What Biden brings should be self evident. Joe Biden’s economic agenda is a Marxist template for control. It would destroy millions of American jobs. His plan would crush economic recovery from the virus.
The Biden Plan would ultimately result in about 4.9 million fewer full-time employees. It will cause the nation’s GDP to shrink.
Some economists predict GDP would shrink more than 8% over the next decade. The author of the report saying this is Casey Mulligan. He is a University of Chicago professor. The professor was previously chief economist of the White House Council of Economic Advisers. Also contributing to the work is Kevin Hassett a former White House economist. He is now at Stanford University’s Hoover Institution. Other contributors are Timothy Fitzgerald and Cody Kallen.
The study finds a Biden presidency would translate into a loss of roughly $6,500 per household per year. Census data shows average household income to be $61,372. What this means in a consumer-driven economy is the economy will slow. Not a little bit. It is going to shrink.
Why? Because if spending slows by about 10.6% the economy has to slow. Once it starts to shrink what will stop it? Add in the effect of debasing the currency and we have a recipe for depression.
Adding taxes is taking money out of the economy
The economists project Biden’s plan to expand subsidies for health insurance. Biden’s plan is to undo the 2017 Tax Cuts and Jobs Act. Again, according to Biden his administration will increase the corporate tax rate. America can count on additional new environmental standards.
Years of regulatory reform would be reversed. These moves will discourage Americans from working and earning more. So, regulation will go up, income will go down, taxes will go up. Bottom line America’s standard of living is going to go down by plan. What Biden brings should be self evident.
Killing the goose that laid the golden egg
Biden has a multitrillion-dollar agenda. The funding for it in large part comes from soaking the rich. He describes rich as anyone earning more than $400,000 annually plus corporations. This includes higher income tax rates, an expansion of the payroll tax for Social Security, new tax credits and fewer deductions.
A majority but not all of the Biden tax increases land on the top 1% of earners. This comes from a recent projection of the Penn Wharton Budget Model. This is a nonpartisan group at the University of Pennsylvania’s Wharton School.
Biden has pledged to hike the corporate tax rate from 21% to 28% on “day one.” That means corporate taxes will increase by one third. How many businesses have a 33% profit margin? Will that be a problem that might result in reductions in staffing? Would reductions in staffing produce higher unemployment? Let’s get real. Biden plans to destroy the American economy.
In mid-September Biden told CNN’s Jake Tapper, “And the reason I’d make the changes to corporate taxes, it can raise $1.3 trillion if they just started paying 28% instead of 21%. What are they doing? They’re not hiring more people.” This is quite simply failure to recognize commonsense economics.
What Biden brings should be self evident. Corporate tax rates are largely based on corporate income. If you raise taxes to the point where there are no profits the corporations are going to pay no taxes.
Now what are you going to do to fund those plans for governmental spending? You are going to raise taxes on the little guys. They are the only ones left to tax. Except… they got laid off when you destroyed the profitability of business. Oh no, Uncle Joe now what do we do?