Biden’s Build Back Better Agenda To Cost the Typical Michigan Family More Than $2,100
A new report shows the true cost of Biden’s signature legislation
President Joe Biden’s Build Back Better Agenda was the focal point of his election platform, promising large increases across a variety of spending priorities without raising taxes on everyday Americans. Now that Biden has assumed office and Democratic lawmakers have control in Congress, the administration is attempting to fulfill those spending promises. The recent inflation surprise has caused the administration to scale back on spending initiatives – cutting the original agenda from roughly $4 trillion to $2 trillion in new spending – while increasing taxes on the wealthiest households.
However, analysis for Mighty Michigan has determined that the price tag of the plan is expected to have a negative impact on all households. Most directly, Michiganders in every income bracket are expected to see reduced after-tax incomes – by more than $2,100 over 10 years for the average Michigan family. It would also reduce Michigan’s employment by the equivalent of 900 jobs in 2022 alone. BBBA would lower the real GDP in Michigan by $539 million in 2022 and nearly $588 million in 2031.
Right now, Michigan’s economy is projected to grow by more than 13% over the next decade. However, the tax hikes associated with BBBA would have reduced this economic growth by an estimated $599 million in 2031.
“Surging inflation, unsustainable deficit spending, and an ongoing labor shortage show us the costs to poorly-designed government programs” said Michael Lucci, author of the report.” Build Back Better would cause more deficit spending and greater inflation, meaning that Michiganders’ hard-earned dollars will buy less. Meanwhile, there would be fewer jobs for Michigan families.”