Friday, September 24, 2021

Biden's Tax-And-Spend Agenda Accelerates America's Fiscal Decline

In a study just published by the Club for Growth Foundation, co-authored with Robert O'Quinn (former Chief Economist at the Department of Labor), they estimated the likely economic impact of President Biden's so-called Build Back Better plan to expand the welfare state.

Here are the main findings:
  • A loss of $3 trillion of economic output over the next 10 years
  • A loss of $1.6 trillion of worker compensation over the next 10 years
  • A loss of more than $10,000, on average, in compensation for workers over the next 10 years
  • A lifetime drop in living standards of almost four percent for young workers
What's especially noteworthy about the study is that they based their analysis on research published earlier this year by the Congressional Budget Office. In other words, a very establishment source.

Biden's fiscal agenda would made the United States more like Europe and the economic data unambiguously demonstrate that Europeans suffer from significantly lower living standards.

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