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mate concern that it was all being done dishonestly, accusing his colleagues of camouflaging the real cost of the legislation they were advancing.
House Democrats advertised the cost of the Build Back Better act at around $2 trillion.
However, the nonpartisan University of Pennsylvania Penn Wharton Budget Model, run by former government economists, estimated it at more than twice this at $4.6 trillion.
Then the Congressional Budget Office, which answers to Congress, issued its estimate at close to $5 trillion.
The issue is dishonest game-playing by congressional Democrats. Multibillion- dollar programs that clearly will be permanent are scored by those who produced the bill to expire after one year. Informed observers agree that this is ridiculous. The Congressional Budget Office scored the bill, assuming these programs last for the 10-year duration of the projection. As a result, the CBO estimated the cost of the bill at 2 1/2 times more than those who produced the legislation.
Manchin also did voters a great service by calling inflation, which has been one of his great concerns about the bill, “inflation taxes.”
Inflation is indeed a tax and also a result of sleight of hand of legislators. How many politicians would specifically legislate $2 trillion in tax increases to pay for a $2 trillion spending bill? Did you say none?
Instead, funds get borrowed and then the central bank prints money to pay the bills.
More money in circulation means every dollar is worth less. Prices go up — inflation. The latest report of a 6.8% increase in the CPI means a 6.8% reduction in the real income and savings of every American. All this without even getting into the misguided plans for all these funds. And, hidden in it all, elimination of the Hyde Amendment, which, for almost a half-century, has prevented the use of federal funds for abortions. Thank you, Sen. Manchin. Every American who cares about saving our country is indebted to you.
Star Parker is president of the Center for Urban Renewal and Education and host of the weekly television show “Cure America with Star Parker.” To find out more about Star Parker and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com. COPYRIGHT 2021 CREATORS. COM