The Financial services company Moody’s Analytics did an analysis of economic strength under both presidential candidates and found that Vice President Joe Biden is more likely to bring about a better economy than President Donald Trump if elected.
According to an analysis of the “wide range of proposals to change the tax code, government spending, and other economic policies,” Moodys found that Biden would generate 7.4 million more jobs than Trump and the GOP.
Center on Budget fellow Jared Bernstein cited the data showing, “the economic outlook is weakest under the scenario in which Trump and the Republicans sweep Congress and fully adopt their economic agenda.”
Bernstein explained it is because the GOP mostly cuts taxes and will never get to full employment. Moody’s estimates that Trump and the GOP would hit 5 percent unemployment in 2025 and stop there.
Moody’s looked at four scenarios, the top two being if Biden wins but the Senate remains GOP and the House is run by Democrats and if Trump wins with the Senate as GOP and House as Democrats. The worst economic outlook by far comes from if Trump wins and the GOP controls the House and the Senate.
See the charts from Bernstein below:
Whoa!! Check out Moody's Analytics comparison of Biden v Trump (D v R sweep) on jobs/growth. Biden plan adds 7.4 MILLION MORE JOBS than Trump. Much more to come, including link… pic.twitter.com/Gs0IAMu0F2
— Jared Bernstein (@econjared) September 24, 2020