Biden's Non-Infrastructure Bill: Higher Taxes, Lower Wages

Rapid Response

Joe Biden’s “infrastructure” bill will shrink the economy. That’s because he’s hiking taxes by $2 trillion and then just calling the non-infrastructure spending “infrastructure.”

According to a new study by the Penn Wharton Budget Model, Biden’s non-infrastructure bill will actually LOWER economic growth.

The bill’s massive tax hikes will lower GDP by 0.49% in 2050.
The bill’s enormous price tag of $2.25T will lower GDP by another 0.33% in 2050.
Altogether, the bill would shrink the economy by nearly 1 point, lower wages, and decrease private investment over the next three decades.

Wharton’s study is backed up by analysis from the Tax Foundation, which similarly found that Biden’s plan would hurt the U.S. economy, with its tax hike on American businesses killing 159,000 jobs and lowering workers’ wages.

Biden’s non-infrastructure bill hikes taxes by $2 trillion, lowers GDP, depresses wages, and hurts U.S. business competitiveness, all while only spending 7% of the bill on roads, highways, bridges, waterways, ports, and airports combined.

That’s not a good infrastructure bill, that’s a rip off.