September 19, 2021

One simple characterization Bidenomics is that it is Obamanomics on steroids. Hence, we look for the economic disincentives to be even larger than those of the Obama administration. The higher marginal tax rates and regulations will push the real GDP growth rate trend line below 2%. This outcome will lead to another negative and undesirable result: An economic pie that does not grow does not allows for a bigger slice for the average economic sector. The only way to get a bigger slice of the pie is to redistribute it and that leads to class warfare which could easily degenerate into a vicious cycle of slower growth, higher tax rates and more redistribution and class warfare.

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