The 2020 election will be here before you know it. The Trump vs. Biden race for the White House will be among the most contentious elections in modern history with both sides racing to raise and spend money. Beyond the presidency, the Senate could be up for grabs too.
Republicans have a slim majority in the Senate. A total of 35 Senate seats are up in November, and Republicans are in the position of defending 23 of these seats to the Democrats 12. Current polling suggests that Democrats could make gains and even take control of the upper chamber as there are a number of very close contests around the country. Six seats are in the “toss up” category. What happens at the top of the ticket will likely impact down ballot races.
Let’s look to see what the majority priorities are for the two top presidential contenders.
Trump Campaign Agenda – “Fighting for You”
In August, the Trump campaign issued a list of top goals and policy objectives. Although the incumbent released few details on how he might achieve these goals, President Trump’s focus will be on reviving the economy after the COVID-19 pandemic.
On the economic front, Trump wants to create 10 million new jobs as well as one million new small businesses. He intends to cut taxes to boost take-home pay, offer “Made in America” tax credits for companies that build or move factories to the United States, expand opportunity zones, continue deregulatory agenda to boost domestic energy production and enact fair trade deals focused on protecting American jobs.
The Trump administration hopes to oversee a return to normal country operations in 2021 and finalize development of a coronavirus vaccine by the end of 2020. To improve the country’s readiness for future medical emergencies, President Trump is pushing to make all critical medicines and healthcare supplies in the United States and will continue to refill emergency medical stockpiles that have been taxed by the pandemic.
President Trump has talked tough on China even while negotiating a major new trade deal with the superpower. His goal is to bring back one million manufacturing jobs to the country from China. He hopes to incentivize domestic factory investment by allowing 100% expense deductions for essential industries that bring back facilities. Also, he wants to keep companies that outsource to China from earning U.S. government contracts.
While President Trump campaigned to overturn Obamacare, he has only been able to dismantle some key provisions using executive orders. President Trump has increased options for businesses, such as group and association health plans while eliminating coverage mandates. He has also called for policies to cut prescription drug prices by allowing more competition. In regards to insurance coverage changes, President Trump wants to end surprise billing by improving medical cost transparency before a procedure is done.
Looking to the future, he continues to push Space Force with the hope of sending the first manned mission to Mars. Without providing any real details, Trump also wants to win the 5G race by establishing a national high-speed wireless Internet network. Trump supports expanding school choice to every child in the country.
Changing the culture in Washington D.C. requires fundamental reform. Trump supports Congressional term limits and wants to expose Washington’s money trail.
Instead of defunding police, Trump plans to increase funding and hire more law enforcement officers while increasing penalties for assault on police. He also has said that he will target violent groups, such as ANTIFA, for prosecution. Trump continues to support strong immigration policies to protect domestic workers, deport non-citizen gang members and block illegal immigrants from accessing welfare and other taxpayer-funded social programs.
While many of these goals may sound good, such as cutting prescription drug costs, Trump has provided only limited details. His approach would largely be affected by what happens in the Congressional elections.
Joe Biden’s Jobs and Recovery Plan – Build Back Better
According to the Biden campaign website, his economic plan focuses on providing more opportunity for the middle class and underprivileged, especially those who are minorities. Biden said, “This is no time to just build back to the way things were before, with the old economy’s structural weaknesses and inequalities still in place. This is the moment to imagine and build a new American economy for our families and the next generation.”
Former Vice President Biden has outlined a four-part agenda that seeks an FDR-sized recovery effort. Biden has proposed rolling back Trump’s tax cuts and other financial measures to raise revenue to cover some of his ambitious agenda.
The Biden campaign stated, “A robust jobs agenda will increase demand. That is why many economists agree that if we fail to make far-reaching, productive investments, it will undermine not only our long-term growth potential, but also our long-term fiscal situation.”
1. Clean Energy
The biggest ticket item in Biden’s plan is a $2 trillion commitment to invest in green energy initiatives. According to an article on Vox, spending will cover subsidies for creating jobs working on electric vehicles, infrastructure projects, broadband expansion, improved electricity grids and public transportation options. This is Biden’s take on the Green New Deal touted by the most left leaning segment of the Democratic party. The size of the investment would be massive and would be more than double what Obamacare is supposed to cost over ten years.
Biden would also require that all of America’s electricity come from carbon-free sources by 2035. This would include solar, wind, hydro, nuclear and biomass energy sources.
2. Caregiving
The second largest plank in Biden’s plan covers education and child care services. Biden has pledged to offer the following: universal pre-K for all 3- and 4-year-olds, a tax credit paying up to half of child care costs up to a maximum of $8,000 per child for families making under $125,000 a year. His plan would ensure that no family earning below 1.5 times the median income in the state will have to pay more than 7% of their income for quality child care. Biden has also proposed a large tax credit for employers that build on-site child care centers or other options designed to increase the supply of child care services.
3. Made in All of America
The Democrats realize that they lost the last election in part because of the way rural voters hurt by offshoring went for Trump. Biden’s plan called “Made in All of America” recognizes the need to help distressed, rural and neglected regions of the country. Biden has pledged $700 billion in federal government dollars to manufacturing and business development. His plan also includes $400 billion in direct U.S. government purchases of goods produced in these targeted areas. Federal investment in R&D would focus on emerging technology, such as electric vehicles, lightweight materials, 5G communications technology and artificial intelligence.
4. Addressing the Racial Wealth Gap
The final focus area would address racial wealth gap concerns. The Biden campaign explained, “We’ve seen again this year the tragic costs of systemic racism. Biden believes that addressing those costs has to be core to every part of the economic agenda, and also a distinct priority in its own right. As President, he will pursue a dedicated agenda to close the racial wealth gap, to expand affordable housing, to invest in Black, Latino, and Native American entrepreneurs and communities, to advance policing and criminal justice reform, and to make real the promise of educational opportunity regardless of race or zip code.”
Some of the billions intended for business investment will be targeted directly to minority-owned companies. Biden has pledged that 40% of $2 trillion in clean energy investments will go to disadvantaged communities. Hoping to spur on the next generation, Biden has called for making all public colleges and universities free for families with incomes under $125,000.
Biden’s proposals also call for companies to raise the wages of workers. The Biden campaigned wants to pass a $15 per hour federal minimum wage in addition to universal paid sick days and 12 weeks of paid family and medical leave. He hopes to pass the Protecting the Right to Organize (PRO) Act, providing public service and federal government workers with bargaining rights. He also wants to pass the Paycheck Fairness Act as the next step in efforts to ensure women are paid equally for equal work.
Far from a moderate, Biden’s plan is bold and expensive. Joe Biden has not provided a lot of details yet on how he would pay for his plans or how certain funds would be distributed.
The question is what kind of government do you want to see? How much should taxes be raised and how much wealth should be re-distributed? Everyone is talking about the personalities in the election. But the policies and entitlements that could be created or rejected will have a much bigger impact on the nation long after the two candidates fade from public life.
For more information on the candidate positions and agendas, visit their campaign websites at www.donaldjtrump.com or www.joebiden.com.
