Democratic Presidential advisor and former Chicago Congressman and Mayor Rahm Emanuel is famous for encouraging Democrats to “never want a serious crisis to go to waste,” and they have taken this to heart in spades.
Despite the United States Government already running an annual $3 trillion budget deficit and recently enacting a $1.2 trillion infrastructure bill, the House of Representatives just passed another $1.8 trillion bill — President Biden’s “Build Back Better” legislation.
Democrats claim their $1.8 trillion “Build Back Better” bill has “zero costs” although any thinking Tennessean knows that this claim is not only false but outright silly on its face.
One of the costs of all this Democratic reckless spending is sharply higher inflation. The Labor Department recently reported consumer prices have risen more than 6% from October 2020 to October 2021 – a 30-year high.
Inflation is a real tax and burden for all Tennesseans, but especially low and middle income earners and seniors on a fixed income. Democrats know all this, but they just don’t care as they continue to borrow and spend without concern for the future, especially the future of our children and grandchildren.
The “Build Back Better” bill may have a catchy name, but it is a disaster for Tennessee.
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Even using all the accounting tricks and gimmicks, the Congressional Budget Office says the bill could add $367 billion to the deficit over 10 years.
A Manhattan Institute analysis shows that when all of those accounting tricks and gimmicks are removed, the true cost of the bill — along with the March stimulus bill, infrastructure bill and higher discretionary spending — is calculated to be $7.5 trillion over 10 years.
Diving into the bill finds huge tax breaks for Democrat millionaires and billionaires on the east coast and the west coast, while millions of middle income families will see their taxes increase.
They are also giving $1.7 billion to local news outlets for up to $25,000 in payroll tax credits per employee.
The good news for Tennesseans is that Senators Marsha Blackburn and Bill Haggerty stand firm and tall in opposing this dangerous and disastrous legislation.
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Beth Harwell served in the Tennessee House of Representatives from 1989 to 2019. She is first woman to hold the post of state Speaker of the House, serving from 2011 to 2019
This article originally appeared on Nashville Tennessean: Beth Harwell: 'Build Back Better' budget is a bad deal for Tennessee