ympathetic media outlets have repeatedly asserted that Democratic presidential nominee Joe Biden’s tax agenda would only hurt the wealthy. But a new study shows that Biden’s tax and regulatory agenda could seriously hurt the economy overall.

Four economists from Stanford University’s Hoover Institution analyzed Biden’s proposals to increase taxes, reinstate and expand a host of regulations, and create new subsidies for healthcare and renewable energy. The study concludes that these interventions would distort labor incentives, decrease productivity, and kill jobs.

As a result, the experts project that the policy agenda would, by 2030, lead to 4.9 million fewer jobs and the economy shrinking by $2.6 trillion. So, too, the study projects that consumption would be $1.5 trillion lower in 2030 and families would see a $6,500 drop in median household income compared to a neutral scenario.

“The risk from Joe Biden’s policies isn’t that they will send the economy reeling right away,” the Wall Street Journal editorial board concluded in its analysis of the study. “The problem is that they will have a long-term corrosive impact by raising the cost of capital, reducing the incentive to work and invest, and reducing productivity across the economy. Americans will pay the price in a lower standard of living than they otherwise…

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https://fee.org/articles/new-stanford-study-suggests-bidens-agenda-will-have-4-devastating-economic-consequences/