One thing that has me sweating like a dollar-store hot dog in the microwave about this tight election is the economy. Sure, if you peek outside the right wing news bubbles you’ll have been hearing that the U.S. economy has been showing off, outshining other countries post-Covid, and many economists are singing, “No recession in sight!” But, hold up — if Corporate America is raking in record profits, stock markets are steady, and regulations are barely a blip on the radar, why are so many people still pinching pennies? Wages have been chilling in the same spot, inflation refuses to take a seat, and let’s be honest, the price-gouging is so blatant it might as well have its own corporate mascot.
So, does that mean the Harris administration is just going to hit “repeat” Biden admin and there’s no change ahead? Not quite, say some analysts. They’re betting on some notable changes in her approach, and they’ve got a few reasons to back it up.
- Raising the corporate tax rate from 21% to 28% is a clear priority in her agenda.
- Harris plans to carry forward the Biden administration’s aggressive antitrust efforts.
- However, she’s expected to be more business-friendly, especially regarding mergers and acquisitions.
- She supports replacing progressive FTC Chair Lina Khan with a more moderate leader.
- Despite appearances, her climate policy is actually more business-friendly than many might think, as outlined by experts below.
T***p, meanwhile, isn’t exactly the domestic business BFF he’s cracked up to be. Analysts are actually rating his economic policies as tougher on business and worse for the economy than Harris’s. So, if you’re someone who’s sweating about the economy, this is your cue to be officially worried instead of flying t***p flags on your farm implements.
- Slashing corporate taxes from 21% to 15% with zero pricing regulation—while Corporate America is swimming in profits—makes zero sense. Big businesses aren’t the ones struggling, and we’ve seen “trickle-down” economics debunked time and again. WITH DATA.
- Tariffs on all imports? A disaster waiting to happen for everyone except foreign competitors, leading to nothing but domestic headaches.
- Mass deportation won’t magically “fix” things overnight. As experts below and countless others point out, it’ll only make matters worse. Passing the border security bills that he had his own party block would be a far better approach.
T***p’s plans for 10%-20% tariffs on virtually all imports, would present “a negative” for commercial insurers and reinsurers covering global transport, such as ocean marine, inland marine and aviation. Meanwhile, mass deportations, he argued, would create labor shortages in the construction industry, potentially leading to higher costs for property lines.
Source: https://commercial.pandcspecialist.com/c/4669624/622694
T***p’s economic policies could stoke inflation and hurt the US economy
“Former president Donald T***p has promised to improve Americans’ lives if elected. But some of the policies he is promoting—deporting millions of people from the United States, steeper tariffs, and eroding the Federal Reserve’s political independence—would have the opposite effects.”
Source: Peterson Institute for International Economics https://www.piie.com/research/piie-charts/2024/trumps-economic-policies-could-stoke-inflation-and-hurt-us-economy
For anyone convinced that climate change is just a tree-hugger issue, it’s pretty rich to see investors side-eyeing bad climate policy with empathy toward how it’s going to impact their customers.
Harris, unlike T***p, had “made the connection between climate change and rising property insurance.” He added that neither candidate’s current energy policies were likely to materially impact climate-related losses over the next four years, but there were potentially “longer-term considerations for insurability” in parts of the U.S.
Source: https://commercial.pandcspecialist.com/c/4669624/622694
So if you’re one of those “It’s the economy, stupid” voters, economic experts would say sticking with Democratic policies at the national level might be the smarter play. The tariff circus? Pretty much universally dismissed as a disaster. T***p’s handling of it screams “guided by foreign influencers,” not by anyone actually clued in on domestic policy. If keeping the economy on track sounds good, then T***p might not be your best pick—unless you like the thrill of taking a sledgehammer to the actual current progress. Boosting corporate taxes could help foot the bill for improvements without weighing on middle-class wallets. And let’s be real, Corporate America’s got plenty of cash to spare if you apply your logic to it.
