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Capitol Report: Economic policies espoused by Democrats would drive economy into recession, White House report says

Bloomberg
Attendees hold signs while waiting for a health care bill news conference to begin on Capitol Hill in Washington, D.C.

The economic policies of Democrats running for the White House will drive the economy into recession, according to the White House’s latest Economic Report of the President, released Wednesday.

“In scenarios where future administrations or Congress partially or fully reverse the [Trump tax cut], or otherwise raise taxes or significantly expand the Federal regulatory state, economic growth would be lower or even negative,” the report said.

White House economists calculated that the “Medicare for All” bills currently in Congress would reduce the nation’s real gross domestic product by about 9% in the long run if financed by taxes on labor income.

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