Obama: America 'Desperately Needs' Biden Agenda
'You're looking at making our infrastructure function more efficiently'
Former President Barack Obama said the United States "desperately needs" Joe Biden's "Build Back Better" agenda, which now hangs on a $3.5 trillion rebuilding proposal.
During an interview on ABC's Good Morning America, he pushed Biden's economic recovery plan.
Obama also expressed support for higher taxes on the wealthy in order to prop up government-funded childcare and infrastructure for climate change.
"I think anybody who pretends that it's a hardship for billionaires to pay a little bit more in taxes so that a single mom gets childcare support or so that we can make sure that our communities aren't inundated by wildfires and floods and that we're doing something about climate change for the next generation," Obama said.
"You know, that's an argument that is unsustainable."
Obama added that it makes sense for wealthy people "to pay a few percentage points more in taxes in order to make sure that we have an economy that's fair for everybody."
He also stressed the spending plan is an investment for the future.
"You're looking at making our infrastructure function more efficiently," Obama said.
"You're talking about rebuilding a lot of buildings, roads, bridges, ports so that they are fortified against climate change," he said.
"And also, that we start investing in the kinds of energy efficiency that's going to be required to battle climate change."
Meanwhile, Biden and Democrats have pushed their new narrative that the $3.5 trillion spending bill "costs zero dollars" because the taxpayer pays for it.
Biden recently posted a message from his Twitter account claiming that his "Build Back Better Agenda" has no cost, despite the $3.5 trillion price tag.
'My Build Back Better Agenda costs zero dollars," Biden tweeted.
"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," Biden added.
My Build Back Better Agenda costs zero dollars.— President Biden (@POTUS) September 26, 2021
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.
The proposed tax increase does not even cover the spending, the WSJ reported:
In the real world, Congress's Joint Committee on Taxation says the bill raises $2.1 trillion over 10 years. Somebody must be paying more. Among the tax hikes are a 5.5 percentage point increase in the corporate income tax rate that will be paid by workers in lower wages, consumers in higher prices and investors in lower returns. Though they'll be pleased to know this all adds up to "zero dollars."
As for the spending, the $3.5 trillion figure that Bernie Sanders considers a "compromise" doesn't even capture the full cost of what Democrats are proposing. As we explained Friday, that amount is based on budget gimmickry including entitlement phaseouts and phase-ins, and the real cost will be at least $5 trillion, probably far more.
So even after $2.1 trillion in tax hikes, the entitlements in the reconciliation package that include the child allowance, college tuition, national pre-K, universal child care, expanded Medicare and a new Medicaid program will add to the U.S. debt for decades to come.