If elected president, the first items on former Vice President Joe Biden’s do-list would likely be reversing President Donald Trump’s deregulatory moves and enacting a stimulus package, Greg Valliere, chief U.S. policy strategist for AGF Investments, said Tuesday.
During his comments at the virtual Schwab Impact conference, Valliere said that “sadly” a stimulus package has stalled.
“The momentum is pretty much gone” for a stimulus deal, “so it might be left to Joe Biden right after his inauguration to work on a big stimulus — maybe as much as $3 trillion. Congress has already spent $3 trillion, and another $3 would be likely” if Biden wins, Valliere opined.
Biden, Valliere continued, would hold off on tax hikes.
He might be concerned the economy is too fragile. Also, “would he really want to antagonize Wall Street right away after his inauguration by raising taxes?”
Tax hikes under a Biden administration “are coming, but they may be coming later rather than sooner,” Valliere said.
Who’s Going to Win the Election?
While Biden will win the popular vote, Valliere stated, “the electoral college is going to be much closer.”