The economy has always been a significant issue in every election because it affects every American. It is the foundation of every nation and determines the quality of life of its citizens. Every presidential candidate has a different approach to handling the economy. They make promises and offer solutions to address the economic issues that we face today. In this article, we will explore the promises made by the presidential candidates and evaluate their plans for the US economy.
Donald Trump has based his campaign on the economy and promises to ‘Make America Great Again.’ He often speaks of how he would fix the economy and bring back the jobs lost overseas. To achieve this, he has promised to create jobs by cutting taxes, reducing regulations, and investing in infrastructure.
Trump intends to create jobs in different sectors, including construction, manufacturing, and energy. He believes that creating jobs will help to boost the economy by increasing consumer spending, generating more income tax revenue, and improving the overall economic performance.
Trump also promises to simplify the tax code by reducing the number of tax brackets from seven to three while lowering the tax rates. Simplifying the tax code would make it easier for Americans to file taxes, reduce business compliance costs, and boost economic growth.
Joe Biden promises to build back better by investing in the economy, creating jobs, and strengthening the middle class. He intends to achieve this by introducing policies to revive manufacturing, boost innovation, and modernize infrastructure.
Biden has pledged to create new clean energy, healthcare, and education jobs. He also promises to make significant investments in transportation, broadband, and clean energy.
Biden has also promised to increase wages, strengthen workers’ rights, and empower labor unions. He intends to raise the minimum wage, requires paid family and medical leave, and support access to affordable childcare for working families.
Impact of the COVID-19 pandemic
The COVID-19 pandemic has significantly impacted the US economy, with millions of Americans losing their jobs and businesses closing down. Both presidential candidates recognize the severity of the situation and propose different solutions.
Trump has introduced measures such as aid packages, stimulus checks, and payroll protection programs to help Americans cope with the economic consequences of the pandemic. He has also promised to ensure that vaccines and treatments are widely available to help control the spread of the virus, which would allow businesses to resume their operations.
Biden has also promised to address the economic impacts of the pandemic. He intends to help small businesses cope with economic losses by offering low-interest loans and grants and increasing funding for healthcare systems and public health services.
Trade policies are essential to any economy, and both presidential candidates have different approaches to addressing trade issues. Trump favors a protectionist approach to trade and has imposed tariffs on trading partners such as China, Canada, and Mexico. He believes this approach would protect American jobs and ensure trade deals favor the US.
Biden, on the other hand, has promised to pursue a more multilateral approach to trade. He intends to work with other countries to negotiate fair trade deals that benefit American workers and businesses while prioritizing environmental and labor standards.
In conclusion, both presidential candidates have different approaches to handling the US economy. Trump promises to create jobs, reduce taxes and regulations, and invest in infrastructure. Biden promises to create jobs, invest in clean energy and infrastructure, and improve workers’ rights.
Regardless of who wins the election, it is critical to have a stable and growing economy to ensure that all Americans have access to opportunities and live better lives. The promises made by the presidential candidates should be evaluated, and their policies should be implemented to ensure that the US economy remains strong and resilient in the years to come.