An evaluation of Trump's and Biden's economic policies by Moody's economist Mark Zandi
It is decision time. If you are wrestling over whom to vote for in the presidential race and how the next president will handle the economy, then former Vice President Joe Biden should be your choice. Here’s why.
President Donald Trump has mismanaged the economy. He made his first error on the third day of his presidency with a memorandum scuttling the Trans-Pacific Partnership deal. That was the deal between the United States and other Pacific Rim nations that excluded China because that country didn’t play fair in international trade. The deal would have solidified our economy’s position in a fast-growing part of the world as it pushed China to the side until it changed its ways.
Instead, Trump pursued a trade war with China, raising tariffs on the goods it sells to us and making it more difficult for the two countries to do business with each other. Unfortunately, American businesses and consumers have paid a significant price. The higher tariffs act like a tax increase.
And to what end? Because of the trade war, U.S. manufacturers, farmers and transportation companies were pushed into recession. Our trade deficit with the rest of world also didn’t improve, though that was the president’s seeming litmus test for success. Factories leaving China didn’t come to the U.S. Instead, they moved to other lower-cost countries.
Read more: https://fusion.inquirer.com/business/trump-biden-economy-tariffs-taxes-trade-moodys-mark-zandi-20200924.html
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