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Happy Election Day! Here are 18 quick reasons why electing Biden--and a Democratic sweep--is probably a better choice for the economy:
1) Moody’s Analytics believes that “a victory for Joe Biden over Donald Trump and a Democratic sweep—where Republicans lose the Senate—would result in the biggest rebound in economic growth and employment” https://www.forbes.com/sites/sergeiklebnikov/2020/09/25/biden-democratic-sweep-would-be-best-outcome-for-the-economy-moodys-says/?fbclid=IwAR07w77RV-lcF_jMVlbbLpr9yortsRM52l3SmEE7hSPD35eF66gBy_RvOOA#1a8715494283
2) Moodys argues that Biden’s economic plan would create 7.4 million more jobs than Trump’s
https://www.moodysanalytics.com/-/media/article/2020/the-macroeconomic-consequences-trump-vs-biden.pdf?fbclid=IwAR2VWvOtUGl2EzRZrU8nHhzFYNW3S8BgxLx-pu9cHfp6GkbE6Ks0VTOEbDI
https://www.moodysanalytics.com/-/media/article/2020/the-macroeconomic-consequences-trump-vs-biden.pdf?fbclid=IwAR2VWvOtUGl2EzRZrU8nHhzFYNW3S8BgxLx-pu9cHfp6GkbE6Ks0VTOEbDI
3) Credit Suisse, a leading financial services company and global wealth manager, believes the best outcome for risk markets is a Democratic sweep given the potential for significantly higher fiscal stimulus, and consequently, higher economic growth https://www.bloomberg.com/news/articles/2020-09-28/democrats-sweep-may-be-best-for-risk-markets-credit-suisse-says?fbclid=IwAR3hMHV-KWM0z0dWxi7jHk_l0BYIOq-gVpQFFxWAARoqRIJUo8LU8gGpb-Y
4) Goldman Sachs also believes that a Democratic sweep is the best scenario for economic growth https://markets.businessinsider.com/news/stocks/stock-market-outlook-biden-blue-wave-boost-growth-goldman-sachs-2020-10-1029649255#
5) Wall Street donations favor Biden by a ratio of more than 4 to 1! https://www.opensecrets.org/2020-presidential-race/industry-totals?highlight=y&ind=F07&src=a
6) More than 800 economists have signed a letter opposing Trump’s reelection, decrying his incompetence and lies, and arguing against his approach to trade and immigration
https://sites.google.com/site/econagainsttrump/
https://sites.google.com/site/econagainsttrump/
7) Thirteen Nobel laureates in economics signed a separate letter endorsing Biden’s economic agenda
https://econbrowser.com/archives/2020/09/13-nobel-laureates-in-economics-on-the-choice-of-president
https://econbrowser.com/archives/2020/09/13-nobel-laureates-in-economics-on-the-choice-of-president
(Why do so many leading investors and economists prefer a Biden presidency? Some of the most common reasons are: a) stability; b) handling of the COVID pandemic; and c) Biden's infrastructure, trade, and immigration policy are more likely to spur economic growth.)
8) When comparing tax plans, Biden’s is obviously viewed as more equitable https://www.accountingtoday.com/opinion/trump-vs-biden-whose-tax-plan-makes-for-good-tax-law
9) From a fiscal perspective, neither candidate’s economic plan looks very different in terms of its effect on the deficit http://www.crfb.org/papers/cost-trump-and-biden-campaign-plans
10) Trump’s trade wars haven’t been winners.
A major report by the WSJ indicates that Trump did not succeed in reshoring US manufacturing jobs and the the US-China trade imbalance has grown to new heights despite Trump’s China tariffs and trade war https://www.wsj.com/articles/china-trade-war-didnt-boost-u-s-manufacturing-might-11603618203
A major report by the WSJ indicates that Trump did not succeed in reshoring US manufacturing jobs and the the US-China trade imbalance has grown to new heights despite Trump’s China tariffs and trade war https://www.wsj.com/articles/china-trade-war-didnt-boost-u-s-manufacturing-might-11603618203
11) Economists agree that Trump’s tariffs have been a tax on the American consumer, costing US households thousands of dollars a year
https://nfap.com/wp-content/uploads/2019/09/Tariffs-and-Regulations.NFAP-Policy-Brief.September-2019.pdf
https://nfap.com/wp-content/uploads/2019/09/Tariffs-and-Regulations.NFAP-Policy-Brief.September-2019.pdf
12) Economists think Trump’s anti-trade behavior has hurt GDP growth, hasn’t overall netted new jobs, and has cost the American consumer without helping the US negotiate better trade agreements or significantly improving national security https://www.brookings.edu/policy2020/votervital/did-trumps-tariffs-benefit-american-workers-and-national-security/
13) Since Biden served with Obama, it’s worth comparing Trump's and Obama's economic records.
Even prior to the pandemic, economic/stock growth under Trump did not outperform economic/stock growth under Obama https://www.factsarefirst.com/comparison/donald-trump/barack-obama
Even prior to the pandemic, economic/stock growth under Trump did not outperform economic/stock growth under Obama https://www.factsarefirst.com/comparison/donald-trump/barack-obama
14) More resources comparing Trump’s and Obama’s economic growth, and a reminder that Trump inherited a pretty great economy from the Obama era
https://www.forbes.com/sites/chuckjones/2020/02/01/trumps-economic-growth-is-slower-than-obamas-last-3-years/#3da6da274fed
https://www.politifact.com/factchecks/2020/feb/06/donald-trump/no-economy-didnt-suddenly-get-strong-under-donald-/
https://www.washingtonpost.com/business/2020/09/05/trump-obama-economy/
https://www.forbes.com/sites/chuckjones/2020/02/19/no-president-trump-obamas-economic-recovery-was-not-a-con-job/#798700905e62
https://www.forbes.com/sites/chuckjones/2020/02/01/trumps-economic-growth-is-slower-than-obamas-last-3-years/#3da6da274fed
https://www.politifact.com/factchecks/2020/feb/06/donald-trump/no-economy-didnt-suddenly-get-strong-under-donald-/
https://www.washingtonpost.com/business/2020/09/05/trump-obama-economy/
https://www.forbes.com/sites/chuckjones/2020/02/19/no-president-trump-obamas-economic-recovery-was-not-a-con-job/#798700905e62
15 ) Here, you can find another comparison of how the DOW increased much more under President Obama than it did under President Trump, and you can compare both presidencies’ performances to past presidencies https://finance.yahoo.com/news/dow-performed-best-worst-under-100308772.html
16) The truth is the US economy is so large and well-functioning that POTUS has little effect on it, with the exception of handling economic “shocks”. Economists agree this pandemic is a SIGNIFICANT shock and more economic stimulus is urgently needed https://www.ft.com/content/7f24c3ef-981e-40aa-bcae-79532fbd66ab
17) However, Trump’s waffly rhetoric regarding stimulus hasn’t helped and has, in fact, roiled the stock market https://www.vox.com/21504864/trump-stimulus-populists-conservatism-fiscal-moore-laffer
18) Lastly, a recent poll of US economists indicates that most believe a Democratic sweep would be best for reviving the economy https://www.reuters.com/article/us-usa-economy-poll/u-s-outlook-dims-economists-say-democratic-sweep-best-for-revival-reuters-poll-idUSKBN27D009
