Joe Biden loves to say that Trump’s economic boom was due to former President Obama’s work “paying off.” And since Democrats blame everything on President Donald Trump, the tremendous damage caused by the coronavirus (largely due to extreme restrictions enforced by Democrat lead states) on the economy is also Trump’s fault.
But this is typical political rhetoric. Distract from the real issues. Make the opponent the enemy when you have terrible or no policies in place. Joe Biden has slipped up several times and shown his hand – his economic policy will largely be enforcing chunks of the green new deal.
This means that one of Biden’s top economic policy priorities could kill as many as two million new jobs, a new report finds.
Biden has championed a $15 minimum wage throughout his presidential bid. An analysis from the pro-free market Employment Policies Institute (EPI) found that a nationwide mandate for a $15 minimum wage—more than double the current federal rate of $7.25 per hour—could eliminate millions of jobs within its first six years.
Economists found that those job losses would fall mainly among vulnerable populations, with some of the heaviest cuts coming in low-skill or entry-level positions. Half of the two million jobs lost as a result of the policy will occur in the arts, entertainment, recreation and accommodation, and food services sectors. Texas is projected to be the hardest hit state—losing more than 370,000 jobs by 2027—followed by Pennsylvania, Florida, North Carolina, Ohio, and Georgia. The majority of jobs lost will be those held by women, the report shows.