CBO debunks Biden's Build Back Broke lies

Joe Biden promised “Build Back Broke” would cost $0. He promised it wouldn’t raise taxes on the middle class by “a single penny.” He promised it wouldn’t fuel inflation. He promised it wouldn’t add to the debt.

All lies.

The latest fact check comes from the Congressional Budget Office (CBO). The CBO found “Build Back Broke” would increase the deficit by $367 billion over a ten year period, officially debunking Biden’s claim that his reckless spending spree is paid for. Even if you include Biden’s plan to give the IRS $80 billion to hire thousands of new agents, CBO still says his plan adds $160 billion to the debt. As one liberal think tank staffer put it, “there is no definition of ‘paid-for’” that Biden and Democrats’ bill meets.

As reality sets in for Biden, remember that the bad-faith attacks casting doubt on the credibility of the CBO are hypocritical. In 2010, Biden called the CBO “the gold standard” and “widely respected,” and in 2009, he called the agency “bipartisan” and “responsible.”

FLASHBACK: Joe Biden called the Congressional Budget Office (CBO) the “gold standard.” pic.twitter.com/IlpzZOh9gY

— RNC Research (@RNCResearch) November 18, 2021

Further, it’s not the only analysis that debunks Biden’s false claims on “Build Back Broke.”

• On inflation: Economists across the political spectrum say that the bill will cause prices to spike even more:
  • Manhattan Institute senior economist Brian Riedl: The bill would "fuel inflation."
  • U.S. Chamber of Commerce Senior Economist Curtis Dubay: the bill will "undoubtedly worsen" inflation.
  • The Committee for a Responsible Federal Budget's Marc Goldwein: "I expect inflationary pressures" from the bill.
  • Former Obama economic advisor Steven Rattner: "The administration should come clean with voters about the impact of its spending plans on inflation."
  • Former CBO Director Doug Elmendorf: The bill "will tend to push up" inflation.
  • Former CBO Director Douglas Holtz-Eakin: The bill will create "some additional pressure on inflation."
  • Bank of America's Ethan Harris: The bill will "create even more price pressure."
• On economic growth and wages: The Penn-Wharton Budget Model found if Biden’s dangerous agenda is made permanent (as the Biden White House admits they want the bill to be), by 2050 it would shrink the economy by 2.9%, cut wages by 1.7%, and cut workers’ hours by 1.3%.
• On the debt: The Penn-Wharton Budget Model found it would explode the national debt by 24.4% by 2050 if made permanent.
• On taxes: The liberal Tax Policy Center found it raises taxes on 30% of middle class families, and would cuts taxes for two-thirds of millionaires (especially those like Nancy Pelosi living in high-tax blue states) by raising the cap on the State and Local Tax deduction (SALT).

It's time to dismiss the notion that Biden and his administration have any credibility on the economy. They’ve been wrong time and time again.

If House Democrats pass this bill, they’ve proven once and for all they don’t care about keeping their promises to the American people. They’ve fully embraced reckless socialist spending and swampy kickbacks to donors in blue states, the American people be damned.