Trump versus Biden Policies Overview
- The November 3 elections are around the corner, and the state of the economy thanks to the coronavirus pandemic is at the top of voters' minds.
- While a Trump administration would likely continuation of lower tax rates, a Biden administration might bring about the end to trade wars.
- The composition of the Congress matters greatly, insofar as a mixed result could bring more gridlock to Washington, D.C. - regardless of whoever is the president.
A decade after The Great Recession, Americans are dealing with the worst economy since The Great Depression. Onset by the coronavirus pandemic, US growth cratered in the second quarter of 2020, with inconsistent evidence emerging of a widespread V-shaped recovery in the third quarter.
Now past the Labor Day holiday, we are officially in the US presidential election season, and the state of the economy amid the coronavirus pandemic is at the top of voters’ minds as they weigh sending back to the White House Republican Donald Trump, or Democratic nominee and former Vice President Joe Biden.
Can we guess your trading personality?[1]
Depending upon the outcome of the November presidential election, the US economy could take very different tracks. While there may be some agreement in terms of trade or infrastructure, Trump and Biden diverge on nearly every other economic policy facet – from taxes, to jobs, to the coronavirus pandemic recovery itself.
We outline below key areas and explain how we see them differ in a Trump or a Biden administration.
Taxes
Trump – Tax rates have been cut during the first Trump term, both at the corporate and individual level. Comments made during the campaign suggest that Trump would seek further cuts to both corporate and individual tax rates to help spur the economy’s recovery from the
