Build Back Badly
House passage of BBB proves once again that the Democrats are unfit to govern.
by David Catron
November 21, 2021, 11:49 PM
Less than 24 hours after the Congressional Budget Office announced that the “Build Back Better” (BBB) bill will increase the federal deficit by $367 billion, House Democrats passed the $1.75 trillion legislation with no GOP votes. This bill, essentially a far left wish list of climate and social spending boondoggles, will certainly exacerbate inflation if passed by the Senate. Thus the absence of public support for BBB. A new Harvard/Harris poll asked registered voters, “Do you think a $1.5 to $2 trillion dollar social spending bill will lead to more inflation, less inflation, or would it have no effect on inflation?” A majority (56%) answered, “More.”
It’s increasingly apparent that the specter of inflation is haunting the pocketbooks of most Americans. According to a new Economist/YouGov poll, 76 percent of Americans reported that the price of gas had “gone up a lot” during the past year. The survey also found that 65 percent had experienced significant price increases for food. Moreover, when likely voters are asked about how Build Back Better would affect the nation’s economy, it gets a thumbs down. A new survey released by the Trafalgar Group asked likely voters if BBB will be helpful or hurtful to America’s economic recovery?” A majority (52.4%) said that it would be very or somewhat hurtful. An analysis by the Tax Foundation agrees:
We estimate the new House bill would reduce long-run GDP by about 0.4 percent and long-run American incomes (as measured by gross national product or GNP) by about 0.4 percent. The bill would also reduce the capital stock by about 0.8 percent and wages by 0.3 percent, while eliminating 107,000 full-time equivalent jobs.… We estimate that the bill would result in $675 billion of accumulated deficits (including interest payments) during the first decade, leading to an increase in payments to foreign owners of the national debt.
more
https://spectator.org/build-back-badly/
