Biden’s Policies Would Strangle US Economy Just as it’s Bouncing Back from COVID-19; His Tax-the-Rich Plan Would Ultimately Hit Middle-Class Earners, and related stories
Biden’s policies would strangle US economy just as it’s bouncing back from COVID-19:
America’s economy, still rebounding from the pandemic, is at major risk from Joe Biden’s economic plans, warns a new Hoover Institution paper.
The Federal Reserve Bank of Atlanta just released a “running estimate” of real GDP growth for the third quarter of a whopping 35.3 percent, a historic spike that would offset much of the COVID-caused losses.
Yet Biden’s plans threaten the recovery; the Hoover economists project that his program would shave “employment per person by about 3 percent, the capital stock per person by about 15 percent, real GDP per capita by more than 8 percent and real consumption per household by about 7 percent.”
That translates to 4.9 million fewer people employed by 2030, $2.6 trillion less in GDP and $1.5 trillion less consumption that year alone. And the authors say their figures are conservative estimates of “the negative impact of the full Biden agenda” — his tax hikes, his anti-carbon agenda and the cost of his health-insurance plans. —>READ MORE HERE
Biden’s tax-the-rich plan would ultimately hit middle-class earners, analysis finds:
Former Vice President Joseph R. Biden has vowed to raise taxes only on individuals earning more than $400,000 annually, but critics contend that his economic plan would wind up draining the wallets of middle-class families as well.
A report from Stanford University’s Hoover Institution found that Mr. Biden’s taxation, insurance, regulatory and energy proposals would, in the long run, reduce full-time equivalent employment by about 3%, or 4.9 million jobs.
The Biden program would also shrink real gross domestic product per capita by 8%, and the capital stock per person by 15%, resulting in a $6,500 hit by 2030 in median income per household.
“He hits the economy from three directions at the same time. He punishes work, he punishes investment, and he makes us less productive,” said University of Chicago economics professor Casey Mulligan, a former economic adviser to President Trump who co-authored the report released Monday. “And people understand from living through the Obama years that Obama just kind of hit you in a bunch of different ways, and it started to add up in the end.” —>READ MORE HERE
Follow links below to related stories:
Here’s How Much Money the Average Family Could Lose if Biden Wins
Biden’s Health Care Plans Would Spell End of Private Insurance
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