As the Biden White House and Congress’ radical progressives continue their efforts to reach an agreement with Capitol Hill moderates and conservatives on their proposed $1.75 trillion social spending bill, it’s becoming more apparent than ever that their pie-in-the-sky agenda is anything but fiscally responsible.
And that’s putting it very gently, believe you me.
On Thursday, the White House released its final version of President Joe Biden’s “Build Back Better” spending plan, which includes billions in funding for universal preschool, child care, public housing and climate initiatives and pins it all on the wealthy to — say it with me now — “pay their fair share.”
Of course, for this to even begin to make sense, one would certainly hope that the wealthy are made to pay enough of their “fair share” to make the ends of the trillion-dollar-plus spending package meet, right?
Apparently, that is expecting too much.
According to an analysis from the University of Pennsylvania’s Wharton School of Business, the White House has overshot its estimate for how much the plan’s tax increases will offset the ambitious spending initiatives by about $468 billion.
“At 9AM this morning, the White House released a set of revenue options for budget reconciliation that the White House estimated to total $1,995 billion over 10 years,” a summary of the school’s budget model released on Thursday reads.
“PWBM’s estimate of the same package is $1,527 billion, a difference of $468 billion,” it states.
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