Experts Agree: Having Democrats in Power Would Be Better for the American Economy
Financial intelligence firm Moody’s Analytics has analyzed a number of election outcomes and has concluded that a Democratic sweep of Congress and the presidency would result in the best economic outcome. According to their examination, such a sweep would “bring the quickest return to full employment, highest number of jobs added and best rebound in economic growth.”
This is because Joe Biden’s plans include investing trillions of dollars in infrastructure, education and safety net programs, like Medicare, while at the same time boosting trade through cooperation with our allies. Moody’s also surmised that any tax increases on businesses or the wealthy would not negatively affect growth in any meaningful way, as they would be more than offset by investment-spurred growth.
The report also estimated job growth of 18.6 new million jobs during a Biden first term, approximately 7 million more than their estimate should Repbulicans sweep the election.
A complete Republican sweep received the worst prognosis of the four outcomes Moody’s analyzed.
These results are a direct contradiction to Vice President Pence’s debate accusation that an economic plan mirroring the Green New Deal would harm the economy. Investment in infrastructure — yes, even green infrastructure — is a direct investment in jobs. Democrats have a plan to save our economy and our planet. We can have both.
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“Greater government spending adds directly to [gross domestic product] and jobs, while the higher tax burden has an indirect impact through business investment and the spending and saving behavior of high-income households,” they wrote.
“Longer-term growth under Biden’s policies is also stronger because on net they expand the supply side of the economy—the quantity and quality of labor and capital needed to produce goods and services,” they added.