[Ed. – Leave it to this sad relic to dream up a ‘jobs’ plan that results in fewer jobs.]
Senate Republicans have been trying to persuade President Joe Biden to accept a scaled-down version of his new spending plans. Given the tax hikes he intends to go along with them, a new report suggests that scaling the Biden “infrastructure” plan down to zero might be the best outcome for U.S. workers. The Tax Foundation reports the results of its analysis:
The Biden administration’s proposed American Jobs Plan… would increase federal spending by about $2.2 trillion over 10 years, including $1.7 trillion for infrastructure, partially funded with permanently higher corporate taxes of about $1.7 trillion over 10 years (conventionally estimated). Using the Tax Foundation General Equilibrium Model, we find that the combined effects of the tax changes and spending would reduce U.S. gross domestic product… in the long run by 0.5 percent and result in 101,000 fewer U.S. jobs.