The Democrats are running lots of ads claiming that Joe Biden’s economic policies will create 7 million new jobs and put more money in workers’ pockets. If you’re like me, you’re asking yourself, “If he knows how to do that, why didn’t he do it during the 47 previous years he spent in office?”
But the Hoover Institution think tank did more than just wonder: they dug deep into Biden’s plan to estimate what would actually be the economic results of his proposals for massive new taxes, regulations and government micro-management.
Here’s the full study.
And if you’re in a hurry, here’s an excerpt from the summary that puts it in a nutshell:
“We conclude that in the long run, Biden’s agenda would reduce full-time equivalent 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. Relative to the CBO’s 2030 projections for these variables, this suggests there will be 4.9 million fewer employed individuals, $2.6 trillion less in GDP, and $1.5 trillion less consumption in that year alone. Median household income in 2030 would be $6,500 less.
While these effects may seem large, they are actually conservative estimates of the negative impact of the full Biden agenda.”
I’m not an economist, but that sure sounds to me like more unemployment and lower pay. If you lived through the Obama/Biden years, this may sound eerily familiar to you. But if your memory has been short-circuited by four years of media propaganda, maybe this will help refresh it.