Biden's economic plan could crush nation's recovery from coronavirus pandemic, conservative economists say

Biden ‘doesn’t embrace the radical left proposals at all’: Bob Kerrey

Former Democratic presidential candidate Bob Kerrey weighs in on the most pressing issues from the 2020 presidential election.

Joe Biden's economic agenda could destroy millions of American jobs and crush the nation's slow-but-steady recovery from the coronavirus pandemic, according to new projections from President Trump's former economists.

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The Democratic presidential candidate's plan would ultimately result in about 4.9 million fewer full-time employees and reduce the nation's GDP, the broadest measures of goods and services produced in the country, by more than 8% over the next decade, according to the report, which was authored by Casey Mulligan, a University of Chicago professor who previously served as chief economist of the White House Council of Economic Advisers; Kevin Hassett, also a former White House economist now at Stanford University's Hoover Institution; Timothy Fitzgerald and Cody Kallen.


A Biden presidency would translate into a loss of roughly $6,500 per household per year, the study shows.

The economists projected that Biden's plan to expand subsidies for health insurance under the Affordable Care Act; undo some of the 2017 Tax Cuts and Jobs Act and increase the taxation of corporates; and establish new environmental standards, reversing years of regulatory reform, would discourage Americans from working more and earning more.

The former vice president has unveiled a multitrillion-dollar agenda that would be funded in large part by higher taxes on wealthy U.S. households – which he describes as anyone earning more than $400,000 annually – and corporations. That includes higher income tax rates, an expansion of the payroll tax for Social Security, new tax credits and fewer deductions.


Almost 80% of the tax increases backed by Biden would land on the top 1% of earners in the U.S., according to a recent projection from the Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania's Wharton School.

Biden has pledged to hike the corporate tax rate from 21% to 28% on "day one" if he wins the Nov. 3 election, regardless of the nation's unemployment rate.

"I'd make the changes on the corporate taxes on day one," he told CNN's Jake Tapper in mid-September. "And the reason I'd make the changes to corporate taxes, it can raise $1.3 trillion if they just started paying 28% instead of 21%. What are they doing? They're not hiring more people."

On top of that, Biden has promised to roll back other changes made by Trump in the 2017 Tax Cuts and Jobs Act, including restoring the top individual income tax bracket to 39.6% from 37% for those earning more than $400,000 annually.


That would result in an average tax increase of nearly $300,000 for households in the top 1% of the country, compared with a $260 per year increase for those in the middle, according to the Tax Policy Center.

Biden has also said he will subject wages above $400,000 to the 12.4% payroll tax, creating a so-called "donut hole" for earnings between $137,700 and $400,000, which would be exempt.

Other analyses of Biden's tax plans are more optimistic: Findings from the Penn Wharton Budget Model estimate it would cause the nation's GDP to shrink by 0.4% in 2030, and increase by 0.8% in 2050.

A separate report released by Moody's Analytics found that Biden would create roughly 7 million more jobs than Trump if he wins the November election.


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World News

Police rip Biden's repeated advice to shoot suspects 'in the leg'

Biden careful not to ignore progressive priorities

Democratic nominee campaigns in Michigan while Harris forced off the trail; Peter Doocy reports.

Law enforcement groups blasted Vice President Joe Biden for again suggesting training police to shoot suspects "in the leg" is a viable way to avoid fatalities, decrying the proposal as dangerous and ignorant.

During an ABC News town hall Thursday, Biden gave the shooting advice while talking about broader police reforms, which have been on the public conscience since the killing of George Floyd sparked nationwide racial unrest. 

"There's a lot of things we've learned and it takes time, but we can do this," Biden said. "You can ban chokeholds … you have to teach people how to de-escalate circumstances. … Instead of anybody coming at you and the first thing you do is shoot to kill, you shoot them in the leg."

Police officers and law enforcement groups pounced on the suggestion that officers would train to shoot someone in the leg rather than "center mass," the largest part of the body that has long been the firearms training target.

John Evans, president of the Buffalo Police Benevolent Association, told Fox News that Biden's suggestion is "absolutely ridiculous" and "incredibly ignorant."

"The guy's clueless," Evans said. "And I know he's just trying to appease his left-wing base but it's a really foolish statement."

Joe Gamaldi, vice president of the national Fraternal Order of Police, dismissed Biden's suggestion as "completely ridiculous, "unrealistic" and a "pandering talking point."

"Shootings are dynamic situations and we shoot to stop the threat," Gamaldi told Fox News. "It's incredibly difficult to hit a moving target."

The Fraternal Order of Police has endorsed President Trump.

Democratic presidential candidate former Vice President Joe Biden participates in a town hall with moderator ABC News anchor George Stephanopoulos at the National Constitution Center in Philadelphia, Thursday, Oct. 15, 2020. (AP Photo/Carolyn Kaster)

Police are trained to aim at center mass because it's the largest target, whereas aiming at a leg would be much more difficult because it's smaller and a moving target.

"By aiming at legs we are much more likely to miss and we already only hit roughly 50% of the time," Gamaldi said.

Gamaldi recalled a shooting he was involved in about 14 years ago. "Between being terrified I was going to die, someone shooting at me, and then I need to aim at their legs — it’s not realistic."

The law enforcement officials interviewed by Fox News also say it's a fallacy that shooting someone in the leg could be less lethal, especially if a bullet hits the large femoral artery in the thigh. 

But officers fear the consequences if they miss the leg completely and the bullet goes astray. Or if their leg shot doesn't slow down the suspect, he has a chance to harm the officer or a citizen.

"If an individual is coming at you with a knife and you shoot for the leg and you miss, he's on you," said Evans, a Trump supporter. 

Thursday's town hall wasn't the first time Biden made the leg suggestion. In June, Biden said that — if facing a threat from a person with "a knife or something" — police should be trained to “shoot ‘em in the leg instead of the heart."

“Instead of standing there and teaching a cop when there’s an unarmed person coming at ‘em with a knife or something, shoot ‘em in the leg instead of in the heart,” Biden said at a June 1 address to Black community leaders in Wilmington, Del.

“There are a lot of things that can change,” Biden said, regarding police training.

Police officers called out Biden at the time for the unrealistic suggestion, so they are unsure why he is still campaigning on it just days before the election. 

"I don't know why he repeated it after I'm sure it was pointed out to him that it's a ridiculous procedure to pursue," Evans said. 

Dana Schrad, executive director of the Virginia Association of Chiefs of Police, said Biden isn't the first person to peddle the leg myth.  

"That myth has been around for a long time. And a lot of Democrats and Republicans have fallen for it," Schrad said. "To be honest with you, Joe Biden has actually been fairly supportive of law enforcement and he's done a lot over the years in different areas supportive of law enforcement. So it's unfortunate that he would not know that that's not a [viable] training tactic in law enforcement."

The Virginia Association of Chiefs of Police does not endorse candidates in the presidential race.

Officers are rarely in a situation where they have to use their firearms and as a result, they aren't sharpshooters, Schrad said. It would be very hard to get an accurate shot on a smaller moving part and the risk for missing is too great.   

Officers have other options for less lethal forms of force, such as tasers, rubber bullets, pepper spray and tear gas. When they have to use their firearm it's in a rare, dire circumstance to protect their life or the life of another, she said. 

"Police officers use firearms as a last resort," Schrad said. 

Fox News' Morgan Phillips contributed to this report. 

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Joe Biden's alleged links to Burisma 'as damaging as can be,' Giuliani says

Giuliani: Biden probe is probably ‘the highest level scandal so far this century’

Former New York City Mayor Rudy Giuliani on leaked Biden emails and the presidential election.

President Trump’s personal attorney Rudy Giuliani slammed Democratic presidential nominee Joe Biden on Wednesday in the wake of bombshell emails leaked by the New York Post, calling the revelation “as damaging as can be.”

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Giuliani, the former New York City mayor and U.S. Attorney General for the Southern District of New York, told FOX Business’ Stuart Varney on Wednesday morning that the leaked documents were a smoking gun “for sure.”

“Remember, Biden denied knowing anything about Burisma. Biden denied – numerous times – knowing anything about his, uh, his son’s foreign dealings,” Giuliani said. “That says very clearly that Biden met with the … I think he’s now the [number] two or three guy in the most crooked company in Ukraine.”


Hunter Biden, left, and his father, Joe Biden, right (Getty Images)

Giuliani at the time was referring to several records leaked in a bombshell report in the New York Post, which includes an email from an adviser to the board of Ukrainian energy firm Burisma thanking Hunter Biden for arranging a meeting with his father, who was the U.S. vice president at the time.

“Dear Hunter, thank you for inviting me to DC and giving an opportunity to meet your father and spent [sic] some time together,” states the April 17, 2015 email from Vadym Pozharskyi, according to the report. “It’s realty [sic] an honor and pleasure.”

Pozharskyi, who was said to be Burisma’s third-highest-ranking executive, also allegedly emailed Hunter in May 2014, seeking “advice on how you could use your influence” for the benefit of the company, the Post reported.


The presidential contender has denied any knowledge of his son’s foreign dealings. Meanwhile, Hunter was reportedly paid as much as $50,000 per month in his arrangement with Burisma.

When asked whether Trump would “make a big deal” out of the latest revelations, in the coming days as the election approaches, Giuliani said, “It’s gonna be a big deal.”

“It’s probably the biggest, highest-level scandal so far this century,” Giuliani said. “It happened at the highest levels in two governments: the United States and Ukraine.”


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