Congress is attempting to force through massive tax, spending, and debt hikes that would fundamentally transform America into something it is not and cannot afford.
Key points:
- President Biden and congressional Democrats seek to spend another $6.2 trillion over the next decade, spread across at least two bills that comprise their “Build Back Better” plan.
- This plan includes heavy taxing, spending, and debt, which contributes to reducing growth rates for GDP, employment, income, and capital stock.
- Compared to baseline growth over the next decade, this plan will result in estimated dynamic economic effects of 5.3 million fewer jobs, $3.7 trillion less in GDP, $1.2 trillion less in income, and $4.5 trillion in new debt.
- These taxes threaten to reverse the economic recovery, with families having less income and more debt.