Pennsylvania: How Biden victory could affect state
The Center Square contributor Dave Fidlin explains how a Biden victory Nov. 3 could negatively affect Pennsylvanians, based on a study by the James Madison Institute. His policies would mean higher taxes and economic woes, the study claims.
Pennsylvania would experience “a marked difference” if Democrat Joe Biden entered the Oval Office and enacted his policy agenda, according to the just-released study analysing each candidate’s agenda.
The James Madison Institute, a Florida-based free market think tank, explored policy proposals; studying how each would impact battleground states’ job markets and economies.
The report, Battleground States 2020, asserts Biden and Vice President candidate Kamala Harris would cost U.S. taxpayers an additional $36 trillion over 10 years if their policy agenda came to fruition.
The five key swing states – Pennsylvania, Florida, Michigan, Ohio and Wisconsin – stand to incur $27 billion combined in the same time period, according to the analysis.
Comparing Biden, Trump platforms
Comparisons between the Biden-Harris platform and incumbent President Donald Trump and Vice President Mike Pence were outlined in the analysis. A Biden victory would mean a slower economic recovery and higher taxes for Pennsylvanians, it indicates.
Robert McClure, president and CEO of the James Madison Institute, said the impact of a Biden-Harris administration could vary widely from state to state.
“If we have learned anything from this incredibly unique year, it is that the economy can turn on a dime, and policies matter greatly,” McClure said in the statement. “We face a perilous fight to return to prosperity; and what happens in Washington, D.C., will filter down to states such as Pennsylvania in different ways.”
“With respect to Pennsylvania, the report states the Biden-Harris platform would translate to a $10,605 tax on every resident, or $42,419 for a family of four.”….. Battleground States 2020 report
“The Keystone State would see a marked difference in job creation and overall GDP growth between the Biden-Harris agenda and second Trump term,” a passage in the executive summary states. “Projected job creation under the Biden-Harris platform would be 28,000 per year, compared to 110,000 under Trump.”
Several organizations collaborated with the James Madison Institute in the analysis, including Harrisburg-based public policy organization Commonwealth Partners Chamber of Entrepreneurs.
“We’ve already seen unemployment skyrocket under (Democrat) Gov. (Tom) Wolf’s business shutdowns,” Matt Brouillette, president and CEO of Commonwealth Partners, said in a statement.
He cited the “ripple effects” of Biden’s economic proposals in his take on the situation, saying Pennsylvanians need leadership that will unleash rather than hinder economic growth.
An opposite view
Other analysts, however, have taken a different stance on the Biden-Harris platform. In a new report, “The Macroeconomic Consequences,” Moody’s Analytics officials said some components of Biden’s plan could have a positive long-term effect on the economy and labor market.
Moody’s economists Mark Zandi and Bernard Yaros predicted longer term growth under Biden’s plan would be stronger.
“They expand the supply side of the economy — the quantity and quality of labor and capital needed to produce goods and services,” they wrote in the report. “(Biden’s) plan to increase spending on the nation’s infrastructure also boosts business competitiveness and productivity.”