A former aide to Joe Biden, Jeff Connaughton has described the former Vice President as, “financially illiterate”. Biden has even admitted to never owning a single stock or bond. With little economic expertise, Biden has made rather radical economic promises for 2020. If his plan succeeds, we can absolutely expect higher taxes and fewer jobs.
In his presidential campaign, Biden continuously promises to build back America better. In Biden’s vision of America’s recovery, small business owners will be helped by stricter regulation and higher taxes. From the economic growth seen during Trump’s presidency- we can observe that this is not the solution. Tax cuts, deregulation, and economic aid for struggling companies quickly revived the economy. Now, Biden and his team plan to reverse the many successes of the Trump administration.
With Joe Biden’s promised tax plan, the US economy would actually shrink. With promised policies enacted, individual income taxes, payroll taxes, and taxes on high income individuals will restrain the economy. The GDP would decrease by 1.5% and 585,000 jobs are expected to be lost.
Biden speaks about how he is an ally to the middle class, and small business. This is hardly true, as he promises to repeal GOP tax cuts his first day in office. This would increase taxes on 82% of middle class Americans. Americans who are recovering from economic recession and building back their businesses. Biden will not make the best deals for the people, and will instead redistribute their earnings for political projects.
Trump’s economic policies have been proven successes. After building up America’s economy to a historic high, Trump oversaw the quickest recovery from recession. Conversely during Biden’s time as Vice President, America had the slowest economic growth since World War II. This November, Americans will choose a leader for prosperity.
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