{"id":9040,"date":"2020-11-19T15:54:11","date_gmt":"2020-11-19T15:54:11","guid":{"rendered":"https:\/\/zackspcg.com\/blog\/?p=9040"},"modified":"2022-02-26T13:06:00","modified_gmt":"2022-02-26T13:06:00","slug":"what-policy-moves-can-biden-actually-make","status":"publish","type":"post","link":"https:\/\/zacksim.com\/blog\/what-policy-moves-can-biden-actually-make\/","title":{"rendered":"What Policy Moves Can Biden Actually Make?"},"content":{"rendered":"\n

Ted & Claire L.\nfrom Key Largo, FL ask: <\/em>Greetings from Florida, Mitch. Claire and I were\nwondering what you think is going to be possible policy-wise under a Biden administration.\nAny big changes that could shape the economy and stock market in the coming\nyears?<\/p>\n\n\n\n

Mitch\u2019s Response:<\/strong><\/p>\n\n\n\n

Thanks for writing, Ted and Claire. The extent of policy\nchanges and new laws really depends on the outcome of the January 5 Georgia\nSenate races. Should Democrats prevail in both races, it would result in a\n50-50 Senate with the vice president casting the tie-breaking vote. This\noutcome is largely seen as a long-shot, though anything is possible. <\/p>\n\n\n\n

Even with slight control of the Senate, the Biden\nadministration would have to work with moderate Senators to pass legislation.\nRewriting labor laws, for instance, would probably have very little chance of\npassing even with a 50-50 Senate.<\/p>\n\n\n\n

Here\u2019s a breakdown of other policy measures I see as possible\nno matter what the outcome, with some thoughts on economic and\/or market\nimpact:<\/p>\n\n\n\n

______________________________________________________________________________<\/p>\n\n\n\n

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______________________________________________________________________________<\/p>\n\n\n\n

On Stimulus<\/strong><\/p>\n\n\n\n

I think both parties understand the need for more fiscal\nstimulus, but the breakdown of power in the Senate will likely result in a much\nsmaller package than Democrats want, in my view. Hopeful news concerning Pfizer\nand now Moderna\u2019s vaccine will likely ease pressure to put forward a sweeping,\nhigh-price-tag deal. Even still, I think we will see another round of fiscal\nstimulus soon, as states across the entire union are bearing the brunt of the\nongoing pandemic. <\/p>\n\n\n\n

On Health Care &\nEnergy<\/strong><\/p>\n\n\n\n

We do not expect major changes on the health care and energy\nfront, as a divided government will restrict any major policy changes on both\nfronts. For health care, a divided government may prove the best-case scenario,\nas we are not likely to see sweeping policies on drug pricing or expansion of\nMedicare. For energy, sweeping climate policy is off the table, though the\nBiden administration is expected to rejoin the Paris Agreement. Corporations\nhave long signaled their support for the agreement.<\/p>\n\n\n\n

On Taxes<\/strong><\/p>\n\n\n\n

We do not expect that the Biden administration will have the\nability to raise taxes. However, many of the individual portions of the 2017\nTax Cut and Jobs Act will expire eventually, which gives way for a possible\nagreement to extend tax cuts that benefit middle-class families. Time will\ntell. <\/p>\n\n\n\n

On Tariffs<\/strong><\/p>\n\n\n\n

On the tariff front, we expect more multilateral engagement against China, but the hard line established by the Trump administration is likely to persist. <\/p>\n\n\n\n

Overall, I do not expect any sweeping regulatory or legislative\nchanges in the coming two years (until midterms), just tweaks at the margin\nthat should not run too much interference on the economic cycle. <\/p>\n\n\n\n

There is no way to know exactly where the market is headed post-election,\nbut taking time to plan for your financial future can give you peace of mind in\ntimes of uncertainty.<\/p>\n\n\n\n

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The new administration takes over soon, but how much of their agenda can they actually implement?<\/p>\n","protected":false},"author":3,"featured_media":7436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[66,71],"tags":[],"class_list":["post-9040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mitchs-mailbox","category-private-client-group"],"acf":[],"_links":{"self":[{"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/posts\/9040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/comments?post=9040"}],"version-history":[{"count":1,"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/posts\/9040\/revisions"}],"predecessor-version":[{"id":10505,"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/posts\/9040\/revisions\/10505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zacksim.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/media?parent=9040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/categories?post=9040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zacksim.com\/blog\/wp-json\/wp\/v2\/tags?post=9040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}