US stock markets rose
after democrat Joe Biden was projected to have won the 2020 presidential contest
Financial analysts say investors will be reassured if republicans retain their senate majority.
The stock market loves divided government why?
Things are predictable.
Why? Because not a lot of things will change.
Americas continued economic recovery is closely tied to progress in combating the pandemic,
while covid-19 cases have spiked promising vaccine trial results have also been reported.
Economists say getting back to pre-pandemic economic conditions will be a challenge for the Biden administration.
Were still in a deep economic hole we have to recover about 10 million jobs
to get back to where we were in February,
and I think most expectations are that wont take place until 2022.
During the campaign Biden proposed raising taxes on corporations and the wealthy
to fund initiatives in health care education the environment and infrastructure.
Lockstep republican opposition is all but assured to any tax hike.
That is not necessarily the best thing for the economy,
however what I believe will offset that will be plans for infrastructure
and infrastructure will get people back to work.
Under a Biden administration the US is expected to rejoin the paris climate agreement.
Biden has promised a clean energy revolution that would put the United States
on a path to net zero carbon emissions by 2050.
If it is done immediately I think we could see some specific issues in the economy
because the oil industry impacts everything.
The US should not be in a lagging position, we should be in a global leading position
in terms of developing the technologies, investing the technologies and transforming the economy.
Amid the pandemic gloom some see a bright economic future.
The age of discovery is not yet over so as technological advances continue,
were going to see parts of the economy grow and explode that we cant even anticipate right now.
Biden is likely to focus initially on economic stimulus and recovery measures.
Before the pandemic America enjoyed a decade-long economic expansion that saw wages rise
and unemployment plunged to historic lows.
Keith Kosinski for VOA news New York