"The Build Back Better Act (BBBA), now on its way to the Senate, is often described by proponents as a fully paid for transformational investment in our nation’s future. Its success, however, in either being fully paid for or transformational critically depends upon assumptions that are far from certain. To a large degree, the BBBA is building back on bets.
The two most prominent bets are that the bill won’t fuel inflation in the near-term and that over the long-term future lawmakers will find a way to extend key provisions that are scheduled to expire in a few years. There is also an implicit bet that the pre-existing path of growing debt we are already on is of little consequence and in need of no remedial action."
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