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ICYMI: FOX Exclusive – Club for Growth Foundation Report Says New Biden Taxes Would “Hit Economic Output, Hurt Savings”

WASHINGTON, DC – In case you missed it, Fox News published an exclusive report on the Club for Growth Foundation Policy Brief, “Economic Consequences of President Biden’s Fiscal Policy.”

Excerpts From Fox News

“Copying European-style fiscal policy will produce European-style economic weakness, particularly when considering that much of Biden’s new redistribution spending will discourage work and much of Biden’s class warfare tax increases will penalize saving, investment, and entrepreneurship,” a new report by The Club for Growth [Foundation] says.

The report predicts a loss of $3 trillion of economic output over the next 10 years, a loss of $1.6 trillion of worker compensation over the next 10 years, a loss of more than $10,000 on average in worker compensation and a lifetime drop in living standards of 4% for young workers.

“It’s a disaster for economic growth. GDP slows down, fewer jobs and significantly for families, drops in income over the next 10 years as well,” Club for Growth [Foundation] President David McIntosh told Fox Business in an interview.

McIntosh also argued that a new round of taxes would be especially painful given the state of the economy and the continued COVID-19 pandemic.

‘As we’re continuing to come out of the shutdowns from the first round of COVID and some places having to restrict activity again with the Delta virus and who knows what happens next year, the economy is in a precarious position,” he said.

 

Click here to read the Club for Growth Foundation Policy Brief.

Click here to read the Fox News Exclusive report.

 

The Policy Brief was authored by Daniel J. Mitchell and Robert P. Quinn and showed:

  • A loss of $3 trillion of economic output over the next 10 years
  • A loss of $1.6 trillion of worker compensation over the next 10 years
  • A loss of more than $10,000, on average, in compensation for workers over the next 10 years
  • A lifetime drop in living standards of almost 4 percent for young workers

Club for Growth Foundation Policy Briefs are a series of educational policy analyses by experts on relevant economic issues.


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