Good morning, let's read this paper together:
Biden's Economic Agenda: The Long Run Impacts of Its Regulation, Taxes & Spending.
Conclusion: Pretty bad for growth! Reduces employment, capital stock per person, GDP per capita & real consumption!
hoover.org/sites/default/…
Biden's Economic Agenda: The Long Run Impacts of Its Regulation, Taxes & Spending.
Conclusion: Pretty bad for growth! Reduces employment, capital stock per person, GDP per capita & real consumption!
hoover.org/sites/default/…
What does Joe Biden propose??
1) Reverse 2017 tax cuts & increase taxation & high-income households & pass through entities
2) Reverse regulatory reforms & set new environmental standards
3) Create/expand subsidies for, esp, health insurance & renewable energy.
1) Reverse 2017 tax cuts & increase taxation & high-income households & pass through entities
2) Reverse regulatory reforms & set new environmental standards
3) Create/expand subsidies for, esp, health insurance & renewable energy.
They say that more regulations affect resource usage by regulated industries & new taxes distort the markets for capital & labor.
So? Will be 4.9 million few employed individuals, $2.6trn less GDP & 1.5trn less consumption. Median household in 2030 will be $6,500 less.
So? Will be 4.9 million few employed individuals, $2.6trn less GDP & 1.5trn less consumption. Median household in 2030 will be $6,500 less.
Here is a table of assumptions of policies under Biden for taxes, regulations & health insurance subsidies:
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