Biden's 'Recovery' Plan Would Shrink the Economy
His promise to repeal the GOP tax cuts would prolong COVID's economic misery.
Joe Biden’s plan for rebuilding the coronavirus-ravaged economy would in fact work to slow down the current recovery. That’s because Biden’s “recovery” plan would look a lot more like the near-stagnation plan he and Barack Obama implemented in 2009, which ushered in the slowest economic recovery since World War II. Under Obama and Biden, the economy averaged 2.3% annual growth, and Biden’s plan (or, let’s face it, the plan his handlers gave him) would likely produce an even slower growth rate.
By contrast, President Donald Trump’s economy has already regained 42% of jobs lost due to the shutdowns. And had we not been in such a strong economic position when the pandemic hit, the nation would be in far more dire straits today. Trump’s economic strategy produced some of the highest employment levels in over 50 years, with Americans from all sectors benefiting. Under Trump, black Americans saw record-low unemployment levels prior to the pandemic, and there’s nothing to suggest that the same cannot be expected once the pandemic comes to an end.
Yet Biden pledges to repeal the Republicans’ Tax Cuts and Jobs Act, which would raise the corporate tax rate, effectively slowing job growth, while at the same time saddling 82% of middle-class Americans with tax increases. Under Biden, the expanded Child Tax Credit would be gone, despite having benefited 18.3 million primarily low-income homes. He would eliminate a 20% tax deduction from which over two-thirds of small-business owners benefit. Even he admits his plans will raise taxes by $3 trillion. Independent analysis says it’s more like $4 trillion.
That’s to say nothing of the onerous regulations Biden would bring to the table, from expanding ObamaCare to implementing a “lite” $2 trillion version of the Green New Deal. Regulations are another form of taxation, and they slow growth — especially when they’re designed to do so.
To put it simply, a vote for Biden is a vote for higher taxes, fewer jobs, and less growth.