As the presidential election approaches, investors are likely sharpening their focus on the potential economic outlook under either President Trump or Democratic presidential nominee Joe Biden.
President Trump hasn’t actually spelled out a specific economic plan, and the Republican party chose not to write a platform at its nominating convention. Likely, Trump would advocate for a payroll tax cut, but that’s unlikely to pass Congress due to its effect on Social Security funding.
Biden’s plan is much bigger and more detailed, and therefore, able to be analyzed. To that end, research group Oxford Economics and debt-rating agency Moody’s (NYSE:MCO) recently performed analyses of Biden’s plan, and both organizations believe it would create significantly more jobs and economic growth than the current trajectory — even in a more stripped-down form more likely to pass the Senate.