In the case that the most likely candidate from the Democratic party, former us Vice-President Joe Biden will win the upcoming presidential election, the US economy risks being in a deep depression. Is the future of the country under the rule of Biden predicted the former Chairman of the Department of the Republican party in California, writer Tom del Beccaro (Tom Del Beccaro), reports FOX News.
According to del Beccaro, currently the US economy is experiencing a recession during the crisis due to pandemic coronavirus. In particular, the country recorded record levels of unemployment, and about half of small business owners fear that will not be able to avoid bankruptcy this summer. In such circumstances, he said, the United States needs political solutions that will ensure the country’s economic growth. Special support needs to small business, which fell 61 percent of the total increase in the number of jobs over the last 20 years.
This offered Biden as part of its election program, in contrast, will lead to further deterioration of the situation of small business, says del Beccaro. So, one of the main promises of the former Vice President was the abolition of the tax reform, which was conducted by the acting head of state, Donald trump, and which has already resulted in significant economic growth and an increase in the number of jobs. In particular, Biden proposes to increase income tax for owners of high returns from 36 to 39.6 percent, the tax on capital gains from 23.8 to 28 to 35 percent, and profit tax for organizations from 20 to 28 percent. In addition, the economic strategy the policy involves a doubling of the tax on income earned abroad.
Also, the expert said, Biden supported the adoption of a package of bills aimed at addressing climate change. According to del Beccaro, such laws will cause significant damage to the energy, agricultural and other sectors of the economy.
According to the expert, all this will not only help the U.S. economic recovery after the crisis, but will exacerbate the situation. First proposed by the Biden policy will affect small business and start-UPS who are completely deprived of means of existence and development.
At the end of may it became known that the representatives of the democratic party fear that Biden will not be able to win elections if the US economy will be growth after the crisis. According to experts, even the Americans, judging by the results siposov, much less trust the former Vice-President in matters of the economy than Trump, and the beginning of economic growth, the democratic candidate will be in even more disadvantage.
Video, photo All from Russia.