One of the downsides of writing for a magazine is that the copy must be finalized weeks before the document is sent to the printer. That time is needed to layout all the articles, advertising, and photography so there is a smooth flow to the content.
That being said, this article will be about the expected future of our country, and really our world, following the November 3 presidential election. The magazine will probably be at the printer when that event occurs, so I have no way to write about what to expect from the winner because I don’t know who that will be. So, we will look at what each candidate can be expected to do if elected.
Let’s start with Mr. Biden. Much has been written by his detrators about his competency to hold the highest office in the country, and his conduct on certain occasions lends some credence to what his political opponents have warned. Nonetheless, even if his wheels are wobbling a little, there will be adequate support provided to him by his party to enable him to give the appearance that he is making the hard decisions required of the office.
He has stated that, as president, he will raise taxes and we can undoubtedly expect that to happen. He has also been very liberal on the issue of immigration, so the “wall” will probably be scrapped so that migration into our country is without obstruction. He has also spoken of free college tuition for those eligible and for free healthcare for those who need it. Stopping there, it is obvious that he will have no choice but to raise taxes to pay for these “free” programs. They may be free to some, but others will have to pay for them in some fashion. There is no free lunch.
The federal hiring freeze will probably be lifted by President Biden and the governmental business regulations streamlined by the Trump Administration will once again be tightened to gain more control over that segment of our society. Although such measures would seem to foretell declines in the money markets, such has not always been the case in the past. Markets are scared to death of uncertainty, so as long as the policies of the person in command are consistent the markets should react positively over the long run.