Inflation is here, and it’s not going to stop. Build Back Better was passed in the House of Representatives but may not die in the Senate. The $1.75 trillion Build Back Better agenda isn’t going to stop inflation, unfortunately.
Suggested initially at $3.5 trillion, Democrats pushed Build Back Better and claimed that it would cost zero dollars. President Joe Biden said himself, “My Build Back Better Agenda costs zero dollars.”
A total of $1,931,500,000 will fund the IRS. The IRS is a massive payday as the Biden administration weaponizes them to go after the average American’s money.
Outside of that, the Congressional Budget Office reported, “enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period.”
That means that it doesn’t cost zero dollars. If the IRS isn’t pushed to find tax evasion or generate more money for the federal government, or if the IRS doesn’t see any money that Americans might owe, Biden isn’t in a good place. It’s an assumption-based passage.
The CBO estimates that the IRS will find $207 billion in taxes from the American people leaving $160 billion unpaid.
The Committee for a Responsible Federal Budget said, “Because the legislation includes several temporary programs with arbitrary sunsets and expirations, ultimate costs could be much higher. We previously estimated that extending temporary provisions in the bill would double its gross costs to nearly $5 trillion.”
That means that their predictions have to come true for it to cost zero, but we live in a very fluid society, and nothing works out perfectly.
That means that there’s no doubt that Biden’s claim, “It’s fully paid for. It’ll reduce the deficit,” is nonsense. It’s what we’ve come to expect from the president in this unfortunate age of politics.