{"id":40350,"date":"2020-11-02T12:08:42","date_gmt":"2020-11-02T17:08:42","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=40350"},"modified":"2020-11-02T12:08:42","modified_gmt":"2020-11-02T17:08:42","slug":"the-cost-of-the-biden-economic-policies","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=40350","title":{"rendered":"The Cost Of The Biden Economic Policies"},"content":{"rendered":"

Issues & Insights<\/a> posted an article today detailing some of the impact of Joe Biden’s economic proposals should he become President.<\/p>\n

Some of the highlights of the article:<\/p>\n

A recent study<\/a> by a group of highly regarded economists at the Hoover Institution, including two former members of the Council of Economic Advisers, found that the full panoply of Biden\u2019s policy proposals \u2014 Medicare for All, big tax hikes on the wealthy and the working poor, the massively expensive Green New Deal, and thousands of impending regulations \u2014 would have devastating consequences for the U.S. economy.<\/strong><\/p>\n

…According to the nonpartisan Committee for a Responsible Federal Budget, Biden\u2019s projected tax increases total $4.3 trillion<\/a> over the next decade, and that\u2019s a conservative estimate. Trump, meanwhile, would cut taxes by about $1.7 trillion. The quick math: That\u2019s a $6 trillion difference.<\/strong><\/p>\n

\u201cWe estimate that the full Biden agenda will reduce long-run real GDP per capita by more than 8% as a result of reducing full-time equivalent employment (FTEs) per person by 3%, the capital stock per person by 15% and total factor productivity by 2%,\u201d the Hoover Institution study said.<\/strong><\/p>\n

Based on current growth estimates by the nonpartisan Congressional Budget Office, \u201cthis suggests there will be 4.9 million fewer employed individuals, $2.6 trillion less GDP, and $1.5 trillion less consumption in that year alone. Median household income in 2030 would be $6,500 less.\u201d<\/strong><\/p>\n

…Right now the minimum is $7.25 an hour. By more than doubling it, some 2 million jobs would be lost, EPI estimates. Many of those losing out will be low-skilled workers with little education, including many Hispanics and African-Americans.<\/strong><\/p>\n

Hardest hit of all, however, will be struggling female workers.<\/strong><\/p>\n

\u201cNot only are 59% of minimum-wage jobs held by women and slated to be affected by these wage increases, this means that 1.2 million jobs held by women will be lost by 2027 due to this policy, accounting for 61% of total losses,\u201d the report said.<\/strong><\/p>\n

Just as bad, as noted above, the minimum wage hike will hit struggling small businesses, the nation\u2019s main employers.<\/strong><\/p>\n

\u201cIncreasing labor costs through a federal $15 minimum wage would only bring businesses \u2014 and the people they employ \u2014 closer to the point of no return,\u201d EPI managing director Michael Saltsman said in an interview with the Washington Free Beacon.<\/strong><\/p>\n

The article also notes:<\/p>\n

Finally, there\u2019s the proposed 2% wealth tax on the truly rich, an idea proposed by Massachusetts socialist Sen. Elizabeth Warren and part of the Biden campaign\u2019s tax conversation. It would tax the wealth, not the income, of those who have $50 million or more in household wealth at 2%. For those over $1 billion, it goes up to 6%.<\/strong><\/p>\n

If this makes you all warm and fuzzy, as it does the increasingly far-left Democrats, you might want to rethink that. A recent study by the Center for Freedom & Prosperity<\/a>, a respected free-market think tank, estimated the following results of such envy taxes:<\/strong><\/p>\n