Report: Newly proposed Manchin-Schumer social spending bill could cost 30K American jobs

According to the Tax Foundation, the Manchin-Schumer social spending bill may really cost tens of thousands of Americans their jobs.

The measure, which is marketed as a cure-all for the economy, would reduce average after-tax incomes across all income levels in the long run. It would also result in the loss of 30,000 full-time employment opportunities in America.

The report goes on to say that the bill would have a negative impact on inflation, as it constrains the productive capacity of the economy. In other words, the very people who are struggling to make ends meet would be hit the hardest by this proposed legislation.

The Congressional Budget Office said that the bill would reduce economic growth and actually worsen inflation by constraining the productive capacity of the economy.

Republicans have criticized the bill for being too expensive and say that it would hurt job creation. Democrats argue that the bill is necessary to reduce inflation and improve the economy.