Tags: 2020 Elections | Joe Biden | Stephen Moore | Biden | economic plan | taxes | left

Stephen Moore: Biden's Economic Plan Could Bring 'Second Great Depression'

stephen moore sits with legs crossed onstage
Stephen Moore (Samuel Corum/Getty Images)

By    |   Tuesday, 20 October 2020 10:21 AM

Economist Stephen Moore called former Vice President Joe Biden’s economic plan “radical” and “further to the socialist left than anything such liberal nominees of yesteryear, including Jimmy Carter, George McGovern, Barack Obama, and even Hillary Clinton, ever dreamed.”

In an opinion pieced penned in BizPac Review, Moore writes there is “nothing centrist” in Biden’s plan, even though he claims “to be a centrist Democrat.”

Moore calls out Biden’s “seven economic deadly sins,” which he says are “the most dangerous ideas in the Biden plan.”

According to Moore, Biden’s plan to raise taxes by about $4 trillion over the next decade would bring “the most significant tax increase in the history of America.”

He noted that small businesses would be hit by an increase of the maximum corporate income tax rate from 21% now to 28%. He also pointed out that capital gains tax would “skyrocket from 24% to 40% for those making more than $1 million per year,” which could “tank the stock market and reduce every family’s retirement savings in America.”

Moore said Biden’s plan would get rid of right-to-work laws and force “millions of workers to join a union and pay union dues, whether they want to or not.”

“Big Labor bosses could snatch away thousands of dollars right out of workers’ paychecks without their consent,” Moore warns.

He also said the end of U.S. energy independence could be threatened, higher death taxes implemented, and a reentry into the Paris climate treaty could take place under a Biden administration. 

Moore said Biden would provide a $400 billion blue-state bailout “that isn’t fair” to states that have balanced budgets.

“It only rewards bad behavior and government lockdowns imposed by incompetent Democratic mayors and governors,” Moore writes.

He also rips a proposed $15-an-hour minimum wage put forward under Biden’s plan.

“This will destroy millions of jobs for young people and low-skilled workers,” Moore writes. “It will severely damage poorer states with lower costs of living, such as Mississippi, Arkansas and South Carolina. Can you think of a worse time to saddle small businesses and restaurants with higher costs when so many firms are already facing bankruptcy due to the virus?”

He concludes that economists, including himself, are worried “we could be looking at a second Great Depression with the Biden policies.”

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Economist Stephen Moore called former Vice President Joe Biden's economic plan "radical" and "further to the socialist left than anything such liberal nominees of yesteryear, including Jimmy Carter, George McGovern, Barack Obama, and even Hillary Clinton...
Stephen Moore, Biden, economic plan, taxes, left
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2020-21-20
Tuesday, 20 October 2020 10:21 AM
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