FOR IMMEDIATE RELEASE:
October 1, 2020

Contact: Logan Padgett
(407) 432-3211
lpadgett@jamesmadison.org

NEW STUDY BY LEADING ECONOMIC THINK TANK COMPARES POLICY AGENDAS OF BOTH PRESIDENTIAL CANDIDATES IN 5 BATTLEGROUND STATES

JMI Estimates Biden’s Plan will Cost $36.4 Trillion Dollars in total and hammer economies of FL, MI, OH, PA and WI

(Tallahassee, FL) The James Madison Institute (JMI), one of the nation’s oldest and largest nonprofit economic research organizations today released a groundbreaking study. The analysis compares the economic policy agendas of the two major presidential candidates, President Donald J. Trump and former Vice President Joe Biden across five battleground states – Florida, Michigan, Ohio, Pennsylvania, and Wisconsin.

JMI compared the policy agenda candidate Biden has proposed versus President Trump’s existing economic agenda. In total, Biden’s policies are projected to cost U.S. taxpayers more than $36 trillion. The impact of these policies would create budget shortfalls in the five states totaling approximately $27.7 billion.

Citing Vice President’s proposed policies, this is the total cost breakdown by issue:

  • Healthcare – Medicare for All: $32.6 trillion
  • Climate – Green New Deal: $2.0 trillion
  • Taxes – repeal of Tax Cuts: -$3.8 trillion
  • Education – higher ed subsidies: $1.3 trillion
  • Trade – protectionist regulations: $700 billion
  • TOTAL: $36.4 trillion

In analyzing the impact of this agenda, JMI also concluded what it would translate to in cost-per-resident in each of the five selected states, along with a family of four (in additional taxes):

  • Florida – $9,389 / $37,556 family of four
  • Michigan – $8,142 / $32,556 family of four
  • Ohio – $12,299 / $49,197 family of four
  • Pennsylvania – $10,605 / $42,419 family of four
  • Wisconsin – $9,020 / $36,078 family of four

When comparing job growth, the analysis revealed a stark contrast in annual job creation as a direct result of each candidate’s economic agenda:

STATE Annual Job Growth – Biden Annual Job Growth – Trump
Florida 35,000 179,000
Michigan 39,000 112,000
Ohio 62,000 141,000
Pennsylvania 28,000 110,000
Wisconsin 5,000 45,000

 

“If we have learned anything from this incredibly unique year, it is that the economy can turn on a dime, and policies matter greatly. We face a perilous fight to return to prosperity, and what happens in Washington D.C. will filter down to each state in different ways. Both presidential candidates would approach America’s challenges differently, and their policy agendas absolutely reflect that. Those policy agendas will have tremendous and long-lasting impacts on our economy, and that’s why JMI commissioned this study – to inform and educate voters for Election Day,” said Dr. Robert McClure – President and CEO, The James Madison Institute.

JMI partnered with two of the nation’s most respected economists to produce this analysis of the economic platforms of each of the two major candidates vying to be President of the United States:

  • Antonio Villamil – JMI Senior Fellow; Founder and Principal, the Washington Economics Group
  • Donna Arduin – JMI Adjunct Scholar; President and Co-Founder, Arduin, Laffer, Moore Econometrics

To read “Battleground States 2020,” visit http://www.BattlegroundStates2020.org