Presumptive Democratic nominee Joe Biden’s recently-outlined economic recovery blueprint would spell disaster for America, at least in the eyes of one prominent economist.
Outside adviser to President Donald Trump, Stephen Moore, said Friday that if Biden’s proposed plan is put into effect, it would result in a stock market decline of between 20% and 25%, the Washington Examiner reported.
“This is the biggest assault on investors in 50 years,” Moore told the Examiner, predicting that Biden’s plan would result in widespread damage to the economy that could last for a long time.
Moore dubbed the Democrat economic platform “Biden’s Good-Bye America Tax Plan” in an attempt to show the contrast between Biden’s economic approach and Trump’s.
Raising taxes and killing businesses
Biden’s plan aims to roll back Trump’s 2017 tax cuts, to facilitate additional increases, and to raise the capital gains rate to 39.6%, something Moore says would be devastating to investors and small businesses.
“The three stock killers are the corporate tax rise, the cap gains increase, and the death tax on stocks,” Moore explained to the Examiner.
Moore also opined that small business taxes and income and payroll taxes would also see increases as part of Biden’s tax plan, according to the Examiner. In other words, Biden intends to tax everything he can to pay for expensive environmental and health care initiatives that do little, if anything, to benefit the bottom line.
“This crisis will hit harder and will last longer because Donald Trump spent the last three years undermining the core pillars of our economic strength,” Biden said, despite the fact that the global public health crisis and three months of nationwide shutdowns were not the result of any administration policy.
History has shown Americans how Democratic administrations attempt to bounce back from an economic downturn and serves as a prescient warning against buying into Biden’s plan.
The recovery from the Great Recession led by former President Barack Obama was the slowest in history, as Forbes noted, and it was largely hamstrung by his insistence on foisting the Affordable Care Act on the country and refusing to reduce taxes even though such cuts are known to generate more revenue for the government in the end.
Like all Democrats in recent memory, Biden would prove disastrous for the economy, and he needs to be kept from the levers of power that control it for the good of everyone.