Build Back Broke
It is Groundhog Day again on Capitol Hill. Every week, for the past seven weeks, House Democrats have claimed we will vote on their massive spending bill. Not surprisingly, it's 5pm on Friday and a vote in the U.S. House was open for over eight hours. This bill is so large, and so partisan, even Democrats cannot come to an agreement within their own party.
The Democrats' spending spree is not what Americans want. More than 60% of Americans do not believe the plan will help the economy or their families, and they are right. It's a "cradle to grave" welfare revamp. A 50-50 Senate and a narrowly divided House portrays a population that wants and needs bipartisan, common ground solutions.
If made permanent, "Build Back Better," or as some are calling it "Build Back Broke," will skyrocket the deficit by $2.5 trillion more everydecade. It would place more strain on Medicare, further risking insolvency in five years.
Growing up on welfare assistance, I know the good that a safety net provides for those struggling to make ends meet, but this bill would not help those who need it most. It would lower wages, slow job creation, and increase the deficit, compared to the Tax Foundation baseline. This bill undermines work, rather than encouraging it, during a time when there is already a workforce crisis.
The University of Chicago found that 1.5 million Americans will leave the workforce because of the subsidies and tax credits included in this bill, leaving our country further behind in the race to economic recovery following COVID-19.
America needs opportunity-expanding programs that encourage work, rather than disincentivize it. Today's jobs report was finally better than the past two months – now is not the time to pass a bill that will stand directly in the way of that progress.