{"id":829036,"date":"2021-09-29T20:13:38","date_gmt":"2021-09-30T00:13:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=829036"},"modified":"2021-09-29T20:13:46","modified_gmt":"2021-09-30T00:13:46","slug":"biden-claims-his-build-back-better-agenda-costs-zero-dollars-economists-are-less-convinced","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-claims-his-build-back-better-agenda-costs-zero-dollars-economists-are-less-convinced\/","title":{"rendered":"Biden Claims His Build Back Better Agenda \u2018Costs Zero Dollars.\u2019 Economists Are Less Convinced"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/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%2Fbiden-claims-his-build-back-better-agenda-costs-zero-dollars-economists-are-less-convinced%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=829036&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--><ul>\n<li><strong>As Democrats work to move their $3.5 trillion budget through a bitterly divided Congress, many, including President Joe Biden, have assured that the package is fully paid for in a bid to shore up support from moderates.<\/strong><\/li>\n<li><strong>\u201cMy Build Back Better Agenda costs zero dollars,\u201d Biden said Saturday. \u201cInstead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.\u201d<\/strong><\/li>\n<li><strong>Experts, however, are less convinced. \u201cThe proposed tax hikes to corporations, individuals, and capital gains will&nbsp;<span>not<\/span> raise as much as claimed because of the negative impacts to the economy,\u201d Chris Edwards, the director of tax policy studies at the Cato Institute, told the Daily Caller News Foundation.<\/strong><\/li>\n<\/ul>\n<p>As Democrats work to move their $3.5 trillion budget through a bitterly divided Congress, many, including President Joe Biden, have assured that the package is fully paid for in a bid to shore up support from moderates.<\/p>\n<p>The revenue to pay for the <a href=\"https:\/\/dailycaller.com\/2021\/09\/07\/democrats-all-in-budget-joe-biden-congressional-majorities-passage-far-from-certain-budget-reconciliation\/\" target=\"_blank\" rel=\"noopener noreferrer\">massive spending package<\/a> would be raised by tax increases on corporations and Americans earning more than $400,000 annually. As a result, Democrats have not only declared that despite the steep price tag, working and middle class Americans will not pay for the bill, but that it will not add to the nearly $29 trillion national debt.<\/p>\n<p>\u201cMy Build Back Better Agenda costs zero dollars,\u201d Biden said on Saturday. \u201cInstead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.\u201d<strong> <a href=\"https:\/\/dailycaller.com\/2021\/09\/29\/pelosi-biden-build-back-better-zero-dollars\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Now Even Pelosi Is Claiming Biden\u2019s Big $3.5 Trillion Bill Will Cost \u2018Zero\u2019 Dollars)<\/a><\/strong><\/p>\n<p>Experts, however, are less convinced.<\/p>\n<p>\u201cBiden\u2019s statement is true IF the full spending hikes are paid with real tax hikes AND there\u2019s reasonable accounting for the effects of the tax and spending hikes on the overall economy,\u201d Henry Olsen, a senior fellow at the Ethics and Public Policy Center and columnist at The Washington Post, told the Daily Caller News Foundation.&nbsp;<strong><a href=\"https:\/\/dailycaller.com\/2021\/09\/13\/democrats-plan-hike-taxes-pay-3-5-trillion-budget\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Here\u2019s How Democrats Plan To Hike Taxes To Pay For Their $3.5 Trillion Budget)<\/a><\/strong><\/p>\n<div id=\"attachment_7292464\" class=\"wp-caption alignnone\" readability=\"33\">\n<p id=\"caption-attachment-7292464\" class=\"wp-caption-text\">President Joe Biden delivers remarks in July on the Child Tax Credit which Democrats are trying to extend as part of their budget. (Chip Somodevilla\/Getty Images)<\/p>\n<\/div>\n<p>The proposed hikes, however, only generate $2.9 trillion, with the remaining $600 billion accounted for by the economic growth and revenue increases the package would, in theory, generate. And Olsen added that the recent scores on the bill \u201csuggest [Biden\u2019s claim] is not true,\u201d since they relied on \u201coptimistic assessments\u201d of the revenue it would generate and its effect on the economy.<\/p>\n<p>Not only would the current proposed increases generate a $600 billion shortfall, but the overall bill could change as Democrats debate it. Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona have already <a href=\"https:\/\/dailycaller.com\/2021\/09\/15\/joe-biden-meeting-kyrsten-cinema-joe-manchin-reconciliation-package\/\" target=\"_blank\" rel=\"noopener noreferrer\">objected<\/a> to some of the hikes, not to mention the size of the overall bill, and with Democrats\u2019 moderate and left wings <a href=\"https:\/\/dailycaller.com\/2021\/09\/20\/progressives-double-down-vow-tank-infrastructure-without-budget\/\" target=\"_blank\" rel=\"noopener noreferrer\">at odds<\/a>, it is almost certain that the package\u2019s scope and spending will need to be altered to guarantee its passage over the unanimous Republican opposition.<\/p>\n<p>Regardless of the changes that await the budget legislation, which is currently the largest in American history, some say that incurring cost is not only unavoidable, but that it will fall on Americans regardless of their income.<\/p>\n<p>\u201cThe proposed tax hikes to corporations, individuals, and capital gains will&nbsp;<span>not<\/span> raise as much as claimed because of the negative impacts to the economy,\u201d Chris Edwards, the director of tax policy studies at the Cato Institute, told the DCNF. \u201cGDP would shrink, and that will suppress tax revenues from all sources.\u201d<\/p>\n<p>Edwards also added that Democrats\u2019 assertion that the economic gains would cancel the $600 billion shortfall \u201chas no hard backing,\u201d pointing to a <a href=\"https:\/\/www.crfb.org\/blogs\/reconciliation-unlikely-produce-600-billion-dynamic-revenue\">study<\/a> from the Committee for a Responsible Federal Budget that showed the legislation giving the economy a smaller boost than projected.<\/p>\n<p>\u201cPoliticians are assuming that extra government spending would be higher in value than the private spending it displaced,\u201d Edwards added.&nbsp;<a href=\"https:\/\/dailycaller.com\/2021\/09\/02\/joe-manchin-democrats-pause-3-5-trillion-budget\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>(RELATED: Manchin To Democrats: \u2018Wise\u2019 To \u2018Pause\u2019 On $3.5 Trillion Budget)<\/strong><\/a><\/p>\n<div id=\"attachment_7292465\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7292465\" loading=\"lazy\" class=\"wp-image-7292465 size-full\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1235555328-scaled-1.jpg\" alt=\"West Virginia Sen. Joe Manchin during an Armed Services Committee hearing Tuesday. (Patrick Semansky-Pool\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1235555328-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235555328-180x120.jpg 180w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235555328-620x413.jpg 620w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235555328-768x512.jpg 768w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235555328-1536x1024.jpg 1536w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1235555328-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7292465\" class=\"wp-caption-text\">West Virginia Sen. Joe Manchin during an Armed Services Committee hearing Tuesday. (Patrick Semansky-Pool\/Getty Images)<\/p>\n<\/div>\n<p>Olsen was also skeptical that those earning less than $400,000 would be exempt from any higher costs imposed by the budget given tax hikes\u2019 wide-ranging economic effects from stagnant wages to <a href=\"https:\/\/dailycaller.com\/2021\/05\/12\/joe-biden-spending-inflation-hidden-tax-everything-purchase-coronavirus\/\" target=\"_blank\" rel=\"noopener noreferrer\">inflation<\/a>, which has already hit its <a href=\"https:\/\/dailycaller.com\/2021\/08\/27\/inflation-index-surges-commerce-department-report-united-states-economy-joe-biden\/\" target=\"_blank\" rel=\"noopener noreferrer\">highest levels in decades<\/a>.<\/p>\n<p>\u201cSome of the burden from the tax hike on businesses will fall on workers making less than [$400,000],\u201d Olsen said, explaining how it could take effect in the form of slower pay hikes or \u201cstingier\u201d benefits.<\/p>\n<p>And while Americans earning less than $400,000 may well see their taxes remain the same, Olsen added, \u201cif one broadens that to economic impact, clearly those who earn under that will pay something for the programs [Biden] wants to pay for.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Democrats work to move their $3.5 trillion budget through a bitterly divided Congress, many, including President Joe Biden, have assured that the package is fully paid for in a &#8230;<\/p>\n","protected":false},"author":1,"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-829036","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\/829036","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=829036"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/829036\/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=829036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=829036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=829036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}