{"id":1103903,"date":"2021-12-09T19:29:26","date_gmt":"2021-12-10T00:29:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1103903"},"modified":"2021-12-09T19:29:28","modified_gmt":"2021-12-10T00:29:28","slug":"nothing-is-more-permanent-than-a-temporary-government-program-elon-musk-continues-crusade-against-biden-agenda","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nothing-is-more-permanent-than-a-temporary-government-program-elon-musk-continues-crusade-against-biden-agenda\/","title":{"rendered":"\u2018Nothing Is More Permanent Than A Temporary Government Program\u2019: Elon Musk Continues Crusade Against Biden Agenda"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnothing-is-more-permanent-than-a-temporary-government-program-elon-musk-continues-crusade-against-biden-agenda%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1103903&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In recent days, Tesla and SpaceX CEO Elon Musk has sharply criticized the Biden administration\u2019s social welfare agenda.<\/p>\n<p>Earlier this week, Musk argued that the Senate should not pass the Build Back Better Act. The $1.75 trillion legislation \u2014 which the House of Representatives has already approved \u2014 would <a href=\"https:\/\/www.dailywire.com\/news\/congressional-budget-office-build-back-better-act-will-increase-deficit-by-367-billion\">expand<\/a> various social programs, including universal preschool, childcare subsidies, and climate change initiatives.<\/p>\n<p>\u201cI would say can this bill, don\u2019t pass it. That\u2019s my recommendation,\u201d <a href=\"https:\/\/www.dailywire.com\/news\/elon-musk-trashes-bidens-build-back-better-plan-can-this-bill-dont-pass-it\">argued<\/a> Musk during The Wall Street Journal\u2019s CEO Council Summit. \u201cIf this bill happens or doesn\u2019t happen, we don\u2019t think about it at all really. Honestly it might be better if the bill doesn\u2019t pass.\u201d<\/p>\n<p>On Wednesday, the entrepreneur added to his remarks by sharing an <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2021\/11\/15\/hr-5376-build-back-better-budget-macro\">analysis<\/a> from the University of Pennsylvania\u2019s Wharton School \u2014 Musk\u2019s alma mater \u2014 explaining that the national debt would increase by over 24% if the bill\u2019s provisions are made permanent.<\/p>\n<p>We evaluate the Act under two scenarios. In the first scenario, PWBM presents the spending and revenue provisions \u2018as written\u2019 in the legislative text where certain provisions sunset within the 10-year budget window. Under this scenario, we project that the long-run trajectory of public debt would be 1.5 percent larger and that GDP would be 0.2 percent lower in 2050 relative to baseline projections.<\/p>\n<p>Under the second scenario, we assume that temporary provisions of the proposal are extended permanently. We find that, against baseline projections, government debt would be more than 24 percent larger in 2050 and GDP would be about 3 percent lower in the same year.<\/p>\n<p>\u201cThere is a lot of accounting trickery in this bill that isn\u2019t being disclosed to the public,\u201d said Musk, noting that the $1.75 trillion price tag is deceptively low due to the early expiration of several programs.<\/p>\n<p>Musk concluded with a famous quote from economist Milton Friedman, which President Ronald Reagan often borrowed: \u201cNothing is more permanent than a \u2018temporary\u2019 government program.\u201d<\/p>\n<p dir=\"ltr\" lang=\"en\">Nothing is more permanent than a \u201ctemporary\u201d government program<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1468685877970935809?ref_src=twsrc%5Etfw\">December 8, 2021<\/a><\/p>\n<p>A similar report from the Committee for a Responsible Federal Budget <a href=\"https:\/\/www.dailywire.com\/news\/bidens-1-75-trillion-social-welfare-legislation-may-cost-nearly-5-trillion-if-programs-are-made-permanent\">noted<\/a> that the true cost of the bill may be $4.9 trillion due to a number of \u201carbitrary sunsets and expirations.\u201d<\/p>\n<p>The Build Back Better Act relies on a number of arbitrary sunsets and expirations to lower the official cost of the bill. These include extending the American Rescue Plan\u2019s Child Tax Credit (CTC) increase and Earned Income Tax Credit (EITC) expansion for a year, setting universal pre-K and child care subsidies to expire after six years, making the Affordable Care Act (ACA) expansions available through 2025, delaying the requirement that businesses amortize research and experimentation (R&amp;E) costs until 2026, and setting several other provisions \u2013 from targeted tax credits to school lunch programs \u2013 to expire prematurely.<\/p>\n<p>In its current state, the group says that the legislation will increase federal deficits by $800 billion over the next five years and $200 billion through 2031. If provisions of the legislation are made permanent, however, deficits would rise by $3 trillion over the next decade, they claim.<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent days, Tesla and SpaceX CEO Elon Musk has sharply criticized the Biden administration\u2019s social welfare agenda.Earlier this week, Musk argued that the Senate should not pass the Build Back Better Act. The $1.75 trillion legislation \u2014 which the House of Representatives has already approved \u2014 would expand various social programs, including universal preschool, childcare subsidies, and climate change initiatives.\u201cI would say can this bill, don\u2019t pass it. That\u2019s my recommendation,\u201d argued Musk during The Wall Street Journal\u2019s CEO Council Summit. \u201cIf this bill happens or doesn\u2019t happen, we don\u2019t think about it at all really. Honestly it might be better if the bill doesn\u2019t pass.\u201dOn Wednesday, the entrepreneur added to his remarks by sharing an analysis from the University of Pennsylvania\u2019s Wharton School \u2014 Musk\u2019s alma mater \u2014 explaining that the national debt would increase by over 24% if the bill\u2019s provisions are made permanent.We evaluate the Act under two scenarios. In the first scenario, PWBM presents the spending and revenue provisions \u2018as written\u2019 in the legislative text where certain provisions sunset within the 10-year budget window. Under this scenario, we project that the long-run trajectory of public debt would be 1.5 percent larger and that GDP would be 0.2 percent lower in 2050 relative to baseline projections.Under the second scenario, we assume that temporary provisions of the proposal are extended permanently. We find that, against baseline projections, government debt would be more than 24 percent larger in 2050 and GDP would be about 3 percent lower in the same year.\u201cThere is a lot of accounting trickery in this bill that isn\u2019t being disclosed to the public,\u201d said Musk, noting that the $1.75 trillion price tag is deceptively low due to the early expiration of several programs.Musk concluded with a famous quote from economist Milton Friedman, which President Ronald Reagan often borrowed: \u201cNothing is more permanent than a \u2018temporary\u2019 government program.\u201dNothing is more permanent than a \u201ctemporary\u201d government program\u2014 Elon Musk (@elonmusk) December 8, 2021A similar report from the Committee for a Responsible Federal Budget noted that the true cost of the bill may be $4.9 trillion due to a number of \u201carbitrary sunsets and expirations.\u201dThe Build Back Better Act relies on a number of arbitrary sunsets and expirations to lower the official cost of the bill. These include extending the American Rescue Plan\u2019s Child Tax Credit (CTC) increase and Earned Income Tax Credit (EITC) expansion for a year, setting universal pre-K and child care subsidies to expire after six years, making the Affordable Care Act (ACA) expansions available through 2025, delaying the requirement that businesses amortize research and experimentation (R&#038;E) costs until 2026, and setting several other provisions \u2013 from targeted tax credits to school lunch programs \u2013 to expire prematurely.In its current state, the group says that the legislation will increase federal deficits by $800 billion over the next five years and $200 billion through 2031. If provisions of the legislation are made permanent, however, deficits would rise by $3 trillion over the next decade, they claim.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1103903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1103903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1103903"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1103903\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1103903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1103903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1103903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}