The liberals are exerting enormous pressure in Congress to get President Biden’s signature economic plan over the finish line as the year winds down. Here are a couple of perspectives from two vastly different vantage points we think you should see.
First, we always pay attention to communications magnate Steve Forbes’s shrewd observations about America and especially where our economy is heading. His recent December 17 podcast pointing out President Biden’s Build Back Better plan would “damage future economic growth and opportunity“ was especially clear and straight to the point.
Forbes described how Biden’s liberal handlers constructed the bill to be what he described a “centerpiece to change the United States.” He then proceeded to uncover the Biden .administration’s efforts to pretend that this monumental legislation wouldn’t add to the deficit.
Forbes points to the examination of the bill by the non-partisan Congressional Budget Office. The CBO was asked to calculate the cost of the bill – that the liberals pretend would not add to the deficit. Forbes says that instead of being fully paid for as Biden claims – that the CBO showed it would actually add $3 TRILLION to the deficit.
He described that the Biden team did this by using “timing gimmicks.” According to the Biden experts’ description, the bill assumes the tax increases would be permanent – but according to Forbes, “the bill’s various parts would expire early. 10 years of revenue – but only 4 years of expenses.”
Forbes described this kind of charade as being the equivalent of a company showing a profit by taking 12 months of revenue and only 3 months of expenses.
Forbes goes on to say “BUILD BACK BETTER” is even worse than what the CBO reveals. Not only does it produce less tax revenue than needed to accomplish their exaggerated claims, he says it also has plenty of legislative grenades. Subsidies for trial lawyers. Subsidies for unions.
A few weeks ago, Steven Rattner, a former Obama economic adviser for President Obama, chastised the Biden administration for getting the issue of inflation “so wrong” – especially since inflation is the highest it’s been in 30 years. In a New York Times guest essay, Rattner skewered Biden’s advisers since he and other economic experts had “warned” them about the dangers of rising inflation long ago.
Rattner asked, “How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong?” He then proceeded to explain that it started with the $1.9-trillion coronavirus relief package President Biden signed this year.
“The original sin was the $1.9 trillion American Rescue Plan, passed in March. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment,” he wrote. “That has contributed materially to today’s inflation levels.”
Rattner continued, “They can’t say they weren’t warned — notably by Larry Summers, a former Treasury secretary and my former boss in the Obama administration, and less notably by many others, including me. We worried that shoveling an unprecedented amount of spending into an economy already on the road to recovery would mean too much money chasing too few goods.”
In the essay, Rattner also disagreed with President Biden’s pledges that his Build Back Better plan would help solve the problem. Biden’s economic experts said back in November that the Build Back Better $1.75 trillion social spending and climate legislation would help get people back to work and “reduce price pressures.”
Rattner responds by saying Build Back Better is “a package that front-loads spending while tax revenues arrive only over a decade.” He uses as evidence research from the Committee for a Responsible Federal Budget that estimates the Biden plan “would likely add $800 billion or more to the deficit over the next five years, ‘exacerbating inflationary pressures’.”
At a time when the American people – especially those on fixed incomes like the elderly – are being squeezed by out-of-control inflation, they do not need this smoke-and-mirrors “charade,” as Steve Forbes called it, as the law of the land.
They need disciplined leadership in government like we enjoy here from North Carolina’s General Assembly – to reduce federal spending and start applying the brakes to out-of-control government spending and the inflation it continues to cause in our country.