Joe Biden told one expensive lie that will actually haunt Democrats in this major way

Joe Biden set the Democrats up for another round of political pain.

This latest setback was entirely avoidable.

And Joe Biden told one expensive lie that will actually haunt Democrats in this major way.

Joe Biden claimed for months that his $1.75 trillion socialist welfare spending bill would not cost one penny.

Biden insisted the trillions in new taxes on businesses and the energy sector would cover the cost of the new welfare entitlements designed to buy Democrats votes.

But Biden and the Democrats got some bad news.

The Congressional Budget Office reported the Biden socialist welfare spending bill would dump $367 billion in new debt on the heads of every American.

Fox News reports:

The nonpartisan Congressional Budget Office estimated Thursday that President Biden’s social spending bill will add $367 billion to the federal deficit over the next 10 years, without counting potential revenue from an IRS tax enforcement crackdown that White House officials claim will cover the remaining cost.

“CBO estimates that enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement,” the CBO said in a release.

The CBO score raises doubts about the Biden administration’s claim that the $1.75 trillion in spending outlined in a framework agreement for the “Build Back Better Act” is fully covered by offsets included in the bill. Treasury Department and White House officials say enhanced IRS tax enforcement will generate $400 billion in new tax revenue, while the CBO estimates it would generate net revenue of about $127 billion after expenses.

Inflation just jumped 6.2 percent in October, the biggest price increase in 30 years.

And now Joe Biden’s centerpiece legislation is financed by the Federal Reserve printing trillions in new money which will only further devalue the currency and continue the inflationary spiral.

Many Americans are left wondering why Joe Biden is intentionally inflicting economic pain.

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