The Build Back Better Bill Would Significantly Affect The US Economy - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Washington Insider Newsletter
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Washington Insider Newsletter RSS Get our newsletter
Order Prints
December 2, 2021 Washington Insider Newsletter
Share
Share
Post
Email

The Build Back Better Bill Would Significantly Affect The US Economy

Stuart News (FL)
Biden's Build Back Better bill was just rammed through the House of Representative without a single Republican voting for it. The most significant sum in the bill, $555 billion, would be directed toward curbing climate change. $320 billion of that is intended as tax credits for those who buy electric vehicles and the purchase of solar panels. And where do we get our solar panels? From China! And who uses tax credits? The wealthy! The U.S. taxpayers are going to be paying for the bill, which also increases the deduction for state and local taxes, which only benefits the wealthy

The bill authorizes $2.2 trillion, but the Wharton/Penn model places the outlay at twice that (and as a Wharton grad school graduate I'm much more inclined to believe that than any government estimate). Further, many of the "temporary" programs will over time be made permanent, vastly expanding the costs.

China, India, and Russia, account for 40% of the world's CO2 emissions, while the U.S. accounts for only 15%, and those countries are doing very little to mitigate their pollution. Will our 15% significantly impact world pollution? No! Will it significantly impact the U.S. economy? Yes.

Both the climate accord and the BBB plan are merely vehicles to transfer wealth from a majority of people to a very few. One plan is global, and one is national – but they both will cost U.S. taxpayers far more than any other group on earth.

Wig Sherman, Vero Beach

Rep. Gosar's repugnant video drew

no rebuke from his GOP caucus

Imitating Donald Trump's aberrant behavior, other right-wing politicians have followed him down the same rabbit hole (a literary allusion to Alice in "Alice's Adventures in Wonderland," used to signify bizarre behavior). For example, Rep. Paul Gosar of Arizona posted to his Twitter account an anime video killing Rep. Alexandria Ocasio-Cortez. Although he was censured by the House of Representatives, Gosar's repugnant behavior hasn't drawn a rebuke from his shameless caucus.

Gosar's siblings use words like "racist, corrupt, ignorant and hateful" to describe him (The Los Angeles Times). "He is, in my opinion, about as despicable a politician as I have ever seen," said Dave Gosar.

We know contemporary, poisoned-filled politics have divided the country in deep and profound ways. As I can attest, close friends are no longer close, relatives are no longer beloved family members, and young adults are estranged from their nuclear families (and not just because their families misunderstand critical race theory believing, incorrectly, it's a divisive liberal plot, not an academic methodology used to analyze written law for racial bias).

After watching Gosar spread lies that helped fuel January's Capitol insurrection, several of his siblings are working to have their brother expelled from the House. "We feel it's our moral obligation," Dave Gosar told a Times reporter. "If you believe in things – integrity, character, honesty – when those things are compromised ... you better stand up," said Tim Gosar, another brother.

To his disgrace, Gosar embraced Trump's birther movement, which asserted incorrectly Barack Obama was born in Africa and, thus, ineligible to be president. Gosar also disrespected Pope Francis, skipping his historic speech to Congress because of the pontiff's stand on climate change.

Each of us should reflect on what part we play in our nation's morally offensive political division before the divide cannot be bridged peacefully.

Cray Little, Vero Beach

The links in the supply chain problem

When President Joseph Biden Jr. canceled the Keystone XL oil pipeline and suspended selling leases for oil and gas exploration on federal lands he was surprised that Russia and OPEC kept their output low and raised their prices.

Supply and demand are all about leverage. Thanks to President Biden ending our country's energy independence we no longer have leverage with Russia and OPEC over supply and price of fossil fuel.

The same scenario is taking place with goods shipped to the United States. The United States used to have three major international containership carriers: Sea-Land Service, which was the largest in the world, American President Lines and United States Lines. I headed up worldwide public relations for Sea-Land for nine years. Unions and U.S. Congress helped get rid of all three carriers.

Maritime unions, which were supported primarily by Democrats, forced U.S. containership carriers to use a costly crew of 21.

Modern containerships can be operated safely by as few as 10 professional mariners. The rest of the world uses 10 to 15 mariners.

Also, ports in the United States were not allowed to be robotized like those in Europe and Asia because U.S. longshore unions that work the port wanted to keep their jobs. The Democrats primarily supported these unions.

Not having our own maritime fleet and not updating our port operations took away most of the leverage the United States had in keeping the supply chain cost efficient and just-in-time.

China now has the largest maritime fleet in the world and many of the most efficient ports in the world.

It is all about leverage. Begging China to be nice to us is not the answer.

Stanford Erickson, Vero Beach

Older

Supreme Court Case Hints At Change In Federal Agency Regulation Decisions

Newer

General Liability Insurance Market to See Booming Growth | Insureon, BizInsure, Allianz, AXA

Advisor News

  • Embracing a family-centric approach to financial planning
  • Family communication: Financial planning’s growing blind spot
  • Americans aren’t turning retirement plans into action, LIMRA finds
  • Ashley Hinson ‘death tax’ story collides with truth
  • How advisors can prepare clients for an uncertain retirement landscape
More Advisor News

Annuity News

  • Investigation finds deceptive sales, churning of annuities targeting postal workers
  • Corebridge annuity sales slip ahead of Equitable marriage
  • California teachers settle class-action lawsuit over in-plan annuity fees
  • Jackson Financial CEO caps 40-year career with blockbuster Q2
  • Lumos Insurance introduces the Immediate Care Plan to help families fund long-term care
More Annuity News

Health/Employee Benefits News

  • New York Life Awards 20 Golden Futures Scholarships, Expanding Student Support Through Financial Education and Career Development
  • Hinson unveils transparency bill amid scrutiny
  • Genworth leans on mortgage unit, CareScout to offset Q2 LTC liabilities
  • GeneDx Launches New Online Offering for Families to Improve Accessibility of Exome Testing for Children with Global Developmental Delay, Intellectual Disability and Epilepsy
  • Govt Sets Ambitious Health Reform Agenda
More Health/Employee Benefits News

Life Insurance News

  • New York Life Awards 20 Golden Futures Scholarships, Expanding Student Support Through Financial Education and Career Development
  • Built to Last: Winston-Salem—a quiet industrial powerhouse
  • The silver economy ushers in a new era of life insurance growth
  • Family communication: Financial planning’s growing blind spot
  • Indiana eyes more oversight of insurance companies' exposure to private credit
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Royal Neighbors Unveils Its 2026 Scholarship Recipients 2026 Royal Neighbors Scholars Making a Difference Across the Country
  • Ibexis Announces Expanded Bank Relationships and New Index Options for FIA Plus® and WealthDefender® Series
  • Agent Review Launches Video AI Identity Verification to Help Protect Insurance Professionals, Consumers and Public Trust
  • Prosperity Life GroupSM Launches Prosperity PathWaySM Series, Bringing Greater Choice and Flexibility to Retirement Income Planning
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet