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Entrepreneur Elon Musk released a research paper on Wednesday claiming that if the “temporary” provisions of Build Back Better become permanent, the U.S. national debt will increase by 24%.
The study is done by a non-partisan group at the University of Pennsylvania called the Penn Wharton Budget Model. The goal is to do research and economic analysis of the fiscal impact of public policies.
“There is a lot of accounting trickery in this bill that isn’t being disclosed to the public,” Musk argued.
The billionaire closed his Twitter comments on the matter by quoting libertarian economist Milton Friedman: “Nothing is more permanent than a ‘temporary’ government program.”
The Build Back Better
In November, the House passed Joe Biden’s $555 billion infrastructure bill. Upon hearing the news, Biden claimed it was a “once-in-a-lifetime investment for Americans.”
“It will reduce bills for health care, child care, elder care, prescription drugs and preschool. And middle-class families get a tax cut,” he said.
Biden falsely claimed that the plan would not affect the economy of citizens, nor would it have any cost to the country. Meanwhile, the United States is currently experiencing the highest inflation in 31 years, and the national debt has soared to $29 trillion.
