The US Election of 2020 had us on edge for the entire duration of counting the votes. In his 2016 campaign, Donald Trump made a host of extravagant promises, pre-claiming the success of the “transformative” policies he would impose, to create millions of jobs in the United States. He announced that his presidency would lead to an exponential growth of the GDP, to a whole new level that the US had never seen before. He didn’t live up to these promises, however. President Donald Trump was the first president in 90 years to end his term with a higher unemployment rate than when he started.
Joe Biden has claimed the introduction of many new policies, but he hasn’t made any extravagant promises. In his speeches, he elicited his ideas for tax policies, spending policies, and other regulations, and the US economy seems to be on the right track of recovery.
India has always had a trade deficit with the US, in the sense that our imports outnumber our exports by close to $28.8 billion. Joe Biden has proposed to invest in infrastructure, health, clean energy, education, social safety, as well as revoking some of the policies set by Donald Trump. He has also expressed his views on hiking corporate taxes and personal income taxes, to equalise, redistribute the income, and bridge the gap between the rich and the poor.
His ideas conjugate to curate a budget of $2 trillion, which entails to the creation of 1 million new jobs in the automobile industry, ¼ million jobs in the energy sector, as well as one more million jobs in the infrastructure industry. He has also set aside $700 billion especially for the creation of jobs, with the promise of 5 million new jobs in the entire market and economy.
Overall, economic policymakers and analysts estimate the total of Biden’s plans to $4 trillion in the next four years, and there is an estimated tax revenue of $1.4 trillion. Biden aims to boost the economy by doubling the federal minimum wage too, which hasn’t been altered since 2009, and we can expect him to cease the trade wars with China that were fuelled by Donald Trump.
The pandemic is a massive hindrance in the road to economic growth, especially since the market was railed off the road since March 2020, resulting in a 16% rate of unemployment in the economy. However, once these new policies are introduced, the economy is predicted to return to all its glory very soon, especially with Joe Biden as the new President of the United States of America.
