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Evolution Magazine

Finance

Biden’s Government to cope with questions regarding the economy

Joe Biden became America’s 46th president, after defeating Donald Trump in the elections and attaining 290 votes.

However, Joe Biden’s next four year plans face the challenge of a divided government as Republicans attained several significant victories in the Congress.

In regards to how will he save the US economy, Mr. Biden during his campaign backed plans to increase Social Security cheques for pensioners, to forgive student loans, and provide money for small businesses. He also offered ideas to invest $2tn in areas such as clean energy, infrastructure, etc.

However, Republicans are likely to be even more determined in their resistance to spending proposals from a Democratic President.

As income inequality increases in the State, a question arises on how Biden will tackle the situation. During their campaign liberals have pressed for higher taxes on the rich and reversing parts of 2017 tax cuts signed by Donald Trump.

However, any certain effort to raise rates will face a tough fight from Republicans and business groups across the country.

To tackle the issue of climate change, Biden remains the first President to craft a sweeping proposal which includes investing of $400bn in renewable energy research and development by 2035. Though the Republicans warn that the plan might destroy the economy.

All eyes are on Biden in aspects to if he will end trade wars started by Donald Trump. In overall aspect there is a lower chance of a reset to the trade wars whilst Biden has also endorsed the idea of tariffs in other circumstances. Although long-time allies like Canada can expect fewer attacks whilst tension is likely to be present with the UK.

The practices of American Tech companies regarding competition and consumer privacy as being questioned around the world. Biden has previously criticized Facebook and has also started to work for revoking the US law that protects tech companies from liability for the content posted on their platforms. However, no showcase for such positions was present on the campaign website.

In conclusion, Biden’s powers in other areas are limited due to the presence of Republicans in Congress but pressure remains.

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