Commentary
“The fact of the matter is, my Build Back Better agenda costs zero, and it won’t raise taxes on anyone making under $400,000 a year.” President Biden
How often have you heard him say that? And he’s still saying it as he touts his massive welfare spending bill. In New Hampshire this week, he said, “no one making less than $400 grand will pay a single penny more in federal taxes.”
Meanwhile, he’s ignoring the “hidden tax” we are paying due to inflation, on nearly everything we purchase, from gasoline to a quart of milk. The White House claims these increased costs are “transitory.”
I’m sure you have heard how more expensive your Thanksgiving dinner will be this year, with turkeys costing an average of 22 percent more. With a 30 percent hike in natural gas prices, heating most homes this winter will be another wake-up call.
I was delighted to see William McGurn’s opinion piece, “Biden’s Spending Gives Milton Freidman the Last Laugh,” in the Wall Street Journal, in which he reminds readers of Friedman referring to the hidden tax as “taxation without representation.”
Milton Friedman’s insight on economics, the free market and capitalism provided me with the little knowledge I have been able to absorb and retain over the years. I use to watch his “Free to Choose” series on PBS, and still refer to his book. “Capitalism and Freedom” from time to time.
You may recall that it was Friedman who is credited with the saying, “There’s no such thing as a free lunch.”
“But Mr. Biden is now trying to sell Americans on the biggest ‘free lunch’ in history, his Build Back Better bill,” notes McGurn.
“How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong?” asks investment expert Steven Rattner, a former Obama economic advisor.
Larry Summers, treasury secretary in the Obama administration, has also warned of unprecedented spending.
Yet Biden continues to tell us that 14 Nobel laureates in economics have said his spending bill is actually going to bring down costs, it will reduce the deficit and it’s going to reduce inflation, because it’s totally paid for.
However, as we await the scoring by the Congressional Budget Office, which, by the way, was off significantly on ObamaCare, the White House has begun bracing lawmakers for a disappointing estimate on Biden’s BBB. The cost will likely not be paid for with new tax revenue over the coming decade.
“Senior administration officials are urging lawmakers to disregard the budget office assessment, saying it is being overly conservative in its calculations,” according to the New York Times.
Now, more than ever … may God continue to bless the United States of America.
