Under ‘Bidenomics,’ median household income drop by $6,500 by 2030

Under ‘Bidenomics,’ median household income drop by $6,500 by 2030
Joe Biden (Image via Twitter)

[Ed. – Don’t worry. Be happy.]

The issue is whether Mr. Biden’s policies will nurture this strong recovery, or slow it down as Barack Obama’s policies did after the 2009 recession. This is where the Hoover study comes in, as it examines the Democrat’s proposals on health insurance, taxes, energy and regulation. The authors are economists Timothy Fitzgerald, Kevin Hassett, Cody Kallen and Casey Mulligan. Messrs. Hassett and Mulligan were members of the Council of Economic Advisers in the Trump White House, but then the boosters of Bidenomics are veterans of the Clinton-Obama Administrations.

Overall, the authors estimate that the Biden agenda, if fully implemented, would reduce full-time equivalent employment per person by about 3%, the capital stock per person by some 15%, and real GDP per capita by more than 8%. … [T]his means there would be 4.9 million fewer working Americans, $2.6 trillion less in GDP. …

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