Biden bill on social welfare, climate change estimated to kill 103K jobs, raise taxes on 80% of U.S.

From Washington Times.com (Nov. 2, 2021):

An analysis by the Tax Foundation, a nonpartisan fiscal watchdog, estimates that President Biden’s $1.75 trillion expansion of the federal safety net could kill more than 103,000 jobs over the next decade and add $750 billion to the federal deficit.

The estimate is based on a thorough analysis of the White House’s spending “framework” and the corresponding 1,684-page bill text released by House Speaker Nancy Pelosi, California Democrat. Experts from the Tax Foundation say the proposal would fall far short of White House promises.

“We estimate that the House bill would reduce long-run economic output by nearly 0.4% and eliminate about 103,000 full-time equivalent jobs in the United States,” the experts wrote. “It would also reduce average after-tax incomes for the top 80 percent of taxpayers over the long run.”

The analysis differs strongly from the rosy picture President Biden painted when he announced the deal last week.

“It’s a framework that will create millions of jobs, grow the economy, invest in our nation and our people, turn the climate crisis into an opportunity, and put us on a path not only to compete but to win the economic competition for the 21st century against China and every other major country in the world,” Mr. Biden said.

Administration officials say all of the spending programs proposed by the framework are fully funded. The White House estimates that the tax hikes included in the package would generate more than $1.995 trillion in revenue over the next 10 years. [read more]