Biden Will Hurt Lower And Middle-Class Wages
(ReliableNews.org) – It’s no secret the economy was booming under President Donald Trump before COVID-19 caused the country to shut down. Unemployment was at a 50-year low, stocks were up, retirement funds were doing well, and wages were growing.
The commander-in-chief was hoping to get another four years to continue his record of success and bring the economy back after the pandemic, but it’s still unclear if that will happen. Although it isn’t a done deal because Trump is suing multiple states over voter fraud allegations and the votes have yet to be certified, the country should prepare itself just in case.
For American workers, that means Biden-proofing their finances.
Biden’s Bad Ideas
The Democratic candidate has several bad economic policies he hopes to pass. First, he has repeatedly expressed a desire to end President Donald Trump’s tax breaks for corporations. This could send more jobs overseas and cause America’s job creators to downsize. As you can probably imagine, raising taxes during an economic recovery is never a good idea.
The former vice president also wants to raise the minimum wage to $15. In theory, this might seem like a good idea, but again, the US economy is recovering from a global pandemic. Can mom and pop businesses really afford to give pay raises at a time when they are just trying to get through the current crisis?
At the end of the day, the American people couple potentially suffer at the hands of the Biden administration unless they can prepare themselves beforehand.
If Biden is elected, workers can prepare themselves by making sure they have a robust emergency account. That means squirreling away enough money to pay three to six months’ worth of bills just in case these economic policies cost them their jobs. Paying down debt while they are in a good financial position is also a great idea. That will put them on better financial footing.
The good news is, even if Biden wins the presidential race, it’s unlikely Democrats will take the Senate in January when Georgia’s run-offs are decided. It’s possible, but unlikely. That means he will have a hard time getting any of his economic plans past Senate Majority Leader Mitch McConnell (R-KY).
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