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The world – the Americas
Whoever wins the race for the White House needs a majority in Congress to implement their economic policy.
If Joe Biden is elected on November 3, large corporations and large billionaires will pay an additional $ 4 billion in taxes over the next ten years.
Biden intends, according to his program, to reuse this tax revenue on social programs and education, as well as the dilapidated infrastructure that is the subject of constantly updating it in American political discourse.
Mark Zandi and Bernard Yaros, economists at Moody’s, said: “Low- and middle-income families will benefit more from Biden’s policy than from Trump’s policy.”
And they said that if Trump wins a second term, he will continue to work on the tax cuts that especially benefited big business and the wealthy during his first term.
The first debate between the two candidates on September 29, which was dominated by personal attacks in a tense atmosphere and continuous boycott, did not reveal more about the programs of the two economic candidates.
Trump stressed that his administration “gave birth to the best economy in the country’s history,” expecting a collapse if Biden wins.
All the economic indicators were good before the epidemic, while the labor market prevailed in the best conditions in fifty years.
Biden, who identifies himself as the middle-class candidate, claims that his opponent’s policy primarily benefits the wealthy.
“Millionaires and billionaires like him are surviving the Covid-19 crisis well,” he said, noting that he intends to “build an economy” that is more environmentally friendly.
His campaign website states that the energy transition is supposed to create “millions of good-income jobs.”
And Nancy Vanden Howton and Gregory Daco of the Oxford Economics Bureau of Studies said Biden’s proposals “will give the US economy a boost as it recovers from the global recession and the emerging Corona virus.”
Moody’s economists also believe that Biden will be in a better position to revive the world’s leading economy.
They also considered that if Biden abandoned Trump’s immigration and foreign trade policies, this would give an additional boost to growth.
But whoever the next president is, his ambitions will be hit by roadblocks if he faces opposition in Congress, and then in the end, the gap will be very small between Biden and Trump, according to Mark Zandi and Bernard Yarros.
And if the unions condemn Trump’s economic policy, on the other hand they do not support Biden’s policy.
Karl Rosen, head of the American Electrical, Radio and Machinery Workers Union, which represents 35,000 workers in various industrial sectors, warned that “if we are suspended in four additional years of the Trump presidency, this will do great harm to our country and workers. ” Biden also said his show was worthless.
The two candidates converge on one point, which centers on the slogan “Made in America,” a slogan that Trump has chanted throughout his tenure.
University of Pennsylvania professor John Rico explained that the two candidates share a “skepticism about free trade,” but that “the tools to achieve it differ” between them.
More than 3,400 companies from various sectors, including Tesla, Home Depot and Ralph Lauren, have filed a complaint against the Trump administration in court, denouncing the harsh tariffs imposed on Chinese exports in the context of the trade war that the former millionaire entrepreneur started with China.
