The Economic Case for Biden
US President Donald Trump has seeded the investment environment with uncertainty, trashed America's trade relationships, blown up the fiscal deficit, and left American workers worse off than they were when he took office. He is the polar opposite of Joe Biden, a politician who understands precisely what the US economy needs.
NEW YORK – Commentators have offered many reasons why one should vote in November for Joe Biden, the Democratic nominee for US president. Yet the economic dimension of the election has been of little interest to pundits, and few, if any, economists speaking on the subject have bothered to highlight how the outcome bears directly on people’s welfare. But the economy is the stage on which people work in the hope of gaining personal development and the satisfaction of succeeding. It isn’t just about the money.
The economic case for Biden begins with the economic case against President Donald Trump. Consider Trump’s costly corporate tax cut. It did not deliver anything like the investment and growth he promised, and the main effect was to run up fiscal deficits in the first three years of his presidency.
Trump’s disregard for this fiscal profligacy has set a precedent for unnecessary deficits in future administrations. (Of course, the deficit incurred more recently in responding to the pandemic was unavoidable and, under the circumstances, beneficial.)