What you're not hearing about the incredible shrinking Build Back Better agenda

Thursday, October 28, 2021
Donald L. Luskin

It's getting smaller, but it's turned into a hot mess. Still toxic in swing districts.

Update to Strategic View

Biden released a fact sheet detailing $1.75 trillion in spending and $1.995 trillion in tax hikes, reducing the original Build Back Better agenda by half. Corporate tax hikes have shrunken more, to represent only 4% of S&P 500 net earnings. Even the New York Times reports that the formation of tax policy has been hasty and chaotic. Biden, now the least-approved modern president, desperately needs a win. The Bipartisan infrastructure bill is low-hanging fruit, but the Democrats' progressive wing won't let him pick it. The fact sheet is an attempt to get them to support the infrastructure bill without a vote on BBB, but as of this writing it looks like they won't go along with it. If they do pass the infrastructure bill, then BBB is doomed, because then moderate Democrats have no incentive at all to vote for it.