With the 2020 U.S. presidential election happening in less than three months, many Americans are casting their votes between Democratic candidate Joe Biden and Republican Donald Trump on November 3.
According to Pew Research, more voters (83%) say this year’s election result is more important than in any presidential elections for the last twenty years. Whereas 16% say it doesn’t have much difference, whoever wins the presidential election.
Amid the current COVID-19 pandemic, Dems have been accusing the current administration of how it allegedly mishandled the situation, leading to the death of 182,622 until August 31, 2020 (2:02 PM). In his speech Monday night, Joe Biden warned the Americans that they would not be safe if Donald Trump gets reelected.
“Do you really feel safer under Donald Trump?” he asked the audience in Pittsburgh.
Meanwhile, President Donald Trump has been claiming Biden is a socialist that will turn America into a socialism society.
With both parties having different views, which is better for Americans?
For the economy?
Republicans say cutting tax is the best way to create jobs, while Dems prefer government spending. With the current administration, Trump created 4.7 million jobs for his first three years in the office – a 3.1% increase more than the 152. 2 million people working at the end of Obama’s final term.
Former President Bill Clinton, a democrat, recorded the highest job creation at 18.6 million among all the presidents. He used contractionary fiscal policy, which is a policy that either increases taxes or reduces spending.
In his case, he raised the top tax rate from 28% to 36% for high-income earners and increased the top corporate tax rate from 34% to 36%. On top of this, he created the earned income tax credit for low-wage families and maximized the gas tax by $0.43 per gallon.
At the same time, he also minimized spending, which forced the recipients to get jobs after two years. In short, as a Democrat, he utilized strategies from both parties’ views.
On the other hand, Republicans advocate Supply-Side Economics. This policy says creating a better business environment, like cutting taxes, result in hiring more workers. So, if businesses pay less tax, they hire more workers, reducing unemployment in the country.
For Republicans, they favor regressive taxation. But what is it?
Simply put, it allows citizens to pay the same tax, regardless of the amount of income. So, an American who earns $10,000 per year should pay $2000 tax (20%), while another citizen who earns $100,000 annually only cuts 2% of his income to meet the same $2000 tax.
Examples of these are foods, shelter, clothing, gas, and Social Security payroll, among others.
Democrats say this kind of policy puts more burden on the poor because these are basic needs that they buy every day, which the rich can afford.
Let us look at the bigger picture:
- A low-income citizen will work more to increase his income to meet the burden of a tax.
- High-income earners are usually the ones hiring workers. So, if they pay less tax, they hire more people.
- People have the freedom to choose whatever product they want. It encourages them to become more responsible for buying their wants vs. needs.
For the Democrats, they propose increasing taxes on higher-income individuals. In contrast to regressive taxation, progressive taxation imposes higher taxes on the wealthy, higher-income families, and businesses.
Meaning, the government increases taxes to the wealthy to provide money for government spending, particularly social programs.
What are the disadvantages of progressive taxation:
- Businessmen say it will lead to little investment since they pay increased taxes, which in return limits business activities. As a result, less hiring.
One of the most significant benefits of progressive taxation is that it allows the poor and the rich to equally meet their basic needs. It is because the government ends up paying for the poor, at the expense of the rich people taxes.
But of course, for the hardworking wealthy people, this is totally unfair.
Republicans argue that universal health care may be a form of socialism. President Donald Trump says Obamacare is hurting the farmers and small businesses with its increased costs.
He promised to lower prescriptions drug prices and to repeal Obamacare. Although he wasn’t successful in eliminating the Affordable Care Act, he partially weakened and reformed some parts of it.
He was able to negotiate the advertising of prices of drugs to allow consumers to purchase the best deals.
According to his website, Joe Biden vows to protect the Affordable Care Act, which he believes allows Americans to avail of low-cost insurance.
Democrats back conservation and taking measures to prevent global warming. Many Republicans believe climate change is a hoax or is caused by burning fossils.
In November 2019, President Trump formally announced its intention to withdraw from the Paris Agreement. Earlier in 2017, he said that the United States would cease all participation in the Paris Agreement on climate change mitigation.
“The Paris accord will undermine (the U.S.) economy, and puts (the U.S.) at a permanent disadvantage.”
—President Donald Trump
In his campaigns, Biden says he has plans for this phenomenon. He forecasts spending $1.7 trillion over the next ten years, and $3.3 trillion investments by private sectors, and state and local governments, alike.
He likes the Congress to pass emission limits with “an enforcement mechanism, based on the principles that polluters must bear the full cost of the carbon pollution they are emitting.”
He hinted it would include “clear, legally-binding emissions reductions.”
“It’s almost like denying gravity now…The willing suspension of disbelief can only be sustained for so long.”
—Joe Biden about climate denial in March 2015
Since the announcement of both presidential candidates on their candidacy, the two have been throwing accusations and criticisms to each other.
Following the death of Black American George Floyd, many protesters accused the president of tolerating police brutality to Americans of color. Some even demanded police defunding, which Biden agrees. However, the president said it would not happen.
Republicans claim Dems condone looting, arson, and violence perpetrated by activists, which Biden repeatedly denies.
Who doesn’t forget Trump’s promise in the 2016 elections? He even made headlines when he said he would build a wall along the border in Mexico and let them pay for it.
In his defense, Mr. Trump claims the administration has already built nearly 300 miles during his speech in Yuma, Arizona, in August.
Republican policies insist on protecting American jobs and businesses. In 2019, Trump announced its new policy on immigration, ordering the expedited removal of undocumented immigrants who couldn’t prove they have lived continuously in the U.S. for two consecutive years.
This is in relation to his pledge to protect Americans first. It is believed that a large percentage of undocumented immigrants are taking jobs from Americans who lack college degrees.
Data shows in 2014 that immigrants took 43% of agricultural jobs, but only 20% of them were documented.
Meanwhile, Dems want to welcome refugees and asylum. They see America as a land of immigrants.
In fact, Biden is planning on offering citizenship to undocumented immigrants, including those who came to the U.S. as children.
Opinion: Which Is The Winner?
Although presidents don’t always follow their party’s views once elected, their platforms reflect their party’s visions for the country. This is the reason why it is hard to choose which one is better for the country, its people, and its economy.
However, one thing is for sure. On November 3, citizens will decide which kind of society they want to live in for the next four years.