Biden’s Build Back Better Agenda To Cost the Typical Florida Family More Than $2,000
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 Stand Up Florida has determined that the price tag of the plan is expected to have a negative impact on all households. Most directly, Floridians in every income bracket are expected to see reduced after-tax incomes – by more than $2,000 over 10 years for the average Florida family. It would also reduce Florida’s employment by the equivalent of 2,565 jobs in 2022 alone. BBBA would lower the real GDP in Florida by $1.52 billion in 2022 and more than $1.7 billion in 2031.
Right now, Florida’s economy is projected to grow by more than 23% over the next decade. However, the tax hikes associated with BBBA would have reduced this economic growth and left Floridians with fewer jobs and less money in their pockets.
“Florida has already battled back to have one of the best jobs recoveries of any state despite headwinds from misguided federal policies. Yet Build Back Better would undermine Florida’s recovery and cause more deficit spending and greater inflation. Surging inflation, unsustainable deficit spending, and an ongoing labor shortage show us what happens when government spends recklessly and reduce the incentive to work.”