It now appears Joe Biden will be taking over the reins of power in January. I feel this is a good time to address some changes he might make based on his platform. The question is, what does “BIDENOMICS” mean to your wallet or purse?
Over the years, I have found that politicians’ actions are often incongruent to their words. Here are some of his proposed changes:
In essence, his proposals would be taxing the rich and protecting the middle class. Based on our current national and state budget deficits, I do see the middle class paying more taxes eventually; however, not in the beginning.
President-Elect Biden has vastly different viewpoints on many issues than President Trump, especially on energy, climate change, health care and infrastructure. The “Green New Deal” was a centerpiece in Biden’s campaign.
Some areas where President-Elect Biden said he would concentrate on include:
There has been much unhappiness and angst over the fact that Congress has not yet passed an additional stimulus package since the one that ended on July 31. Many believe that there is a possibility that another stimulus package may be passed either just before, or shortly after the inauguration on January 20, 2021.
Keep in mind that it appears there will remain a split in control in the Senate and House of Representatives, so the next stimulus package might not be as large as people hope. These “checks and balances” are, in my opinion, why the stock market has reacted so favorably thus far.
I see the next stimulus including:
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Robert C. Intelisano CLU, CSA, LUTCF
The Insurance Doctor