The commentators said there were many reasons why [American citizens] Joe Biden, the Democratic nominee for president of the United States, is due to vote in November. Yet the economic aspect of the election has not been of much interest to scholars, and if there are some, economists who speak on the subject have pointed out how the result manifests itself on the welfare of the people. But the economy is the stage where people work with the hope of achieving personal development and the satisfaction of success. It’s not just about the money.
Biden’s financial case begins with a financial case against President Donald Trump. Consider Trump’s expensive corporate tax cut. It did not deliver anything like the investment and growth he had promised and the main impact was to widen the fiscal deficit in the first three years of his presidency.
Trump’s disregard for economic gains is an example of unnecessary deficits in the future administration. (In fact, the recent deficit in responding to the epidemic is inevitable and beneficial under the circumstances.)
His habitual threats to American businesses added new uncertainty to investment and trade decisions. He studies Mussolini’s theory of corporatism: the government pulls the strings of companies as a puppet master. That economic policy prevents enterprise and innovation when it is most needed.
The Crusade, which Trump misleads to reduce the harmless U.S. trade deficit, has narrowed world trade, thereby further eroding resource allocation capacity at home and abroad.
His popular rhetoric has not been translated into a better wage for less privileged workers or victims of discrimination. He sought to erase any sense of economic justice. He cared nothing about the terrible low wage rates for those below or the horrible living standards that such wages endure. He did nothing to support the eradication of statistical discrimination, race, gender and LGBT +. He said Obamacare’s weakening has severely affected people with low incomes.
Trump’s insistence that climate change is a sham has further jeopardized the world economy and the planet’s viability. He said wildfires destroying the US West were the result of poor “forest management”.
In an attack on U.S. agencies, from the Federal Bureau of Investigation to the U.S. Centers for Disease Control and Prevention, Trump is emptying the government structure. In imposing meaningless obstacles leading to trade wars, he alienated American allies. In his admiration for dictators and dictators, he is helping to establish 21st century fascism. His long-standing lie from the President’s office is undermining public confidence in their government.
There are a lot of other atrocities to mention. His attempt to eliminate a program for unregistered aliens brought into America as children was so horrific that, after they were raised and educated in America, they now face deportation. His strategy of fear of retaliation and arrest is another outrage. As a result, there is a growing climate of anxiety and mistrust.
Today, many people are supporting Biden on this ground and on others. Trump will regain equity and social harmony, in the development of the country. But it is not clear that he can be defeated only on this ground. Many Americans fear a government dedicated to serving a group of social groups without thinking about the core issues of economic growth and job satisfaction.
But there is also a positive argument to support Biden.
First, in America, Biden understood that there was a huge disparity in wages between low-income and low-income people — and payments to single mothers would not change that. Biden, after growing up in the steelmaking region of Pennsylvania, will no longer be blind to the shortage and suffering of low-wage workers. So, if elected, we will have a president who will respond to legislative programs for subsidies designed to increase the small compensation of these workers.
Biden is also aware of the existential threat of climate change. The combustion of fossil fuels is a vast litany of issues such as rising carbon dioxide levels and rising temperatures. Resolving these issues requires government intervention and international cooperation, according to the 2015 Paris Climate Agreement, which Trump withdrew from the United States. If elected, no one would doubt that Biden would be interested in playing a major role in resuming the war against global warming.
Finally, Americans have been living with the virtual stagnation of the economy since the early 1970s (interrupted for a decade by the information revolution). Behind the growing frustration of wage editors over their relative position in wage distribution is this persistent illness — this notion, above all, has led to Trump’s rise. There is no doubt that President Biden wants to restore the economy to its former glory.
For all these reasons, it is very important [Americans] Vote for the Biden-Harris ticket. Trump has severely weakened the country’s economy, but Biden has shown his life that he cares about the well-being of the people and [leading lives that are rewarding]Achieving the American Dream. © 2020 Project Syndicate.
Edmund S. Phelps 2006 Nobel Laureate in Economics and Director of the Center for Capitalism and Society at Columbia University