Who is really better for business — Biden or Trump? What will happen if Trump wins? What will happen if Biden wins?
Democratic presidential candidate and former Vice President Joe Biden and President Donald Trump.
First, let’s look at the possibility of a Trump win and what it would mean to the business community.
If Trump wins, the pandemic would rage and roar for at least another six months, if not more, and this would negatively impact the economy. We are now at more than 200,000 coronavirus deaths and they pile up one day after another. Trump, while all of this is going on, bobs and weaves about it all, despite the fact that the buck stops at his desk.
If Trump were to win, the general economy would suffer the fruits of his apparent lack of interest in containing and defeating the virus. In his own words, his idea of handling the problem continues to be, “It will go away.”
Trump also has multiple conflicts of interest, highlighted most recently be the expose in The New York Times listing his millions of dollars in outstanding loans (coupled with his payments of virtually no federal income taxes). As well, Dan Alexander, a reporter for Forbes, has a new book entitled “White House Inc.,” which also details Trump’s many conflicts, ranging from renting part of a Trump property in San Francisco to an arm of the government of Qatar to jacking up the membership fees at Mar-a-Lago to trying to build a skyscraper in Moscow. The Trump hotel in D.C. is another good example of dollars rolling in for Trump and his associates because of the implied need for lobbyists and foreign interests to rent there.
The point is, we do not know if Trump is working for We the People or Trump financial interests. Trump hold himself out to be a savvy businessman. His actions have only been helpful to himself, his family and the “oligarch class” in America.
Let’s look at what happens if Joe Biden being elected. Biden has no major holdings that I am aware of that would create any conflicts of interest. As well, he appears to be someone with a deep sense of moral turpitude and, whether you agree with his views or not, he seems to be someone you can trust.
Biden talks about taking concrete action to gain control over the coronavirus and has promised that the federal government will lead and not just watch from the sidelines. Biden respects the scientists so he will be better able to control the virus. With this, unemployment will go down and those who need a hand to get back up will receive it. That will be a boost to the nation’s economy.
According to a recent article in the Washington Post reporting on a study done at Moody’s, by 2024, Biden would add 7.4 million more jobs than Trump, 4.5 percent more gross domestic product, faster productivity growth, higher homeownership rates and more labor force participation.
Forbes also reported on the Moody’s study, noting that a victory for Biden coupled with a Democratic takeover of the Senate would result in a bigger rebound in economic growth and employment versus a Trump reelection.
The overlooked middle class would be back in business. We would have a more cohesive nation.
The choices are very simple — continue with Trump, a congenital liar, and see our democracy and democratic values erode. Elect Biden and give the entire country hope for a better economy for all.
Edward L. Marcus is former chairman of the Democratic State Central Committee in Connecticut and former state Senate majority leader. His office is in North Branford.