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An economic expert and former adviser to then-President Donald Trump said that President Joe Biden’s policies of pushing for substantial new taxes on corporations as well as a heavy regulatory regime on the private sector coupled with massive government spending measures amount to a kind of “econo-cide.”
The comments from Kevin Hassett, a distinguished visiting fellow at the Hoover Institution and a onetime top economic adviser to Trump, came as Biden prepares early next week to sign a $1.2 trillion infrastructure bill and Democrats use their slim majorities in the House and Senate to push through another $1.85 trillion social and climate spending package.
“I’m trying to think of the right word for what Biden is doing…Biden-nomics is not negative enough. He’s really doing econo-cide,” Hassett told Fox News’ Laura Ingraham Wednesday evening.
“You know, he’s got a demand stimulus that’s as big as we’ve ever seen and then he’s whacking the heck out of supply. You know, he’s regulating firms, promising big tax hikes—you, know, we have the highest marginal tax rate in the whole developed world if they pass those tax hikes, and all of that is basically creating all this cash chasing supply but supply is going down so you see inflation,” Hassett continued.
“You know, people sort of say it’s looking like the 1970s but I actually think it could be worse than the 1970s if you look at all these forces,” he added.
“These are policy errors that are unlike anything that economists have ever seen. And finally, the last thought is: where are all the economists? I mean Larry Summers, you were right to cite him, but the academy is just silent about this. They need to step up,” he added.
In October, an analysis of Biden’s economic agenda by Hassett and fellow Hoover Institution colleagues concluded that it will “reduce full time equivalent employment per person by about 3 percent, the capital stock per person by about 15 percent, real GDP per capita by more than 8 percent, and real consumption per household by about 7 percent.”
One of Biden’s economic objectives is to reduce the country’s reliance on fossil fuels, though emissions fell under former President Donald Trump even as oil and gas production increased, lowering prices.
But in doing so, Biden’s plan will create additional pressures on the country’s already stretched power grid and in fact, lead to a dearth of energy, the analysis found.
“Biden’s energy proposals are intended to wean the United States from its reliance on fossil fuels, both in transportation and in power generation,” they Hoover scholars wrote.
“Unless Americans drive a lot less, the electrification of all, or even most, passenger vehicles would increase the per capita demand for electric power by about 25 percent at the same time that more than 70 percent of the baseline supply (i.e., electricity generated from fossil fuels) would be taken off line and an additional 11 percent (nuclear) would not expand,” they noted.
“Economists have paid little attention to the economic effects of the Biden plan as a whole. This report suggests that these effects are potentially very large indeed,” they added.
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Originally from Indiana, she now calls sunny Florida her home.
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