Today, we delve into the economic implications of President Biden's proposed budget with insights from economist Stephen Moore. The budget proposal has sparked concerns among hardworking Americans, particularly those in the middle class.
The Tax Foundation's analysis of Biden's budget reveals alarming projections for the economy. It suggests a long-term reduction in gross domestic product by 2.2%, capital stock by 3.8%, and wages by 1.6%. Additionally, it forecasts an increase in unemployment by almost 800,000. The proposed corporate income tax hike to 28% is identified as a significant driver of these negative effects.
