By W. Scott McGill/shutterstock.com
As you well know, the Biden administration, along with the most liberal of Congress, are pushing forward a massive social spending bill that is not only frivolous and excessive but completely unneeded. Among other things, the bill would supposedly pay for initiatives like universal or free childcare and preschool, increased public housing, and “climate change” plans to save our planet.
However, there’s just one small problem: the plans to pay for this bill fall far short of what is needed.
As with just about anything the Democrats do nowadays, the plan is to simply tax the hell out of the rich. With the proposed tax increases for the wealthy and elite, the White House has estimated that a total of $1,995 billion will be brought in over the next ten years, according to the latest released set of revenue options.
But as the University of Pennsylvania’s Wharton School of Business has analyzed, that isn’t at all accurate. In fact, according to their estimations, the amount of revenue brought in by the White House will be some $468 billion short.
On Thursday, the school released a summary of the budget model, saying, “At 9 AM this morning, the White House released a set of revenue options for budget reconciliation that the White House estimated to total $1,995 billion over 10 years. PWBM’s estimate of the same package is $1,527 billion, a difference of $468 billion.”
As the school explains, most of this difference comes from two specific areas: the increased funding to the IRS and the raised 15% tax on book income.
According to the White House, giving the Internal Revenue Service some $80 billion through the bill turn into some $400 billion in revenue for the nation over the next decade. However, PWBM estimated that the more accurate number is only $190 billion.
Similarly, the White House somehow thinks that raising the minimum corporate tax on companies earning over $1 billion to 15 percent will give them around $325 billion over the same time period. PWBM’s estimates put that number closer to only $195 billion.
Basically, someone, or more likely several someones, has made quite an egregious error in their calculations, whether intentionally or not. And the liberal White House is just running with it.
Undoubtedly, they, like a vast portion of our nation’s citizens, have far too accustomed to not really worrying about the bottom dollar and how much things actually cost. Instead, we’ll just put in on credit and hope for the best.
That erroneous way of thinking, as well as decades of national spending far beyond our means, has taught us that we don’t have to be rational or logical. The numbers don’t have to add up. Just so long as we are making an effort, things will turn out right, right?
After all, if the misguided youth of America are to be believed, the world is just filled to the brim with trees that grow money. I mean, how else do the nation’s top 1 percent get their millions? But they’ve been stingy with those funds, and so now we have to cut them off and make them pay their fair share…
Oh, if only that were true.
Instead, the reality is that our nation is growing more and more debt, with deficits that we can now no longer even hope to ever repay. America is officially broke. It’s why Congress just agreed to raise the debt ceiling so we could still continue to pay off some of our smaller debts to other countries, all while taking out vastly larger sums for ridiculous ideas that won’t help anyone in the long run.
Somehow, we’ve been made to think that debt and credit are good things, on both a personal and state level.
But even more terrifying than that is the idea that when those debts get too large, they should be forgiven – as if fiscal responsibility should be completely ignored. Your inability to pay rent, forgiven. Your college debt you willingly agreed to, forgiven. Hell, they’ll even give you a paycheck for refusing to work.
In return, the government gains even more control over you and the way you live your life. If you aren’t already, you’ll soon be eating out of their hands and obeying their every whim.
And it all starts with not so simple mathematical errors…