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Joe Biden has been proclaimed the winner in the 2020 presidential election, and now with that behind us, we turn our attention to what that means for us as citizens and as business owners in this country in these most challenging times.
During this morning’s WJR Business Beat, Jeff shares three key economic issues business owners must watch closely in the early going of Joe Biden’s administration.
Tune in below!
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“Now while there are a lot of questions, and even uncertainty, one thing is for sure: simply getting this election behind us and moving from a focus on politics to a focus on doing the hard work we need our leaders to do will itself move us in the right direction.”
– Jeff Sloan
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Good morning, Paul. As we all know, Joe Biden has been proclaimed the winner in the presidential election, and now with that behind us, we turn our attention to what that means for us as citizens and as business owners in this country in these most challenging times.
It’s now time to set politics aside and turn our focus to strong leadership, to drive an agenda that will hopefully deliver the kind of positive change we all want as we navigate today’s choppy waters.
As small business owners, here are three key economic issues to watch closely in the early going of his administration.
Number one, of course of immediate interest, will the new Biden administration be able to get a new stimulus package approved and what will the amounts and allocations of that package be?
Biden has voiced support for a robust relief measure that includes a federal bonus to weekly unemployment benefits, more aid for struggling small businesses, and another round of stimulus checks to most households.
Number two, how will the additional government spending that Biden will pursue begin to flow into the economy? Biden is proposing $7.3 trillion in new spending over the next 10 years, including upgrading the nation’s roads, bridges and highways, building a clean energy economy, investing in research and development, and a bolster in manufacturing. And so the question is, how quickly will this additional government spending begin to flow into the economy?
And number three, how will new taxes really impact us in our businesses? We know we will be facing increased taxation at both the individual and corporate levels. This has to happen, frankly, simply to pay for the massive outlays of cash that we had to spend in order to get through the COVID crisis. The Biden plan calls for increased taxation of about $4 trillion over the next decade, and the big question is how will this affect the economy, our businesses and the citizens of the United States?
Now while there are a lot of questions, and even uncertainty, one thing is for sure: simply getting this election behind us and moving from a focus on politics to a focus on doing the hard work we need our leaders to do will itself move us in the right direction.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.