Senate Democrats are going to push hard for $739 billion in new taxes and $433 billion in Obamacare and “Green New Deal” spending. Joe Biden has been pursuing his tax & spend agenda for 18 months—he calls his plan “Build Back Better.” But, Biden’s plan is poorly named, because raising taxes during a recession will not build America back.

Two previous iterations of Biden’s “Build Back Better” plan were defeated by Joe Manchin & Kirsten Sinema. Now a new deal has been struck with Manchin and will be pushed through under reconciliation.

• In July of 2021, Senate Majority Leader Chuck Schumer and White House officials came to a $3.5 trillion spending agreement. Public outcry over inflation killed the deal.
• In November 2021, the House passed a $2.2 trillion version of “Build Back Better.”
• In August 2022, reconciliation will be used to push through the new BBB agreement with Sen. Manchin, the Inflation Reduction Act. Reconciliation is the process to push though the reduced size of the BBB with only a simple majority, 51-50, no Republican support needed. Reconciliation has to pass muster with the Congressional parliamentarian in order to be used. This is happening because Democrats fooled the Republicans on CHIPS giving all the political power to the Democrats. Democrats hide a power grab behind a purported solution to a problem they themselves caused.  Left's dirty tricks, reconciliation and CHIPS. 

This new BBB bill, Inflation Reduction Act, will:

• Increase taxes during a recession – $739 billion will be taxed out of the economy. Their Senate bill hits U.S. manufacturing especially hard, and it raises taxes on Americans making less than $400,000 a year.
• Give $369 billion in hand-outs to green energy companies – In a time when energy is expensive and in short supply, spending on less efficient and more costly green energy alternatives will not help bring energy costs down.
• Prop-up a failing Obamacare system – Obamacare would receive subsidy extensions costing $64 billion.
• Allow Medicare to rig prices for medication – Medicare would be allowed to “negotiate” the price of selected drugs, but ultimately they would have the final say as to what those prices are. This Soviet-style price-control will incentivize companies to spend less money on research & development. Additionally, those costs would be increasingly paid for by those on private insurance. In short, this means higher healthcare costs for the 82% of Americans not on medicare.
• Fuel Inflation – Wastefully spend money that will not drive down inflation. Neither will raising energy costs or pushing healthcare costs higher. Almost every aspect of this bill will make the current inflation crisis even worse.

This is the Democrat’s desperate attempt to ram through their tax & spend agenda before the midterm elections. They want to reshape the economy and spend billions for their favored industries. It’s time to put Americans first. More From The Wall Street Journal (subscription required): More From The Wall Street Journal (subscription required):