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:
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.
- 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
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.