2020 Election Research: The Big Economic Shift
This month we’re doing a 2020 Democrat candidate series which objectively cover the proposed economic policies of the 2020 Presidential candidates, along side President Trump. The 2020 election represents the potential for one of the largest shifts in government economic policy during our lifetimes. Alongside this shift, proposed policies and their (potential) implementation will create major uncertainty for the economy and business. As we have learned over the past three presidents, the executive office is extraordinarily powerful and doesn’t require Congressional approval to create significant policy changes. Investors and businesses should understand the implications of the economic policy proposals from each candidate: we’ve created this series to facilitate that understanding.
This series will objectively review each candidates’ economic policies and their projected impact on a wide range of economic areas from jobs to taxes to trade. The goal is to provide business and investors with an understanding of how these policies will impact the future growth and economic direction of the country.
Having reviewed the leading Democratic candidates and President Trump’s positions, there are three major economic differences.
- Democratic candidates propose tax increases on the top income brackets, raising taxes on corporations, and some candidates propose creating a wealth tax to pay for social spending on underserved areas of the economy, such as minorities and rural populations. President Trump and Republicans propose cutting taxes for individuals, pass-through entities, and corporations to generate economic growth.
- Democratic candidates propose using regulation to improve the environment, to correct social injustice, and to improve workers’ rights and pay. President Trump and Republicans have attempted to change many of the Obama administration’s regulatory legislation and rules including; the Fiduciary Rule, Waters of the US rule, Clean Power Plan, and Volcker Rule.
- Democratic candidates support improving, enhancing, and strengthening government involvement in healthcare. The proposals run the gamut from “Medicare for All” to “Medicare for all who want it” to single-payer. President Trump and Republicans failed to completely repeal the Affordable Care Act but did eliminate the individual mandate tax.
Over the next few weeks, we’ll attempt to peer through the haze of candidate rhetoric and hyperbole to find the core of their economic plans and what they would mean for job creation, growth, and the business environment. We’re going to review the current top 5 polling candidates, going from lowest polling to highest: Buttigieg, Harris, Sanders, Warren and Biden. This week, South Bend Mayor Pete Buttigieg.