According to Democratic President Joe Biden, his “Build Back Better” plan will be the saving grace of the nation. Not only will it supposedly allow for better infrastructure throughout the whole of the U.S., but it will also give America’s economy a much-needed boost.
And if you believe the poll results being shown on mainstream media and by the White House, most of America supposedly supports the $4.5 trillion two-part plan. After all, who doesn’t want newer and nicer roads?
Biden recently tweeted, “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.”
However, I doubt the same could be said once most of the nation understands the bill’s true cost.
And no, it’s not just the immediate $4.5 trillion in national debt that’s going up.
As one study has recently revealed, in the long run, the bill will actually cost America much, much more and be nearly impossible to get out from under.
According to an investigation completed by the Texas Public Policy Foundation, the next ten years will prove to be catastrophic to our economy, if not fatal, thanks to the $3.5 trillion spending bill and its counterpart, the $1 trillion infrastructure bill. The foundation estimates that by 2031 a whopping 5.3 million full-time jobs will be nixed, the long-run GDP will drop by $3.7 trillion, and some $1.2 in income will be lost.
And that’s just the beginning.
When we look even closer at the bill and what it will require of Americans, the study shows that the average American family could see a drop in income by some $12,000 while at the same time be forced to pay an average of 13 percent more in taxes each year.
Of course, this is all headed our way at a time when the nation is still far from recovering from the COVID-19 pandemic and the massive loss of jobs and income experienced by that.
Want to take a little closer look?
Let’s focus on just one aspect of the proposed bill and see how it is expected to shake out for average Americans.
Enter the corporate tax rate hike Biden and his ilk are proposing and trying to roll into the bill. If they get their way, corporations will now have to pay some 26.5 percent in taxes each year. And while this may seem harmless to you or me, as median income families, the trickle-down effect is far from safe.
As you well know, when taxes increase for companies, the extra money they are now forced to fork over has to come from somewhere. And usually, that means an increase in consumer prices, which of course, you and I are required to pay. However, companies could also choose to lay off workers, again, like you and me.
In addition, a higher corporate tax rate would make the U.S. less competitive in the world market. And many countries that are looking to do business with U.S. companies may choose to go elsewhere to save having to pay those same higher taxes. Besides, with a tax rate that high, America’s rate would become the third highest in the Organisation for Economic Co-operation and Development, higher even than communist China’s, according to the Tax Foundation and CNN.
Are you starting to see how this might not be in the best interest of the American people, as Biden suggests?
In fact, if this study is even remotely accurate, the only upward trend over the upcoming decade is that of America’s national debt, which is expected to jump by some 16 percent, thanks to the “Build Back Better” plan.
So I guess it’s a good thing that the Democrats can’t agree on the bills yet. As the House nears a Thursday vote on it, the radical left and more moderate Democrat congressional members are becoming more and more frantic to make sure their side of the party wins. But in doing so, it seems as though neither will succeed.
But, as this study proves, that means the American people win.