Thursday, September 30, 2021

Biden’s Newest Whopper: $3.5 Trillion in Spending Costs Americans ‘zero-dollars’; Debunking Biden's 'Zero Dollar' Lie: Economist Exposes the Real Cost of Biden's $3.5 Trillion Plan, and related stories

AP Photo/Andrew Harnik
Biden’s newest whopper: $3.5 trillion in spending costs Americans ‘zero-dollars’:
Since all of the fact-checkers seem to be on vacation during Joe Biden’s presidency, we decided to help out, confronting the newest whopper from the Biden administration: That his $3.5 trillion social-welfare bill will cost the American people “zero dollars.”
“My Build Back Better Agenda costs zero dollars,” Mr. Biden’s account tweeted Saturday. “Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.” On Monday, his press secretary, Jen Psaki, repeated the claim.
This gets a “pants on fire, totally false, four Pinocchios, absolute BS” rating from the Washington Times.
First, let’s understand the meaning of cost. According to Merriam-Webster, it’s “the amount or equivalent paid or charged for something” or “the outlay or expenditure (as of effort or sacrifice) made to achieve an object.”
Therefore, a $3,500,000,000,000 bill, which the Biden administration proposes will be paid for by taxing the rich and corporations who don’t pay their fair share – is not “costless.” These new taxes will eventually trickle down to the middle-class, in the form of higher product prices, lower wages, and more unemployment, as American firms look to offshore their businesses to avoid paying a higher tax rate. --->READ MORE HERE
Anna Moneymaker / Getty Images
Debunking Biden's 'Zero Dollar' Lie: Economist Exposes the Real Cost of Biden's $3.5 Trillion Plan:
If rich Americans and large corporations foot the bill, does a tax plan really cost “zero dollars” to the average American?
Recent comments suggest the Democratic Party believes this to be the case.
In promoting the forthcoming $3.5 trillion, 2,465-page “Build Back Better” bill, President Joe Biden, House Speaker Nancy Pelosi and other Washington Democrats have forwarded claims that the bill — because it is paid for by the wealthy and large corporations — comes at “zero” cost to Americans.
Implicit in this assumption is the idea that such economic disruptions are isolated, with no rippling effects on America’s free-market economy.
However, as many economists have pointed out time and time again, high tax rates on the rich often only serve as disincentives for growth. In other words, using taxes to punish the groups most responsible for economic investment and growth often leads to less of both. --->READ MORE HERE
Follow links below to related stories:

Pelosi Echoes White House Lie That Democrats’ Tax Spending Spree Costs ‘Zero’

Biden pushes 'zero-dollar' price tag claim as his sprawling social spending package reaches critical juncture

Joe Biden: My $3.5 Trillion Agenda Costs ‘Zero Dollars’

If you like what you see, please "Like" us on Facebook either here or here. Please follow us on Twitter here.

No comments: