Joe Biden’s Economic Policies Would Cost the Economy 4.9 Million Jobs by 2030, According to a New Study
“Nobody making under 400,000 bucks would have their taxes raised, period, bingo,” said Democratic presidential nominee Joe Biden in May. It’s a claim he has made repeatedly throughout the course of his campaign. If he takes the White House and sticks to his present platform, it appears to be true.
But that slogan leaves out the broader economic implications of some of Biden’s plans, according to a study from the Hoover Institution at Stanford University.
The core tenets of Biden’s economic agenda are to increase the corporate tax rate as well as taxes on high-income earners, to undo many of President Donald Trump’s regulatory reforms, and to implement new subsidies for renewable energy and the health care market. The researchers calculate that over the next decade, these changes would prompt the economy to shed 4.9 million jobs and the gross domestic product to drop $2.6 trillion. In the year 2030 alone, they say, U.S. consumption would be down $1.5 trillion and median-income households would make $6,500 less.
Let’s begin with the first point, which has been at the center
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