Biden’s Economic Policies are ‘Absolutely’ Progressive, Socialist
After years of data accumulation and analysis, top U.S. economist Robert Genetski found that progressive or socialist policies are destructive and can only bring America away from prosperity. He also said the Biden administration’s economic policies are “absolutely” progressive or socialist.
Genetski is “one of the nation’s premier interest rate forecasters,” according to the Heartland Institute. He’s a consultant, teacher, author, and speaker, and recently has become a contributor to The Epoch Times.
“The classical free-market policies were far more effective and powerful than I ever imagined, and the movement away from them, in terms of progressive economics and socialism, were far more destructive,” Genetski told The Epoch Times. “I would never have guessed that for 52 years we would have no increase in the real take-home pay of the average worker.”
Genetski said he wanted to compare the effects of progressive policies and free-market policies, and that after years of research, the results surprised him.
“So I wanted to find out the answer, and the first thing I found out is we did not have good data going back continuously,” Genetski said.
Genetski said we have data on Gross Domestic Product (GDP) year by year for over a century, but that’s not necessarily a good indicator. For example, the GDP would explode during wartime, but people were suffering.
“I wanted to dig down into the data, and it took me several years to reconstruct data for the U.S. that showed not just GDP, but how much people were buying, how much they were earning, what their incomes were in real terms, and, therefore, how much they were really prospering,” Genetski said. “I spent a good deal of time creating the data.”
Genetski spent four years doing the research, the findings of which were reflected in his book “Rich Nation, Poor Nation.”
After gathering all the data for incomes and real wages, the second thing Genetski did was to look at U.S. economic policies each year from 1900 on.
By Harry Lee
