Here’s what Joe Biden means for markets, business and America

I say Joe Biden has a 50% chance of getting elected in November and if you buy that impartial fact, then it’s probably a good idea to understand what a Biden presidency means for the economy, markets and business. 

This is no small thing. 

If he wants to win, Biden has 136 days to convince the electorate that he can best manage the economy. The candidate has some work to do. While the former Vice President leads in national polls, according to a recent Reuters/Ipsos poll 43% of registered voters said they thought Trump would be a better steward of the economy than Biden, against 38% who said Biden would be better. And a late-May Washington Post-ABC News survey said those polled trusted Trump and Biden in nearly equal measure to oversee the economic recovery. At the very least, Biden does not appear to have an advantage when it comes

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How Mike Bloomberg can help Joe Biden

Michael Bloomberg came and went quickly in the 2020 presidential campaign. He entered the race last November, spent $1 billion on staff and ads, rose briefly in the polls, then quit on March 4, after Joe Biden’s unexpected surge. Bloomberg has been mostly quiet since.

But the publishing titan and former New York City mayor could still play a major role in the 2020 election, if he chooses to spend some of his $60 billion fortune helping Biden, a longtime friend. “The one advantage Trump does have over Biden right now is economic,” Bradley Tusk, a longtime Bloomberg adviser, says in the latest episode of the Yahoo Finance Electionomics podcast. “If Mike Bloomberg put in $100 million or $300 million, would that be welcome? I’m sure it would be.”

Trump has outraised Biden by about $100 million so far, in part because he has Republican donors all to

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Trump would be better than Biden for the stock market: strategist

With 141 days until the presidential election, Wall Street strategists are starting to weigh in on who would be better for investors: the socially divisive President Donald Trump and his favorable corporate tax policies or a consoler in chief in Joe Biden with his likely higher tax structures.

Veteran strategist Frances Newton Stacy is the latest to toss her hat into the smoldering debate.

“From a stock market perspective, President Trump would be better,” Stacy, who is director of strategy at Optimal Capital, said on Yahoo Finance’s The First Trade. “The reason I think — well not withstanding the last election — but I think Biden has already come out with talk about raising taxes pretty dramatically to compensate for the debt we’ve had recently. And I think that market participants are looking for lower taxes. I know Trump has floated ideas for asking for a tax cut.”

Biden has

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Fact or fiction? Assessing Team Trump’s claims about Biden and China

As the head-to-head matchup between Donald Trump and Joe Biden takes shape, the president and his allies have unleashed a range of charges about Biden’s record on China.

They’ve leveled a series of charges – many of which they recently cut into a television advertisement – and have even tried to start a #BeijingBiden hashtag.

In an interview with Yahoo Finance Trump economic advisor Peter Navarro added a few more claims during the wide-ranging interview. 

Many of the statements from Navarro and his colleagues are not backed up by the facts or lack crucial context.

The move is part of a strategy shift by Trump and his allies to run against China and its handling of the coronavirus crisis just months after touting the Phase 1 trade deal. Senate Republicans are taking a similar tack.

A screengrab from a recent Trumnp campaign advertisement attacking Joe Biden over his record
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What Biden needs to remember about taxes if he beats Trump in the presidential election

If Joe Biden is elected president he would have a lot on his hands in the first year of his presidency, chief among them what to do on the tax front in the wake of President Trump’s large tax cuts for corporations.

Former Federal Reserve governor Randall Kroszner says a president Biden must stay focused on a tax structure that encourages growth for the U.S. economy — which would still be recovering from the depths of the COVID-19 pandemic — rather than err too much on the side of wealth distribution.

“So I think that’s crucial [growth]. The objective is growth and some good balanced sustainable growth. That should be the key rather than narrowly trying to redistribute from this group to that group,” said Kroszner on how he would advise Biden on taxes. Kroszner is also a former member of the President’s Economic Council of Advisors from 2001

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