Biden’s Build Back Better Agenda To Cost the Typical Ohio Family More Than $1,800
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 by Arise Ohio has determined that the price tag of the plan is expected to have a negative impact on all households. Most directly, Ohioans in every income bracket are expected to see reduced after-tax incomes – by more than $1,800 over 10 years for the average Ohio family. It would also reduce Ohio’s employment by the equivalent of 1,091 jobs in 2022 alone. BBBA would lower the real GDP in Ohio by $677 million in 2022 and nearly $754 million by 2031.
Right now, Ohio’s economy is projected to grow by 15% over the next decade. However, the tax hikes associated with BBBA would have reduced this economic growth and left Ohioans with fewer jobs and less money in their pockets.
“Ohio’s recovery had been weighed down by misguided federal policies. The Build Back Better agenda would increase the headwinds for state growth,” said Michael Lucci, author of the report. “We already see surging inflation as the result of trillions in new spending during the covid era. Federal policymakers should provide stability and a clear path for growth instead of yet another spending program that will increase inflation, thus eating away at the savings and paychecks of hard-working Ohioans.”