Looking deeper into the electionsfrom

LOOKING DEEPER INTO THE ELECTIONS FROM AN ECONOMIC PERSPECTIVE

It looks like the Trump presidency is about to end, considering the outcome of the recent election. Thus, Biden is a step closer to the white house. Whether Trump or Biden, one person will be sworn into office come January 2021 as the US President. However, economic and political analysts have analyzed to know which of the two presidencies will best manage the country in the next four years.

From an economic perspective, several reasons indicate that the Biden and Kamala administration is what America needs at this time of history. If Biden is finally sworn in as President, he would have made history like Bill Clinton in 1922.

Clinton was the last politician to oust an incumbent President when he defeated George Bush to become President himself. Perhaps, Biden will also make history.

When Clinton ousted Bush, the US economy witnessed a massive development. There was a drastic reduction in unemployment, and the stock market saw a significant increase. Under the Clinton administration, the US economy boomed, and the budget deficit was turned into a surplus.

There’s a significant reason for placing the Clinton administration side by side with the expected Biden administration. They have something in common — ousting an incumbent President. The question now is, will history repeat itself from an economic perspective? Will the US also experience an economic boom under the Biden Kamala administration? When Clinton emerged as President, the US was at a recovery stage coming from the recession of the early 1990s. Unfortunately, that is not the case when Biden is expected to go into the white house. The US economy at this time of history has suffered a lot of setbacks under the Trump administration. The poorly managed economy might get poorer if things are left to continue the way they are.

The economy has been negatively impacted by the Covid-19 pandemic, which keeps growing daily. Although a stimulus package was provided to boost consumer spending and make organizations have enough to keep their business growth in the face of the pandemic;

WHY IT HAD TO BE BIDEN AND KAMALA

unfortunately, the effect is fading already. The US economy, therefore, needs a rescuer who can turn the hands of the clock.

The US economy under the Trump administration has only been working for the minority rich people in the country. Under his administration, there has been no fair distribution of wealth. The rich got richer while the poor get nothing.

As a Vice President in 2009, Biden oversaw the economic recovery by Barack Obama. Hence, if he wins and gets into the oval office, he can utilize his experience to combat the falling economy and put the US back on the path of growth.

However, Biden/Kamala has more work to do than Obama/ Biden did to make a thriving economy. When Obama/ Biden were elected, there were no global crises as the world witnessed today. Biden/Kamala will, therefore, need to think outside the box.

According to Jared Bernstein — Biden’s longtime economic adviser, “Biden would be the most battle-tested President to come into office that we’ve ever had in this regard.” He proceeds by saying, “FDR did amazing work on the Great Depression, but he was throwing noodles at the wall. Biden would bring a unique experience to the office, having been the implementer in chief last time.”

Comparing Trump and the supposed administration of Biden, one will see why the US is in dire need of a Biden presidency at this time of history. If coming from a legislative chamber with little economic management experience, Biden can champion a successful economic recovery as a vice President; he can do better as a President.

References

https://theintercept.com/2020/09/01/ biden-economic-policy-us-economy/ https://amp.theguardian.com/ business/2020/nov/08/the-reliefof-bidens-win-will-be-tempered-byeconomic-headwinds ap.business-standard.com/article-amp/ international/bs-reads-economic-tiesto-remain-a-challenge-for-joe-biden-samerica-120111000221_1.html