If Joe Biden wins the election in November, the country may relive the failed Obama economic plan. This time, however, it will be even worse.
That’s the warning from Andy Puzder, a Senior Fellow at the Pepperdine University School of Public Policy. He also served the former chief executive officer of CKE Restaurants.
Biden’s acceptance speech during the Democratic National Convention touted an economic plan that is “all about jobs, dignity, respect and community,” Pudzer said. However, it failed to propose a single solution to create more private-sector jobs. It did however mention massive government spending supported by higher taxes and increased regulations.
“It’s the Obama/Biden economic plan redux, only Biden would put that failed plan on steroids.
The result would be a return to an era when workers faced stagnant wages, competed to fill a limited number of job openings, and dropped out of the labor force when they were unable to find one.” says Pudzer
Economy: Obama VS Trump
He says you don’t need to look any further than the economy under Obama’s presidency with Joe Biden as vice-president. Then, you can compare that with the Trump economy.
The Obama administration increased taxes and regulations. It also expanded the government and discouraged private sector growth.
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President Trump rightly reversed those policies, decreasing taxes and eliminating burdensome regulations. He also reduced the size of the government and encouraged private sector growth.
“The results speak for themselves,” says Pudzer
During the Obama administration, there were always more people unemployed than job openings. Workers had to compete for job openings. As a result, wage growth was effectively stalled below 3% for the entire eight years of his presidency.
Almost immediately after President Trump took office, there were more job openings than people looking for employment for the first time. It happened since the government began reporting the data, and that continued until the coronavirus pandemic hit. And wage growth was above 3% for 20 consecutive months until the pandemic.
Economy Under Biden
Pudzer adds, “Biden’s plan to supposedly create “millions of new jobs,” would reverse President Trump’s job-creating policies including his tax cuts and his aggressive campaign to repeal government regulations.”
He also points to a study by the Tax Policy Center that shows Biden’s tax plan would increase taxes on all income levels. He believes even that won’t be enough to keep pace with government spending.
“Biden is proposing to raise taxes a massive $4 trillion by both repealing the job-creating Trump tax cuts and increasing taxes “on all income groups” with the largest increases hitting high-income households and businesses.”
“Yet even those massive tax increases would be insufficient to cover the costs of Biden’s proposed $7 trillion in increased government spending, including $2 trillion just to address climate change.”
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He says Biden’s plan for higher taxes and increased regulations reduces the amount of money left over for a business to spend on growth and job creation.
“The Obama/Biden economic policies produced the worst recovery since World War II. President Trump’s pro-growth economic policies produced the strongest labor market in modern times, and perhaps ever.”
As for November, Pudzer says “The choice seems pretty clear.”