May 20, 2021

The Biden-Harris administration policies are easily described as the Obama-Biden policies on steroid. And we know what happened to tax rates and regulation during the Obama years. Our interpretation of the economy’s performance between the 2011-16 and 2017-19 time are attributed to the differences in the fiscal policies adopted during the two periods, i.e. the taxes and regulations. Compared to the Obama-Biden Years, we expect an even weaker economic performance during the performance once the Biden-Harris polices are fully implemented. We also believe that many analysts tend to underestimate the dynamic effects caused by the tax rate and regulatory changes and therefore they do not fully account for these effects in their forecast. The last employment number and the big forecast miss make our point. We believe that if unchecked the Biden-Harris policies will lead to a new new normal.

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