to make America more competitive. It worked: Under Trump, we had the lowest unemployment rate in at least 50 years.
There is a basic economic truism that if you tax something, you get less. How is the United States going to create more jobs by increasing stratospheric taxes on the people who create jobs? Do Democrats really think our $ 10 trillion federal government is going to create all the jobs?
The Senate should scrap this bill and pour salt into the sand at his burial site so it never comes back. More debt, spending, and money printing at this stage of our economic recovery would be the equivalent of pumping gasoline on an inflationary wildfire.
You should start by removing the most economically destructive features of the bill:
- The income tax rate increases.
- The reinstatement of the state and local tax deduction (SALT).
- Childcare subsidies. (Government programs make services more expensive, not less expensive – just look at the skyrocketing cost of health care and education.)
- Four weeks of paid parental leave: a killer for employers.
- The addition of $ 40 billion to the IRS budget.
- The civil corps program for the climate. (We don’t need tens of thousands of paid federal employees harassing American businesses.)
- Special tax breaks for unions, trial lawyers, media and green energy producers.
President Biden issued a statement after BBB passed the House, describing it as a “big step forward.” To what? Big government socialism?
No thanks, Joe.
Stephen mooreStephen Moore Christmas could come early for Joe Biden Republicans have moral and financial reasons to oppose raising the debt ceiling Former Trump aides launch a campaign of millions against Biden’s economic agenda MORE is a senior member of FreedomWorks and a co-founder of the Committee to Unleash Prosperity. Served as a member of President TrumpDonald Trump Rittenhouse Says Biden Slandered His Character By Linking Him To White Supremacists Night Health Care: White House Touts Vaccination Rate For Feds Trump Backs Hogan Challenger In Maryland Governor Race MOREEconomic Recovery Working Group.