What Would Biden's Economy Look Like?
By: Mary L.
With less than two weeks remaining until the 2020 Presidential election, voters might ask, "how exactly will the election's outcome affect my daily life"? How can the White House occupant impact, positive or negative, the average American's daily work and home life? Two examples of how policy differences can add or subtract real dollars to Americans' bank accounts follow.
A few years ago, gasoline prices were $4.00 per gallon or more in many areas of the country. Higher gasoline prices affect transportation costs and workers' ability to drive to work or even reach jobs for which they are qualified. The United States achieved greater energy independence due to fracking technology. This method of retrieving oil increased production within the United States. The country was no longer subject to price manipulation by other nations, especially in the Middle East, and could locate and utilize domestic supplies. Natural gas prices also fell as a consequence of fracking. President Trump supports fracking and lower gasoline prices while Vice President Biden and Senator Harris would ban fracking and therefore welcome the return of $4.00 per gallon or more gasoline prices.
President Trump's tax rate cuts benefited all individual taxable income levels and added funds to family budgets. Higher-income taxpayers experienced higher savings because they pay taxes at higher rates and levels. Notwithstanding discussions of the size of benefits, all taxpayers benefited. Consumer spending increased after the cuts until the Covid 19 contraction's onset in the first quarter of 2020.
National unemployment rates fell constantly after the enactment of tax cuts for all Americans. Vice President Biden will cancel or rescind the Trump tax cuts. Under Biden, Americans will have less money in their pockets to spend and support their families, and pre-Covid 19 unemployment rates might be a thing of the past.
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