As the US prepares to go to the polls in what is now a matter of days, we take a look at which potential US president would be better for the economy.
In the run up to the election, Trump claimed to have built “the greatest ever” US Economy before the coronavirus pandemic swept across the world. And while “the greatest ever” is undoubtedly an exaggeration, there is perhaps a little more truth to this than Trump’s opponents would care to admit.
Before Covid-19 hit hard, the US economy was doing pretty well – though this upward trajectory did start with the Obama Administration. Since the unprecedented pandemic hit, the US has seen the biggest economic contraction in history. Additionally, the US now has its highest levels of unemployment in 80 years. However, economies have been hit hard across the world, so some level of drop would’ve happened no matter who was in the White House. While Trump’s handling of the pandemic has been criticized, and is attributed to him being behind in the polls, surveys still suggest he’s the most trusted of the two candidates on the economy.
In contrast to his science-dismissing opponent, Joe Biden has been very clear in his intentions to bring in experienced experts to help flatten the curve. This is a necessity for Biden if he wants to go ahead with the rest of his plans, none of which would be possible in Trump’s covid-ravished USA. If he gets the pandemic under control, Biden’s left-leaning economic plans will come at a considerable outlay, as he aims to invest in skills training, social protection and reversing growing inequality. However projections show a greater potential for economic growth than there is under Trump’s current system which is centered around lower taxes.
Key to the success of either president is focusing on enhancing and improving the lives of the once forgotten middle and working class people that Trump promised so much to back in 2016. Even if Biden wins as projected, he shouldn’t think that the climate which paved the way for Trump’s election in 2016 has disappeared completely. There’s still a disenfranchised American middle class out there who need to be acknowledged and brought back on side.
One of the big markers of Trump’s legacy has been his bullish approach to political relationships, which has led to many former US alliances being shattered. The most noteworthy of these would be the relationship with China. Despite deteriorating geopolitically, financial ties have strengthened, but this has been the work of Wall Street – and has only been made more difficult by the president’s trade war. Should Biden get elected, such geopolitical relations strained by Trump won’t be healed overnight. Key to the economic success of the Biden administration will be rebuilding the foundations of these broken relations, rather than just putting a bandaid over the cracks.
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