US seeing an 'across-the-board human capital crisis' not seen in decades, budget watchdog says
foxbusiness.comEconomics professor Casey Mulligan discusses impact of Biden regulations on Americans' wallets.
Revealing just how costly Biden administration policies are for the average American household, a top economist and budget watchdog warned of an economic «crisis» not seen in years.
«This is an across-the-board human capital crisis like we haven't seen for decades,» Casey Mulligan, University of Chicago professor and former chief economist at the White House Council of Economic Advisers, said on "Fox & Friends" Friday. «And that's hurting our economy and it hurts regular people in their everyday lives.»
In a recent report authored by Mulligan that compares fiscal impact between the Obama, Trump and Biden administrations, data showed U.S. households facing $10,000 worth of extra costs, mostly from automobile, fuel economy and emissions standards.
When evaluating what added costs Americans would have faced under a second consecutive Trump administration, the average U.S. household was estimated to save $21,000 over eight years.
HARVARD ECONOMIST EXPLAINS ‘BIDENOMICS’ AFTER PRESIDENT TOUTS ECONOMY IN SPEECH: ‘PEOPLE AREN’T HAPPY'
«Workers are not able to be as productive as they used to be. We see it at the school level, the kids aren't learning. Wages aren't keeping up with inflation. That's the other side of the productivity coin,» Mulligan explained. «And then a lot of people are dying, and not from COVID, from more than normal deaths, from traffic accidents, diabetes, heart attack. I could go on and on.»
President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago. (AP Newsroom)
If Biden’s regulatory costs continue to rise at their current rate, according to the
Read more on foxbusiness.com
