Friday, November 19, 2021

Build Back Better - Fiscally fine, and good enough that it scares GOPs

Yeah, I know something bad happened in Wisconsin today that sets an awful precedent. But that can be dealt with at a later time.

Instead, I wanted to give a few initial thoughts on the House's passage of the Build Back Better bill. First, let's go into the overall CBO score (click here to check it out yourself), which was what corporatist Dems were saying they needed in order to approve Build Back Better.

Change in Expenses over 10 years +$1.636 trillion
Change in Revenues over 10 years +$1.269 trillion
Net change in total deficit over 10 years +$367.1 billion

BUT, there's also this.

And it appears that the CBO counted the $80 billion in expenses but NOT the $207 billion in new revenues from IRS enforcement, so the net change in the deficit would be $160 billion in 10 years, or $16 billion a year. That's 1.6% of the US's budget deficit of 2019, before COVID and all of these relief packages were a thing. If anything, there will be a lot less government support in 2022 and 2023 than there is today, so this is a good way to redirect our priorities.

The Biden Administration claims the CBO score means there is no addition to the deficit at all, because they say the amount of revenues that increased IRS enforcement would bring in is closer to $400 billion. But either way, Build Back Better doesn't do much to the country's budget deficit, and the out-of-pocket savings to people for items such as universal pre-K, limiting prices for insulin, improving Veterans homes, and allowing Medicare to cover hearing and vision would mean that a whole lot of Americans end up better off.

That's before we even mention the added financial stability and investments into technologies that fight climate change, which reduces social costs and lays the groundwork to re-skilling workers for a 2020s economy (along with making the planet more inhabitable, which isn't a bad side benefit).

This thing is far from done, and I'm pretty confident the Senate will change a few of these things. It might even hack out much of it and fold it into the 2022 Federal Budget (which has to be figured out in the next 2 weeks). But it's still a big step, and I would think quite a few of these popular items will make their way through and become a first step or re-balancing our rigged economy.

And you know how I am certain this is a good thing that will change outcomes for the better for a lot of Americans? Because look at how hysterical the House GOP's "Leader" got as he lamely posed against Build Back Better last night.

Not sure those mediocre white men have the temperment to lead, you know. But hey, if Kevin is so concerned about debt, he can reduce the $768 billion we are slated to spend on the military next year.

No comments:

Post a Comment