Building Back Bitter - WSJ Opinion

Inflation turned out be much lower in 1983 than many economists had expected as the economy took flight, thanks to a combination of sound money and the Reagan fiscal and regulatory incentives to work, save and invest. Now Washington seems determined to run the opposite experiment, with easy money and President Joe Biden’s next big slug of inflation fuel, known as the Build Back Better plan, pending in the Congress. It’s a historically massive bundle of subsidies, distortions and disincentives to productive labor. A new report from the Congressional Budget Office says that if one removes the bill’s phony expiration dates Democrats have applied to programs they never intend to allow to expire, the result is an additional $3 trillion in federal deficits over a decade.