As Democrats regroup to try to pass their $2 trillion Build Back Better Act, pressure grows for shining the light of fiscal responsibility on all this.

Given President Joe Biden’s crashing approval ratings, there is some hint that the American people smell a rat.

One sign of the smell of that rat is the alarming escalation of the rate of inflation to where it hasn’t been in over 30 years.

Let’s start with the announcement from the Treasury Department a week ago that the revenue measures built in to finance the $2 trillion in spending will not only not add to the nation’s existing fiscal deficit but will reduce it.

The headline from the Treasury department reads “Preliminary Estimates Show Build Back Better Legislation Will Reduce Deficits.” The document shows an estimate of $2.151 trillion in revenue raising measures against $2 trillion in spending.

However, the University of Pennsylvania Wharton School of Business has its own model, overseen by a professor with extensive experience in the Congressional Budget Office and the Treasury Department. According to the Wharton model, Build Back Better will add $500 billion to the federal deficit.

Treasury says the Build Back Better cuts the deficit by $151 billion. Wharton says it increases it by $500 billion. Not exactly a trivial difference.

Who do we believe?

The Congressional Budget Office will also weigh in. But it still leaves us with the question of who to believe.

It isn’t about one place having better economists than the other.

The problem is that it is impossible to make meaningful forecasts with such huge amounts of funds, all of which are highly politicized.

Anyone who has ever run a business knows what I am talking about.

I run a small business with revenues of a few million dollars a year. Even at a few million dollars a year, it is a great challenge to do accurate projections.

If it is hard at a few million, how about at $6.5 trillion, which is where the federal budget stands this year?

The corporation with the largest revenue in the country is Walmart. It’s about $560 billion, or about 10% of the federal budget.

I am sure if you ask any analyst in Walmart’s budgeting department, they will tell you how hard it is to project. But aside from the amounts we’re talking about, there is another huge difference between what is going on in any private business, at Walmart, and at the federal government.

In private business, we are spending our own funds. In a big corporation like Walmart, they are spending their shareholders’ funds. Every single individual spending and investing these funds is held personally responsible. If they are irresponsible, they get fired.

But where is the personal responsibility for the trillions being spent by the federal government?

The 100 Democrat progressives who are pushing so hard for this $2 trillion in spending have zero personal responsibility to assure that these funds are spent in an effective and responsible way. It is all politics. They dream up programs that sound so beautiful. But the realities of these programs submit to no responsible individual scrutiny.

Americans work too hard for their income on which they are paying taxes to have these funds expropriated by those who have political power but no personal responsibility.

In addition, inflation is also a tax. When the government doesn’t explicitly take the funds through taxes and prints the money to meet obligations, this shows up as inflation, which then hits every working American.

In 1900, federal government nondefense spending amounted to 1.8% of our economy; in 1950, it was 10.4%; in 2000, it was 14.8%; and in 2021, it was 28.5%.

Far too much of your money and mine is being taken by politicians to wastefully spend.

Hopefully the $2 trillion won’t make it into law.

Star Parker’s column is syndicated by Creators.

(14) comments

Lou Knapp

The Democrat's "Build Back Deceptively" plan is an inflationary accelerant bomb being thrown into an already government-distorted economy. It is a legislative Frankenstein, that deserves to be snuffed out in the cradle.

RightSide

Build Back Better is what Trump will do in 2024 after Joe and the Democrats decimate America. Just look at what the demented old fool named Joe has done in less than one year! His claim to fame is the Biden crime family, whereby his family got wealthy. Joe proved crime does pay!

Spock Here

🤣🤣🤣🤣🤣🤣🤣🤣🤣🙄🙄🤣🤣🤣🤣🤣🤣🤣

john brown

Build Back Better has billions committed to improving the lives of all of our children and seniors (with lower drug costs and care aid) and cost less yearly than 25% of the billionaire/millionaire tax cut tRump's cult handed out and less than a third of the annual $750 billion dollar military budget.... a budget I remind you that is more than the highest ten country's military budgets.

Spock Here

[thumbup][thumbup][thumbup]

Whistle Dixie

The Build Back Better plan is actually the Build Back Bankrupt agenda.

What most people don't realize (or want to admit) is that almost all of the $2 trillion doled out under BBB is designated for Black, Latino, Native American, Asian American, Pacific Islander and non-English speaking individuals. Reading through this BBB nonsense are coded words like 'persistent poverty communities' and 'historical injustice.' Using coded words like that will get past Congressional members and ensure all of this wasteful spending is earmarked for all races, except one. Guess which one.

So here are some of the ways that TRILLIONS of taxpayer dollars will be distributed:

— $1 billion to Native American, Alaska Native and Native Hawaiian communities for housing “needs.”

— $500 million for minority-serving schools of medicine.

— $112 million for teacher preparation programs at Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions (MSIs).

— $75 million for culturally appropriate care management and services for older individuals who are racial and ethnic minorities or are underserved due to sexual orientation or gender identity.

— $75 million to study maternal health for pregnant and postpartum minority individuals.

— $50 million study maternal mortality among minorities.

— $50 million to improve behavioral health outcomes for communities of color with substance abuse.

— $75 million to increase research capacity at minority-serving institutions.

And there's also:

$7 billion for “national service programs to carry out projects related to climate resilience and mitigation” -- but it must go to “entities that serve and have representation from low-income communities …; utilize culturally competent and multilingual strategies; … implemented by diverse participants from communities being served.”

This BBB agenda is rich with wasteful spending and rich with racist earmarks -- typical of the Obama 2.0 version of "hope & change" brought to us by the demented Depends-wearing puppet installed at the White House.

Spock Here

Wow, you mean something for everyone? Such a sad shaw family of bitter losers.

TonyR

Twaddle Alert!! The wars of choice in Iraq and Afghanistan wasted $$$$ trillions and cost tens of thousands of lives. And the follies allowed tyrants to emerge and democracy suffered. The previous rudderless administration gave $$$$ trillions in tax cuts to the richest and least deserving of our society. But noting of enduring value to the nation. The newly passed infrastructure plan will address a badly decayed transportation system and make crucial investments for future growth and efficiency. The plan does include a local property tax that will benefit high income persons - but if there was not a bone for the 1% they would have killed the entire bill. There will not be $1 trillion annually for wars of choice - that will help offset the cost. Time to stop whining and get to work.

Alsochristie

[thumbup][thumbup]

Doc Samson

[lol][lol][lol] You really believe this, don't you? I'm sad for you... [lol][lol][lol]

john brown

Do you wake up every morning with hate and fear ...asking for a friend.

Spock Here

If he's ever able to sleep with all the "pr0g narratives" floating in his head...

Doc Samson

Nope, just a clear eyed view of what most folks call "reality"... [beam]

john brown

Excellent and accurate TonyR! [thumbup][thumbup][thumbup][thumbup]

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.