Biden’s Policies will Obliterate the Middle-Class and Destroy Jobs, Leading Economist Warns
Economist Peter Morici recently warned about the possible destruction that will ensue if Biden’s left-wing agenda is implemented.
A leading U.S. economist recently warned on Fox Business that President Joe Biden’s policies could crush the middle-class and destroy jobs.
Peter Morici, who has a doctorate in economics and also taught at the University of Maryland’s business school for decades, made the comments during a recent interview.
“Biden wants $400 billion in new taxes. Now, think about how he's going to do that; he's going to attack capital gains and, essentially, that's going to attack the high-tech industries that create jobs,” Morici said.
The economist and former business professor also warned that AOC’s job-killing Green New Deal will inflict further damage.
“Well, you know, when you shut down oil wells like he wants to do, we basically don't get people to use less gasoline and we just import the stuff,” Morici said. “Steel jobs go out the window that way.”
Morici said that the trillions of borrowing and spending will lead to a temporary boom, but that will dissipate and the U.S. could go back to the anemic and disastrous Obama economy.
“The market's going to boom. You know, people are going to go back to work in the fall and all that,” Morici said.
“But wait till all the chickens come home to roost. You watch Chuck Schumer and Joe Biden sweat next winter when the economy is going back to Obama's speed, you're going to see sweat all across their brow."
Morici is not alone.
A liberal economist, Olivier Blanchard, has also warned that the so-called nearly two trillion dollar relief bill would harm the economy.
“I am concerned: first, the size of the output gap—i.e., the gap between actual and potential output in the economy; second, the size of the multipliers—i.e., the likely effects from the stimulus; and third, how much inflation an overheating economy may generate,” Blanchard wrote in a post for the Peterson Institute, a think-tank.
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