The portrait of President Franklin D. Roosevelt hangs front and center in “President” Joe Biden’s Oval Office. Like Roosevelt, Biden is an unabashed supporter of big government spending. Biden believes to his core that the federal government can spend $1.75 trillion to solve just about any problem — from child care to global warming — facing the country nowadays.
“Build Back Better” … Yeah, by spending ridiculously and putting us further into debt.
That spending is packaged in the eclectic “Build Back Better” bill that chronicles what federal big spenders call “investments” in multi-billion-dollar programs. For example, child care, home care and tax credits for families with children amount to $750 billion, just $3 billion shy of the Pentagon’s budget of $753 billion in 2021.
Topping the list is the $550 billion cost of clean energy and climate investments, which the White House Press Release describes as the “largest effort to combat climate change in American History.” The program “will start cutting climate pollution now, and deliver well over one gigaton…of greenhouse gas emissions reductions in 2030…”
Ironically, Biden’s 10,000-mile round trip to Europe on the Air Force One jet to attend the UN climate change conference recently dumped 2.2 million pounds of carbon into the atmosphere. Also, the fraudulent president’s ground transportation in large SUVs emit over 10 times more polluting fumes than the average car.
$2.25 Billion for So-Called “Climate Police”
Hidden as just a sliver of the $550 billion for climate change spending is the $2.25 billion to be used for the creation of a Civilian Climate Corps. It is to pay for “staffing salaries, and other workforce needs.” The Civilian Climate Corps’ purpose is to manage National Forest System land. It also funds “projects on non-Federal land and other Department of Agriculture programs including rural and urban conservation and tree planting projects.”
Lawmakers like Rep. Lauren Boebert (R-Colo.) worry that jobs created by this money might go to illegal aliens. She has introduced three different amendments to defund what she calls “the Climate Police.”
The goal is to employ 1.5 million young Americans over the next five years, paying an hourly wage of $15 for this “Climate Police.”
The Corps’ job, according to the two legislators who introduced the program, Sen. Edward J. Markey (D-Mass) and Rep Alexandria Ocasio-Cortez (D-NY), is to expand the New Deal-era Civilian Conservation Corps and “complete federally-funded projects that help communities respond to climate change and transition to a clean economy.”
The Entire Build Back Better Bill Could Be in Jeopardy
While Civilian Conservation Corps funding has the potential for bipartisan support, everything else in the nearly $2 trillion Build Back Better legislation could be gutted or frozen in partisan jams until after the 2022 midterms. The White House wants the bill passed quickly. A potential Republican majority could scrap the legislation or carve the more popular parts up into single bills.
The White House Claims Costs Will Be Offset
The White House insists that the $1.75 billion program costs will be offset by, among other things, raising taxes and closing loopholes for the rich. Those offsets, the White House budgeters admit, are “estimates, subject to confirmation.”
What the White House is estimating is that the $1.75 trillion cost will be zeroed out with a $20 billion net revenue increase. Here’s what they hope will happen:
- The IRS will be beefed up to collect more and close the tax gap: $400 billion.
- The international financial community will stop rewarding U.S. companies that ship jobs and profits overseas: $350 billion.
- Congress will agree to a 15% corporate minimum tax: $325 billion.
- Wealthy tax payers will willingly pay an income tax surcharge: $230 billion.
- Business owners will be limited in claiming business losses: $170 billion.
- Congress will close the Medicare tax loophole for the wealthy: $250 billion.
- The Trump-era prescription drugs rebate rule will be repealed: $145 billion.
- Wall Street will sit still for a stock buybacks tax: $125 billion.
Those hypothetical offsets amount to an optimistic $1.995 trillion. They look great on paper, but judging from the reaction of a key Democrat vote in the Senate, Joe Manchin (D-WV), the entire bill could be tanked. Manchin told CNN that energy companies are already doing what the bill wants to pay them to do — transitioning to clean energy.
Thanks to Democrats, ironically, “Build Back Better” may be dead.