President Joe Biden‘s economic and social policies will reduce economic growth over time.

In a new National Bureau of Economic Research paper, professor Edward Lazear and his co-authors explain that the income benefits of economic growth spread to all segments of the national income distribution. Trickle-down economics works. In a growing economy, everyone benefits. Appropriate policy is to focus on economic growth, not income redistribution. Over time, countries that focus on redistribution become relatively poorer. This is most evident in the countries of the European Union, most particularly in the United Kingdom. In Great Britain, salaries for qualified registered nurses are down 20% in real terms since 2010. The typical worker in the United States makes significantly more than the typical worker in Great Britain or any other large population EU country.