President Trump is impeding the transition and ignoring the surging coronavirus pandemic that caused this year's recession. Barring an improbable sweep of two runoffs for Georgia Senate seats in early January, Biden will definitely face stiff resistance of his economic and other ambitious agenda for growth from a Republican-controlled Senate.
However, the economy is better- positioned to recover now with Biden than it was then. Simply replacing an erratic, fumbling administration with an experienced, serious minded-one--whether Biden gets much through Congress or not--should speed the recovery.
The economy is still short 10 million jobs it had in February. The fall resurgence of the virus threatens to halt the recovery in the remaining weeks of 2020. Biden has an aggressive COVID 19 plan once he takes office, if we get control of the virus, the economy will recover on its own.
A new coronavirus relief package could ameliorate the near-term threat of intensified economic suffering. By year-end, millions face the expiration of unemployment benefits and evictions protections from earlier pandemic legislation such as PUA (Pandemic Unemployment Assistance. Hundreds of thousands of public employees face the threat of layoffs by state and local governments starved of tax revenue but required by law to balance their budgets.
Even a smaller stimulus package now would boost the 2021 economy than by seeking a larger one when Biden takes office.
Biden aims to reverse the tax-cuts and deregulatory steps that business interest have applauded throughout Trump's term. However, corporations and Wall Street have also signaled they welcome a turn away from Trump's impulsive trade wars and erratic behavior. The calm and good spirit that Biden brings removes uncertainty.
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