Economic and the political outline of

ECONOMIC AND THE POLITICAL OUTLINE OF THE US.

WHAT WOULD THE NEXT FOUR YEARS BE LIKE?

?A lot has happened under the Trump administration in the last four years, and a lot is yet to happen in the next four years. The country has witnessed economic and political shifts since Trump came into the White House four years ago. What will the next four years look like? This is a crucial question at a time like this, especially considering the recent event showing the likelihood of a new president come January. Though President Trump is yet to concede defeat; however, there are indications that Biden might be leading the US for the next four years. With a new president comes new policies. Policies are what will shape the future of the US and determine what direction the country will go both economically and politically. Assuming Biden is sworn in as the new president, what direction will the US economic and political outline travel? To answer this, one needs to review the Obama/Biden administration.

Obama/Biden came into office in January 2009 at a time of economic crisis. The country was battling with the great

?recession. About 3.6 million jobs were lost the prior year, with about 800,000 jobs being lost every month. This was a great challenge for the new administration of Obama/Biden. The country was also largely segregated based on colors, beliefs, and political ideologies. When Obama/Biden came into power, they bridged the gap, revived the economy, and the country’s activities began to thrive again. Eight years later, in 2017, Donald Trump was handed a thriving economy. In 2017 alone, about 200,000 jobs were created. As a result of this, the unemployment rate was reduced to a minimum rate of 4.8%. It is essential to have this sense of history because the expected incoming president was actively involved in history. Thus, history will likely repeat itself. The way the US economic and political outline went under Obama/ Biden can give us a sense of how it’ll also travel under Biden/Kamala. Today, the US economy is primarily affected by the Covid-19 pandemic, And recovery might take longer if the right policies are not put into place. Among the economic policies proposed by Biden is to raise the top income tax rate from 37% to 39.6%. The corporate income tax rate will also be increased from 21% to 28%. Mr. Biden also proposed to apply Social Security taxes to earnings of $400,000 and above. Foreign subsidiaries of US firms will also have their tax rate doubled to 21%.

HOW WILL THESE AFFECT THE US ECONOMY?

The Tax Policy Center claimed that with Biden’s tax proposals, the US would have a revenue increase of $4 trillion in 9 years between 2021 and 2030. With such an increase in government revenue, more significant projects can be implemented, and the economy can thrive.

Jobs and wages are also another significant phenomenon in the US economy. If Biden becomes president, he promised to create “millions of middle-class jobs.” He planned to achieve this through his infrastructure plan. Therefore, in the next four years, under the Biden administration, one can expect the creation of more middle-class jobs. In the next four years, the country may witness an increase in the federal minimum wage to $15. This is part of the promise Biden made. This means workers in the United States may begin to earn more than before. If well managed to prevent inflation, there will be enough money in circulation, and the country will thrive more.

Unlike the last four years with Trump praising autocrats and insulting allies, Biden policy might be different. Thus, in the next four years, there may be new political ties between the US and other nations. Strained relationships may be repaired.

America is, therefore, going to witness a new economic and political outline in the next four years provided that Biden is sworn in as president.

References

https://www.investopedia.com/comparing-theeconomic-plans-of-trump-and-biden-4843240 https://www.usnews.com/news/elections/ articles/2020-11-13/joe-bidens-economicplan-will-depend-on-path-of-thecoronavirus?context=amp https://uc.xyz/AJGZC?pub=link