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Look at Build Back Better's Benefits, Not Its Price Tag

It’s past time that Americans heard more about what’s inside President Biden’s Build Back Better plan than about the sticker price. For starters, the budget numbers cover 10 years, a decade in which the Congressional Budget Office projects $288 trillion worth of economic output. So a BBB plan of $1.75 trillion or so would amount to roughly 0.6% of gross domestic product—slightly more than the 0.5% Americans spent last year on tobacco.

For reasons both technical and economic, no one can make accurate budget projections 10 years ahead. Try forecasting what GDP, tax revenue and spending will be over a decade. But another huge source of forecasting error is political. Try forecasting the decisions of Congress over a decade.


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