Economic Agenda: Trump v/s Biden…. The choice is clear

October 28, 2020
Ziad K. Abdelnour

Exploring Financial Strategies and Economic Insights

This blog presents a comparative analysis of the economic agendas of Donald Trump and Joe Biden, emphasizing the stark contrasts in their approaches to economic policy and the implications for America's future. It articulates the differing visions and strategies each candidate has proposed, analyzing their potential impacts on various sectors of the economy, including healthcare, energy, taxation, and international trade. The discussion delves into Trump’s policies that favor deregulation and tax cuts, purportedly designed to stimulate business growth and bolster the economy. Conversely, it examines Biden's proposals aimed at increasing government involvement in the economy, with a focus on expanding healthcare, addressing climate change, and increasing taxes on the wealthy to fund social programs. The blog argues that the choice between these two economic visions could fundamentally alter the direction of the United States, affecting everything from job creation and consumer prices to global competitiveness and fiscal sustainability. It advocates for a thorough understanding of these policies among voters to make an informed decision that aligns with their views on economic growth and social equity.

One of the hot topics of this year’s election is the difference in economic plans from each candidate. As a strong capitalist, President Trump has to continue to incentive business and ownership while Joe Biden makes a push towards socialism encouraging people to remain in the general labor force and rely on the government for assistance. With economic plans on opposite ends of the spectrum, it is important that we choose wisely as we cast our votes. Afterall, this is your freedom at stake. So, here’s a breakdown of each candidate’s economic plan:

Trump’s Plan: During his term, President Trump has signed legislation to cut capital gains tax to 15 percent and increase the estate tax basic exemption amount from $5 million to $10 million. He plans on introducing new legislation that will propose a cut to payroll taxes and continues to cut regulations for businesses. While Trump’s plan heavily incentivizes business ownership, it also inherently increases the number of jobs created each year. With businesses allowed to grow and flourish, they will expand and more jobs will be created. Not to mention, more people will become wealthy and create businesses of their own and employ more people. In addition to creating new jobs, President Trump is also looking to bring back jobs to the American people by bringing manufacturing back to the United States and imposing tariffs on those that don’t. He also has plans to fund on-the-job training, apprenticeships. Lastly, he wants to make major investments in infrastructure. This followed by the success of having launched the “opportunity zones” programs in 8,766 distressed areas, which, so far, have attracted $75 billion in private capital.

Biden’s plan: On the other hand, Biden wants to increase the federal minimum wage to $15 per hour and strengthen worker organizing, collective bargaining, and unions. He also has claimed that he will make racial equity part of the mandate of the Federal Reserve and will insist on strong and enforceable standards for labor, human rights, and the environment in any future trade agreements. While Biden’s plan proposes to improve the workforce, there are no strategies on how he will grow the workforce and create new opportunities. Especially since his plans also discourages business ownership. He plans on increasing taxes by $4 trillion over 10 years, specifically through nearly doubling the current tax rates for those who earn $400,000+ per year and by greatly increasing capital gains tax to the same rate as income tax. He also has strong intent on banning anonymous shell companies, expanding anti-money-laundering requirements, disclosure of beneficial ownership, and greater oversight of cross-border transactions. Since businesses are being hit hardest, it will be more difficult for them to grow and expand. Thus, no new jobs will be created. This means that the burden will be placed on the government to either create jobs or provide financial assistance to keep families afloat.

It’s evident who has the best interest of the people at hand. President Trump has been trying to rewrite the American economy and help people take control of their income., and to give people the ability to create real wealth without having to worry about being penalised by the government. Biden’s economic plan has set out to discourage people from building wealth and forces people to remain in the minimum wage workforce with limited opportunities. Ultimately, his plan incentivizes poverty and forces people to rely on government assistance. At the end of the day, money is all about freedom. If you limit one’s access to wealth, you limit their freedom. So think about it, would you rather be set up to thrive and be free to enjoy the fruits of your labor or sit around waiting for the government to give you a handout that barely allows you to survive. Thrive or survive, the choice is yours.

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The content provided here does not constitute personalized investment advice. Decisions to invest or engage with any securities or financial products mentioned in this article should only be made after consulting with a qualified financial advisor, considering your investment objectives and risk tolerance. The author assumes no responsibility for any financial losses or other consequences resulting directly or indirectly from the use of the content of this article.

As with any financial decision, thorough investigation and caution are advised before making investment decisions.