CNBC polled more than 100 chief investment officers, portfolio managers, and CNBC money managers about how they thought the stocks and the economy would do under Joe Biden. The numbers were grim. Two-thirds of them believe stocks wouldn’t do as well under four years of Biden as they did during Trump’s first term. This comes on the heels of another CNBC survey last month showing that small business owners reached an all-time low in confidence after Joe Biden appeared to capture the presidency. 55% of the small business owners polled said that they expected Biden’s policies to be bad for business.
There are three reasons for this.
The first is that Trump created a pro-business environment, cut taxes, cut regulations, and had a good understanding of how to improve the economy. The economy under Trump was thriving until COVID lockdowns cut it off at the knees.
The second thing to keep in mind is that Joe Biden is a career politician who intends to raise taxes, add regulations, and is generally hostile to business. Any business that isn’t directly dependent on help from Washington to succeed should prefer Trump to Biden.
Last, but not least, there are still a lot of worries related to the coronavirus and the government overreaction to it out there. Customers not getting out as much, lockdowns, shortages, supply problems, eviction moratoriums — on and on it goes — and all of them have a negative impact on the business climate. There are a few companies like Amazon that have thrived BECAUSE of corona, but most companies aren’t in that boat.
What it all boils down to is that if your primary concern was the economy in 2020, you voted for Trump, not Biden.