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Dont call it an ideology. Call it an idiot-ology, Steve Forbes says ofPresident Joe Bidens defeated Build Back Better economic plan, which Democrats in the Senate are now trying to revive.

Build Back Better is a multitrillion-dollar legislative packageproposed by Biden consisting of massive spending onsocial, infrastructure, and environmental programs.

Forbes, the CEO of Forbes Media, spoke out against Build Back Better ata discussion of his newbook Inflation: What It Is, Why Its Bad, and How to Fix It in Washingtonon June 7.

Forbes addressed the Biden administration proposal, which includesraising marginal tax rates on corporations and other businesses. Hecompared the presidents logic to that of an 18th-century doctor: To cure you, they bleed you, which got rid of pain and sufferingbecause it got rid of you.

Preston Brashers, a senior analyst for tax policy at The Heritage Foundation, concurs, describing theBuild Back Better bill as a $3.5 trillion patchwork oftaxes,mandates, job-killingregulations, and social welfare entitlements that will only exacerbate the supply-side issues plaguing the economy. (The Daily Signal is the news outlet of The Heritage Foundation.)

Forbes alsospoke out againstthe Biden administrations [electric vehicle]charging action plan, which includes $7.5 billion in federal spending for a national EV charging network and a community grant program. He noted that governments around the world have spent$5 trillion on renewable energy over the past 20 years, but that has reduced the shareof global energy supplies coming from fossil fuels by only 2 percentage points.

Imagine what those resources could have done for fighting disease, hesaid.

Forbes concludedthat Republicans [in the Senate] did Biden a favor by blocking the Build Back Better bill, which had passed the Democrat-controlled House inNovember on a straight party-line vote.

If the bill had passed, you would have a far worse [economic] situation, he said.

But now, Senate Democrats areattempting to craft a pared-downversion of Build Back Better that they hope topass through the reconciliation process with onlyDemocratic senators votes.

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Forbes Bludgeons Build Back Better Bill as Democrats Seek to Revive It - Daily Signal