BBB now stands for something else besides the Better Business Bureau, which has owned the acronym for many decades. Eventually it will again in the media as time passes but for now and no doubt months ahead, it stands for the Big Beautiful Bill.
Elon Musk, world’s richest man and until recently a good friend of Pres. Trump, has raged against this bill so strongly that a verbal fight broke out between him and Trump that ended their friendship and has had Trump threatening to cancel some subsidies that Elon’s businesses receive and Elon starting a new political party to challenge the Uniparty.
Elon says that this bill will increase the National Debt by as much as ten trillion dollars over the next decade, and bring ruin to America. Trump says that Elon is just upset over losing the EV tax credits. I think both are true but only to a degree. America isn’t likely to be ruined by an increase in the National Debt and the EV tax credits aren’t much of an actual loss to Elon. The tax credits are for Tesla buyers, and they’ll be gone when the bill becomes active law. This may hurt Tesla sales some, but not much.
The Big Item here is the potential increase in the National Debt. No one agrees, and by no one I mean professional accountants, the “bean counters”, on whether the debt will increase or if it does, by how much, because overall, the decreases in taxes and changes in the tax code will reduce government income and if spending isn’t reduced to match, then borrowing to make up the difference will result, raising our National Debt.
Our National Debt has increased by $16.79 trillion in the last decade, which is the direct cause of the massive inflation that’s also come about over the same period. This is because every dollar our government borrows goes into circulation. The money borrowed is put to use, it’s spent on something, on the military, scientific research, grants to colleges and so on, and it all goes into circulation. The more money there is in circulation, the less it’s worth because the more everyone has.
AND THIS IS WHY an increase in our National Debt doesn’t mean much, and why it won’t “ruin America”. Because it’s paid back with dollars that are worth less than when they were borrowed.
The real purpose of the BBB is to promote industrial growth and increase personal wealth, and both of these are vital to maintain and grow a nation’s prosperity. Inflation will always go on, it always has. 250 years ago a penny, one cent, would buy you a hand-knit pair of wool mittens to keep your hands warm. What would that be today? From $20 to $50, about. A 2000 times to 5000 times increase in cost.
When the debt goes up the interest payments go up, but once again, the value of the money has gone down to offset that. This is why our politicians keep raising the debt limit, they do it because inflation makes up for a lot of it and meanwhile, reducing taxes and supporting business and industry will increase the actual tax base because as we become more affluent again, we will pay more in taxes.
This is the goal of the BBB. To restart our industries, which will boost our exports and reduce our imports, which will bring more money into America. To create more jobs at higher pay, which will increase government tax income that will offset the tax cuts that are inspiring the growth. Increases in the National Debt, if kept low, will be offset by the increases in tax and tariff revenues and an increase in inflation won’t matter if wages keep up with rising costs.
The end result is a resurgence in American industrial might and prosperity.