Biden's 'Build Back Better' Agenda Will Kill 5.3 Million Jobs, Cut Average Families' Income by $12,000: Study
The Democrats’ “Build Back Better” agenda is proof that names can be deceptive.
Investigating the $4.5 trillion plan, the Texas Public Policy Foundation gave crucial economic estimates that reveal the damage that could be done by President Joe Biden and Democratic leaders in Congress.
The agenda is made up of two key pieces of legislation: a $3.5 trillion spending bill and a $1 trillion infrastructure bill.
Over the course of ten years, the foundation estimates that 5.3 million full-time jobs would be lost, $1.2 trillion in income would be lost, and the long-run GDP would lose $3.7 trillion.
Terrifying news: A dangerous contagion is sweeping across Washington. It’s a virus that specifically targets victims’ hippocampus, particularly impacting the area of the brain responsible for … basic math. See for yourself! pic.twitter.com/wdj5lbUhvk
— Tom Elliott (@tomselliott) September 27, 2021
The only upward trend over ten years from this plan is the national debt, which would increase by 16 percent, according to the group.
Price tag: $6.2 trillion
Tax hikes: $1.7 trillion
Debt increase: $4.5 trillion
GDP loss: $1.2 trillion pic.twitter.com/JMpSsA9TPw— Texas Public Policy Foundation (@TPPF) September 27, 2021
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When broken down even further, the report explains that median family income could drop by $12,000, and there could be a marginal tax rate increase of 13 percent for some.
As the economy is still in recovery mode following the COVID-19 pandemic, the Democrats’ plan would hinder development in the private sector and end up harming average Americans.
For example, the proposed corporate tax rate increase to 26.5 percent would have a harmful trickle-down effect even if it seems harmless on the surface.
If companies are paying more in taxes, that expense falls onto the consumer, who would see prices increase, and their employees, who would risk having their jobs cut.
That corporate tax rate would make the United States less competitive with other countries in the Organisation for Economic Co-operation and Development, because we would have the third-highest rate in the group, according to the Tax Foundation. America’s rate would even eclipse communist China’s.
Regardless, the Biden administration is touting public opinion polls that show a majority of Americans support “Build Back Better.”
I would be willing to bet that few Americans know the implications of passing the agenda because the establishment media has kept its negative effects quiet.
“Poll after poll makes it clear: The majority of Americans overwhelmingly support my Build Back Better Agenda,” the president tweeted Monday. “Let’s get it done and deliver for the American people.”
Poll after poll makes it clear: The majority of Americans overwhelmingly support my Build Back Better Agenda.
Let’s get it done and deliver for the American people. pic.twitter.com/uptz12TQmP
— President Biden (@POTUS) September 27, 2021
Democrats are scrambling to unite their caucus to get both bills passed before the fiscal year ends on Thursday while trying to avert a looming government shutdown.
If their agenda wins, America loses.
This article appeared originally on The Western Journal.
