Donald Trump and former Vice President Joe Biden on issues from climate change to health care and jobs.
The winner of the presidency will face a U.S. labor market that is still recovering from a pandemic-induced shock in the spring that ended a decade of job growth.
Both President Trump and Democratic presidential candidate Joe Biden are promising to create millions of jobs. U.S. employers through August have added back about half of the 22 million jobs lost in March and April when the pandemic shut down wide swaths of the economy, bringing the August unemployment rate to an 8.4% level that is in line with past recessions. The candidates’ strategies to achieve a full jobs recovery differ.
Mr. Trump is emphasizing deregulation and tax cuts as levers for job creation. Mr. Biden sees further fiscal stimulus by the federal government as a key driver for supporting a jobs recovery. Mr. Trump is promising to create 10 million new jobs in 10 months and one million new small businesses. He plans to cut taxes to “keep jobs in America,” according to his campaign agenda.
Judd Deere, a White House official, said the president’s tax, trade and deregulatory policies worked in the past and will work again to build a strong economy.
Republicans have pointed to stronger-than-expected job growth this summer as evidence that people are quickly returning to work during the pandemic. Many in the party now see the economy recovering on its own without additional government stimulus, and question whether further deficit spending is wise.
Mr. Biden and Democrats, however, believe there is a need for further government spending to aid workers during a period of high unemployment.
Even with the summer’s gains, more jobs have been lost to the current crisis than in the 2007-2009 recession. Mr. Biden would support providing state and local governments with money so essential workers aren’t laid off, and extending federal unemployment insurance during the pandemic. An extra $600 in jobless aid expired at the end of July, and Mr. Trump replaced it with an additional $300 that will last up to six weeks. Congress hasn’t yet reached an agreement on a new federal benefit.
Mr. Biden “would do whatever it takes, spend whatever it takes,” according to his platform.
Both candidates have emphasized a desire to bring back jobs to the U.S. through lower tax rates at home than abroad. Mr. Biden is pushing plans to offer tax credits to companies that generate new jobs for workers. For instance, if a manufacturing company expands its footprint in the U.S. and hires more workers, it would be eligible for a tax credit. He also intends to impose a tax penalty on companies that have manufacturing operations offshore to make products for importing back to the U.S.
