America’s economy, still rebounding from the pandemic, is at major risk from Joe Biden’s economic plans, warns a new Hoover Institution paper.
The Federal Reserve Bank of Atlanta just released a “running estimate” of real GDP growth for the third quarter of a whopping 35.3 percent, a historic spike that would offset much of the COVID-caused losses.
Yet Biden’s plans threaten the recovery; the Hoover economists project that his program would shave “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.”
That translates to 4.9 million fewer people employed by 2030, $2.6 trillion less in GDP and $1.5 trillion less consumption that year alone. And the authors say their figures are conservative estimates of “the negative impact of the full Biden agenda” — his tax hikes, his anti-carbon agenda and the cost of his health-insurance plans.
His limits on carbon emissions, for example, would drastically boost costs for transportation and electricity — dragging down US productivity by as much as 2 percent.
And the pain would be worse, “likely dwarfing” the rest of his agenda, if Biden’s energy “goals are taken literally.”
The ex-veep would also curb investment by hiking corporate taxes, phasing out the deduction for non-corporate owners and boosting rates on incomes over $400,000. He’d hit the economy “from three directions,” one of the economists, Casey Mulligan, told The Post — by penalizing work, slamming investment and slashing productivity.
All as the nation tries to climb out of the COVID recession — and there’ll be no vaccine to fight Bidenomics.