Today, ahead of a potential U.S. House vote, the Texas Public Policy Foundation condemns the so-called Build Back Better Act. This big government socialist spending bill of $5 trillion will worsen an already damaged economy by killing millions of jobs, funding a green energy boondoggle, and giving the Federal Reserve more ammunition to increase already rapid inflation. Despite what President Biden claims, this bill adds at least another $3 trillion to the national debt over a decade while drastically expanding the federal government’s nanny state, providing amnesty to illegal immigrants, and placing higher tax burdens on the middle class while giving massive tax breaks to millionaire homeowners along the coasts.
“Lawmakers must kill the Build Back Better Act to save jobs, promote prosperity, preserve dignity, and save America’s free market capitalism system that best lets people flourish,” said Vance Ginn, TPPF’s chief economist. “If Congress really wants to give people a hand up—and not just a handout—then it should focus on repealing government barriers that disincentivize work and job creation.”
“By raising taxes and paying people to stay home and not return to work, this legislation would almost certainly put us into what economist Larry Kudlow refers to as an ‘inflationary blowout,’” said Greg Sindelar, TPPF’s Executive Director. “This massive expansion of the federal government, and the dangerous policies contained in the Build Back Better Act must fail.”