The Biden White House is out with a new talking point that women with expensive tastes have been using for years: It doesn’t matter how expensive something is, as long as someone else pays for it!
That is the crux of President Joe Biden’s defense of his massive $3.5 trillion spending bill, which members of his party can’t bring themselves to support. So, in an attempt to win over the hesitant centrists, Biden argues that the plan’s price tag doesn’t matter because it will be paid for by new taxes on corporations and wealthy U.S. residents.
“My Build Back Better Agenda costs zero dollars,” he said this week. “Instead 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.”
Biden needs a mathematics refresher. His agenda is not free; it will cost something — $3.5 trillion, to be exact. And someone has to pay for that. Biden wants it to be the upper 1%, but he can’t even guarantee that his proposed taxes will generate enough revenue to cover the entire cost of the spending package. Indeed, the House Ways and Means Committee has only approved a tax hike package that would raise about $2.1 trillion — where’s he going to get the other $1.4 trillion?
The White House does not know, nor does it care. Biden’s team seems utterly indifferent to the fact that another $3.5 trillion in federal spending will do bad things to the economy, even if Democrats do find a way to pay for it. Companies facing his tax hike will raise prices, which means U.S. consumers will pay more and spend less, and inflation rates will continue to increase.
But Biden isn’t thinking about any of that. He’s just trying to sell this as a free lunch — but hasn’t anyone told him those don’t exist?
