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link : Will President-elect Biden's Economic Measures Hurt Or Boost The Economy?
Will President-elect Biden's Economic Measures Hurt Or Boost The Economy?
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(Bloomberg Opinion) -- Joe Biden has been elected to be the next President of the United States. Now he'll have to get creative.
When the President-elect takes office, he’ll confront the country’s two most acute challenges: an ongoing Covid-19 pandemic and the economic damage it's wrought. But he'll have an uphill battle to enact the sort of bold policy agenda that many supporters were hoping for.
Barring a January surprise in Georgia's runoff election, Republicans are likely to retain control of the Senate, denying Biden the unified control of government that his predecessors enjoyed when they came into office. With traditional relief and stimulus measures limited by opposition party intransigence, Biden might still be able to pass policies designed to resuscitate the stricken service sector directly.
The U.S. economy has bounced rapidly back since April, but only partially. Employment has only recovered about halfway to where it was before Covid-19 struck, giving it the shape of a reverse square-root sign:
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WNU Editor: Buried in the election news last week was this incredible US jobs report .... Markets dip as unemployment falls to 6.9 percent (The Hill). A one percent drop in unemployment with much of the country still under lockdown! And the there is this .... Before The Covid-19 Pandemic, U.S. Income Growth Soared And Poverty Fell To The Lowest Rate Since 1959 (November 3, 2020).
Why change a policy that has (and is) producing results?
But we all know what is going to happen. Many Americans voted for Biden to stop the coronavirus pandemic. He made the commitment to do it, even if it means shutting down the economy. A position that President Trump refused to take. Joe Biden was also elected on an economic platform that is at odds with President Trump's policies. Green deal. Transitioning from fossil fuels. Massive government support, high taxation, and deficit spending. Joe Biden's campaign was very open on what they were going to do, and the American people heard and voted. Bottom line. Elections have consequences, and there is going to be a lot of that for the US economy in the next four years.
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