The United States presidential race is gaining momentum as the election date grows closer. The candidates are republican and incumbent, President Donald Trump, and former vice president and democrat, Joe Biden. The two figures have distinctly opposing viewpoints on nearly every issue, so the matter of who will be the better oval office resident is largely subjective. However, when evaluating the economic implications of each individual’s proposed policies can be assessed from a more objective standpoint.
First it is important to acknowledge the current status of the economy. The coronavirus pandemic has plunged the United States into a recession and has moreover led to a significant increase in the unemployment rate. These factors have made the candidates respective economic plans incredibly relevant. So, what are Biden and Trump’s plans for the economy and how will they influence the revival of the United States economy.
President Trump intends to decrease taxes and regulations, thereby adhering to more free market principles. He also plans to continue placing pressure on China and suggested that tariffs ought to be imposed at a higher rate. In a statement, the President exclaimed that “we will go after China.” He continued to say “We will not rely on them one bit. We’re taking our business out of China. We are bringing it home. We want out business to come home. We will continue to reduce taxes and regulations at levels not seen before.” With these changes implemented, Trump hopes that the economy will quickly rebound.
Presidential hopeful, Joe Biden, is taking a drastically different approach. Biden intends to increase the taxes levied on the wealthy and use that money to invest trillions in clean energy, improving infrastructure, improving education, and making housing and childcare more affordable. Biden expressed that his “economic plan is all about jobs, dignity, respect, and community.” He continued to say that “together, we can, and we will rebuild our economy. And when we do, we’ll not only build it back, we’ll build it back better.” The premise of his economic reforms reflects an approach that emphasizes societal health over economic well-being. Consequently, critics have pointed out that Biden’s plans closely resemble socialism.
When it comes to the experts, there is a division between economists and the plans they endorse. The economists that prioritize a return to full employment contend that Biden’s plan is preferable. The chief economist at Moody’s Analytics asserts that “the goal of the next president will be to get back to full employment as fast as possible, and Biden will get there a lot faster than Trump will.” Conversely, other economists assert that Trump’s plan is multitudes better. Chris Edwards, economist at the libertarian Cato Institute, contends that “overall, trump will be better for the US economy. Trump will be better from a free market perspective.”
The divide between the candidate’s policies is paralleled by the staunch division between each candidates’ respective supporters. When evaluating which official will be better for the economy, the ultimate deciding factor for who will be better is subjective as it depends on the aspects of the economy individuals want to see flourish. As such, pro-business individuals will likely support Trump’s plan.