The Stand - Daily Newsletter
October 21, 2020
Beware The Biden Economy 😲
What would be the cost of Joe Biden’s economic agenda? The answer is in: Fewer jobs, lower incomes, a weaker economy, and a dimmer future for millions of American families.
Those are the findings of a new study from the well-respected Hoover Institution. A team of economic experts looked at Biden’s plans on taxes, regulation, energy, and health care. As they show, Biden’s plan would give more power to the federal government in every area, leaving less opportunity for the American people. Check it out:
– Jobs. Biden’s plan would eliminate about five million jobs over the next decade. Simple logic explains why: By raising taxes and regulatory burdens on job creators, companies of all sizes will find it harder to expand or stay in business.
– Wages. Biden’s tax-and-spend plan would take $6,500 off the median household income within the next 10 years. Once again, the cause is clear: When the government takes more of people’s money, families have less to spend and save.
– Growth. Biden would repeat the mistakes of the Obama years, leading to a painfully slow economic recovery. By 2030, the economy would be nearly 10% smaller than expected. That’s $2.6 trillion in lost innovation and lost progress for everyone.
– Family Budgets. Biden’s regulation-heavy approach would push Americans to buy far more expensive products, from pricey health insurance to electric cars. The result would be more money for liberal special interests and less money for families.
– Corporate Welfare. Biden’s plan for energy and health care would require massive government subsidies for politically favored companies. The government would double down on picking winners and losers, which would make the economy less fair and free.
The list goes on. Other new studies have found that Biden’s tax plans would lead to a combined state and federal tax rate of 60% or higher in New York, California, and New Jersey. In other states, taxes would skyrocket as the government took a bigger chunk of people’s paychecks.
Biden’s economic plan is a bad idea in normal times. It’s especially dangerous as America tries to reverse the damage done by the coronavirus. At a time when millions are struggling, why on earth would we make it harder for the American people to thrive again?
→ Read more: The cost of Bidenomics (Wall Street Journal)
→ Read more: Biden’s tax plan could create a tax rate of as much 62% (CNBC)