Democrats are moving quickly to pass a multi-trillion-dollar spending bill via budget reconciliation, with little scrutiny on the details. So the editorial board has been parsing the bill’s vast new entitlements for readers. Take a turbocharged child tax credit that is really a universal basic income, which will discourage work and cost $1 trillion. Or a paid family and medical leave program that purports to help low-income workers but will subsidize affluent Americans earning north of $200,000 a year. The Journal has also walked readers through the array of accounting fictions that make the bill appear cheaper on paper....
Democrats are moving quickly to pass a multi-trillion-dollar spending bill via budget reconciliation, with little scrutiny on the details. So the editorial board has been parsing the bill’s vast new entitlements for readers. Take a turbocharged child tax credit that is really a universal basic income, which will discourage work and cost $1 trillion. Or a paid family and medical leave program that purports to help low-income workers but will subsidize affluent Americans earning north of $200,000 a year. The Journal has also walked readers through the array of accounting fictions that make the bill appear cheaper on paper. The true expense may reach $5.5 trillion over a decade, and much more beyond that. The larger cost will be conditioning the American middle class to rely on government for ever more of life’s needs.
From The Editorial Board
Entitlements for the Affluent
President Biden is trying to rescue his $3.5 trillion tax and spend plan by playing the class card, claiming it will help “working people” who are “struggling” to pay the bills. This makes it sound like a safety net program for the poor rather than what it really is: a government subsidy engine for everyone including the affluent.
The New Government Basic Income
The history of government entitlements is that they inevitably expand, often into something far different than how they began. There’s no better example than the “child tax credit” that Democrats are now expanding into a costly guaranteed basic income for families with children. This is an enormous change in social policy and the role of government, and it’s moving through Congress with no scrutiny.
The Government Family Plan
Democrats are back in Washington this week to jam through their $3.5 trillion reconciliation bill within days, including a radical government incursion into American work and family life. With the stakes so high, we’ll devote the coming days to telling you more about these vast new programs.
$3.5 Trillion Is a Phony Number
Democrats are grasping for ways to finance their cradle-to-grave welfare state, with the left demanding what they claim is $3.5 trillion over 10 years. The truth is that even that gargantuan number hides the real cost of their plans.
More on the reconciliation bill from our columnists
Joe Biden’s Economic Fantasy World
By Gerard Baker
‘Every element of my economic plan is overwhelmingly popular,” President Biden said last week. “But the problem is, with everything happening, not everybody knows what’s in that plan.” This is an eye-opening observation, to put it mildly.
Joe Biden’s Lose-Lose Week
By William McGurn
Who says bipartisan consensus isn’t possible in today’s Washington?
Right now the Beltway consensus is that this is a make-or-break week for Joe Biden. The goal is getting the House to pass a $1 trillion infrastructure bill (already approved by the Senate), and getting both the House and Senate to agree to the $3.5 trillion reconciliation bill that is the vehicle for Mr. Biden’s Build Back Better agenda. This consensus is bipartisan: From Nancy Pelosi and Kevin McCarthy to Chuck Schumer and Mitch McConnell, all understand that if Congress doesn’t send both these bills to Mr. Biden’s desk for his signature, the Biden presidency will be cooked.
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What Is in the $3.5 Trillion Reconciliation Bill? - The Wall Street Journal
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