Democrats are trying to hide the devastating consequences of their schemes.
They want to trick the American public into going along with their plans.
Elon Musk exposed a huge truth about what Democrats are planning.
Tesla and SpaceX CEO Elon Musk has been going strongly against the Biden administration’s attempt to increase the welfare state.
Last week Musk blasted Biden’s Build Back Better Act and argued why it shouldn’t pass the Senate.
The $1.75 trillion legislation, which has already been passed by the House, makes taxpayers pay for universal preschool, childcare subsidies, and climate change initiatives.
“I would say can this bill, don’t pass it. That’s my recommendation,” argued Musk during The Wall Street Journal’s CEO Council Summit. “If this bill happens or doesn’t happen, we don’t think about it at all really. Honestly it might be better if the bill doesn’t pass.”
On Wednesday, Musk shared an analysis from the University of Pennsylvania’s Wharton School which predicted that the national debt would increase by over 24% if the bill’s provisions are made permanent.
“We evaluate the Act under two scenarios. In the first scenario, PWBM presents the spending and revenue provisions ‘as written’ in the legislative text where certain provisions sunset within the 10-year budget window. Under this scenario, we project that the long-run trajectory of public debt would be 1.5 percent larger and that GDP would be 0.2 percent lower in 2050 relative to baseline projections,” the analysis reads.
While the economic impact of Build Back Better is bad as a temporary measure, it’s even worse if the measures are made permanent.
“Under the second scenario, we assume that temporary provisions of the proposal are extended permanently. We find that, against baseline projections, government debt would be more than 24 percent larger in 2050 and GDP would be about 3 percent lower in the same year.”
America is already drowning in our national debt and any measure that increases it by 24% shouldn’t even be considered.
“There is a lot of accounting trickery in this bill that isn’t being disclosed to the public,” said Musk, noting that the $1.75 trillion price tag is deceptively low due to the early expiration of several programs.
Musk concluded with a famous quote from economist Milton Friedman, which President Ronald Reagan often borrowed: “Nothing is more permanent than a ‘temporary’ government program.”
President Joe Biden has promised that the cost of Build Back Better would be “zero dollars.”
“My Build Back Better Act is going to reduce the deficit by more than $100 billion over ten years,” Biden boasted.
The Democrats are using lies and evasion to try and avoid responsibility for the true cost of their socialist programs because they know that the benefits of their socialist programs don’t outweigh the enormous costs.
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