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

 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.”

...Senate Majority Leader Charles E. Schumer, New York Democrat, announced on Tuesday a new push to include provisions allowing Medicare to negotiate down the cost of prescription drugs.

Under the agreement, Medicare would be given the ability to negotiate the price of 10 life-saving drugs starting in 2023. The list of drugs eligible for negotiation would increase over time...MORE