A new report from the Committee for a Responsible Federal Budget charges that Joe Biden’s “Build Back Better” theory, which he says “will be fully paid for,” actually leaves Americans $4.3 trillion deeper in debt.
The study was accessed by Just the News, and reveals the true impact of this presidential agenda point.
“Overall, we estimate these packages could cost as much as $2.4 trillion over ten years and set the stage for up to $4.3 trillion of total borrowing over the next decade,” the report, released Wednesday,said.
“This cost would lift debt to 119 percent of Gross Domestic Product (GDP) by 2031, compared to a record 106.4 percent of GDP projected under current law.”
Biden’s claims had been different: “The investments I am proposing will be fully paid for over the long term by having the largest corporations, including the 55 corporations that paid zero federal tax last year, and the super wealthy begin to pay their fair share.”
Marc Goldwein, senior policy director at CRFB, said in the report by Just the News the programs and policies Biden is adopting – or promoting – including the Senate-passed infrastructure bill, already are at $6 trillion in spending.
Regarding debt, he said, “It’s $2.4 trillion of direct and it’s $4.3 trillion including indirect; and by indirect we mean, is it creating new programs and making them temporary or are they going to be extended?”
Tax Foundation chief Scott Hodge said Biden is just wrong when claiming the spending will be paid off.
“Only in Washington could someone claim that using budget gimmicks, borrowed money, and higher taxes ‘fully pays for’ $3.5 trillion in new spending,” he told Just the News.
Biden has claimed those he wants to tax more will “still make a lot of money, but pay their fair share.”
Also on the table is Biden’s $3.5 trillion reconciliation plan that explodes spending for preschool, child care, a new Civilian Climate Corps, global warming projects and more.
CRFB estimated the infrastructure bill alone will add $340 billion to deficits over 10 years and ultimately cost $400 billion.
Goldwein said as it now sits, the infrastructure deal “is not fully paid for, not over any time window.”
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