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According to an article in Moody's the Biden plan is touted as having a stronger short term affect on the economy than a Trump plan. In actuality there is more to the plans than that article or Joe Biden is sharing. Deal Book/New York Times ran several scenarios dependent on the outcome of the election. Here are the 3 summary's by 3 different groups who evaluated the plans of Biden and Trump.
Who is right? The Times’s Jim Tankersley and Thomas Kaplan rounded up reports assessing the impact of Mr. Biden’s proposals from the left, right and center. The most noteworthy, perhaps, come from independent forecasters or right-of-center analysts who aren’t predisposed to look favorably on a Democratic candidate.
www.nytimes.com
Who is right? The Times’s Jim Tankersley and Thomas Kaplan rounded up reports assessing the impact of Mr. Biden’s proposals from the left, right and center. The most noteworthy, perhaps, come from independent forecasters or right-of-center analysts who aren’t predisposed to look favorably on a Democratic candidate.
- Moody’s has predicted that if Mr. Biden wins and Democrats control both the House and Senate, G.D.P. would be 4.5 percent larger at the end of 2024 than under current policies, with gains from stimulus spending outweighing drag from tax increases.
- A group of economists including Kevin Hassett, a former chairman of Mr. Trump’s Council of Economic Advisers, estimated that the long-run impact of Mr. Biden’s plans would cut G.D.P. per capita by 8 percent over the next decade.
- The right-leaning American Enterprise Institute suggested the tax plan would shrink the economy by only 0.16 percent over the next 10 years, because it would largely tax the savings of high earners who are not big drivers of growth. Still, the proposals would discourage investment and hiring, it said.
Running the Numbers on Biden’s Tax Policy (Published 2020)
Will it help or hurt the economy?