The elections are coming closer, and it is rather evident that we will see a rematch of the 2020 elections, meaning that two leading parties will nominate former President Donald Trump and President Biden. What would Trump’s victory mean for your wallet, and how his policies compare to the Biden administration? Here are some of the crucial answers.
Trump and taxes
Trump signed the Tax Cuts and Jobs Act into law in December 2017. This bill aimed to lower corporate tax rates, with the critics arguing that this was done to help the rich, with one-third of the benefits from cutting corporate rates ultimately going to the top 1 percent, TPC estimated.
Trump’s “America First” trade policy created new tariffs on imported steel and aluminum, but the impact was especially noticeable on imported goods from China. The aim was to protect America’s industries, though it created tensions and, more importantly, increased prices. The former president promised similar policies in his potential second term.
There was historically low job growth during Trump’s first four years in the White House. However, the most significant losses were observed in 2020, once the pandemic started. That’s why predicting the job market in Trump’s potential second term is almost impossible. Since the pandemic, the world faced more challenges, and the US is far from immune to it. Unlike President Biden, many noted that Trump’s initial upward trend was due to the Obama administration policies.
The stock market was doing well under the Trump administration, and that trend continued under the Biden administration despite issues that occurred in 2020 and in subsequent years. However, loosening regulations on banks like SVB and overturning Obama’s Dodd-Frank law did not make headlines until early 2023, when the US faced a crisis as big as the one from 2008.
In 2023, the former president warned the GOP not to mess with Medicare or Social Security. But, there were numerous allegations of attempts to privatize Medicare, and it wasn’t until November 2020 that he proposed lowering the prices of some prescription drugs. As a candidate in 2016, Trump advocated for Medicare to negotiate prices, but once he became president, he was met with objections from the Republicans.
Challenges that both presidents faced
The pandemic changed the world and created global chaos. It was followed by two significant aggressions in Europe and Asia, leading to some of the most challenging times in the modern history of the US. Trump was criticized over his handling of Covid-19, especially over statements like, “I think we’re gonna be very good with the coronavirus.” This was said in July 2020, but the virus took over millions of lives in the States. President Biden faced another challenge – vaccination. And just when things appeared to improve, the Biden administration faced a war in Europe.
It is impossible to predict the future entirely, but as seen from his first term, some of Trump’s decisions benefited the people. In contrast, others were met with considerable criticism and doubts. Trump’s stance on migration is one thing that has not changed, and many believe that it could be his ticket back to the White House. It is also highly likely Trump’s administration would not approve foreign aid like the Biden administration. But, regarding regulations that would impact one’s day-to-day life, it is hard to predict because the world has dramatically changed in the past years.