Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning. – Winston Churchill
Uncertainty is the most difficult thing for any business, and 2020 has been a doozy of a year in that regard. But now, perhaps, we are approaching the end of the beginning of our fight against COVID-19, and soon we will have more clarity.
In America, whichever way the Presidential election goes, it will set a new direction for the economy and for how we will handle the pandemic. If Trump wins we can expect that Mitch McConnell will allow a new round of economic stimulus which the country desperately needs, while if Biden wins, as a recent analysis by Moody’s showed:
“The economic outlook is strongest under the scenario in which Biden and the Democrats sweep Congress and fully adopt their economic agenda. In this scenario, the economy is expected to create 18.6 million jobs during Biden’s term as president, and the economy returns to full employment […] by the second half of 2022.”
The worst case for the economy is if Biden wins but the Republicans hold the Senate, because there are already signs that McConnell will prevent any stimulus so that Biden will have to deal with austerity throughout his term. Where ever our political loyalties lie, none of us should hope for stalemate in the election. The economy and our industry needs clarity, not a prolonged quagmire.
Stay strong and safe, my friends.