The perceived strength or weakness of the U.S. economy is often a key issue for voters in national elections, and 2020 figures to be no different. In an August survey by Pew Research Center, 79% of registered voters cited the economy as “very important” to their upcoming vote1—outdistancing the second-place finisher, healthcare, by 11 percentage points.
With the U.S. economy thrown into tumult because of the coronavirus pandemic, which shut down businesses large and small, the winner of the election will likely look to find a way to provide continued relief to businesses and individuals. That’s just one of several economic and job-related issues that may be affected by the election, however.
Here are five areas where the election may have an impact.
1. Pandemic reaction and economic recovery
The ongoing nature of the pandemic has some economists concerned about a “W-shaped” recession, where there’s a drop, a small bounce back, and then another drop before recovery finally starts. Should President Donald Trump be re-elected and Republicans maintain control of the Senate, it is likely that economic recovery efforts will focus on providing additional relief to businesses, similar to the Paycheck Protection Program.
If the Democrats gain control of the White House and Senate, expect a more robust Federal response to economic recovery. In order to get businesses back open as safely as possible, Democratic nominee and former Vice President Joe Biden has proposed guaranteed COVID testing and protective equipment for all workers. Additional support targeted for small businesses and expanded unemployment benefits are also likely.