In this video, Patrick Bet-David discusses the impact a Joe Biden administration could have on the economy and what you can do today to plan your next moves.
As of the day of this recording, Joe Biden has won 306 electoral votes, while Donald Trump has only won 232. Democrats have lost five seats in the House of Representatives. However, they still control the house with 219 seats, versus 203 Republican seats. In the Senate, Republicans lost one seat but still control the Senate with 50 seats, versus 48 Democrat seats.
Georgia is becoming a big battle ground state for the Senate race, with a record $200 million spent. Georgia has historically been a red state. The last Democrat to become a Senator in Georgia was Zell Miller in 2000. However, that could change soon as the Senate race tightens.
Joe Biden’s First 100 Days
- Joe Biden has already picked Michael Osterholm to spear head his Coronavirus Task Force. Osterholm is recommending another 4-6 week shutdown that could potentially lead to an indefinite shutdown. Biden has also gone on record stating he will support a stimulus package similar to Trump’s CARES Act. However, he has not come to a decision on the exact dollar amount. In addition, Biden is advocating for increasing social security checks by $200 and providing free COVID testing, vaccines, and treatments.
In order for Biden to implement many of these changes without the support of Congress, he will need to implement a wartime legislation, known as the Defense Production Act. However, he will still need the support from Congress to pass a major stimulus package.
Biden also plans on addressing climate change, raise the federal minimum wage, reintroducing the Affordable Healthcare Act and increase taxes.
Biden’s Potential Cabinet Picks
Biden has been looking at quite a few potential picks for his cabinet. These are some of the names that he’s considering up until now.
- Secretary of State
- Susan Rice, Obama’s Security Advisor.
- Anthony Blinken, Obama’s Deputy Secretary of State.
- Secretary of Defense
- Michele Flournoy, Obama’s Under Secretary of Defense.
- Jeh Johnson, Obama’s Secretary of Homeland Security.
- Attorney General
- Sally Yates, former Attorney General who refused to defend President Trump’s executive order banning travel from mainly Muslim countries.
- Senator Doug Jones of Alabama.
- Tom Perez, Chair of the Democratic National Committee.
- Secretary of Treasury
- Senator Elizabeth Warren of Massachusetts.
- Secretary of Homeland Security
- Lisa Monaco, Obama’s Security Advisor.
- Alejandro Mayorkas, Deputy Homeland Security Secretary.
- Secretary of Labor
- Senator Bernie Sanders, self-proclaimed Democratic Socialist.
- Secretary of Commerce
- Meg Whitman, former CEO of Quibi, which just went out of business. However, she did an outstanding job at eBay and ran for governor in the state of California.
- Secretary of Energy
- Ernest Moniz and Elizabeth Sherwood Randall, both former Obama cabinet members. However, Moniz ties to Fossil fuel may lead to progressives to think he is not “progressive” enough.
- Administrator of the Environmental Protection Agency
- Mary Nichols, “Queen of Green”. California air regulator.
- Secretary of Veteran Affairs
- Mayor Pete Buttigieg, who himself has served in the armed forces.
Industries Affected by a Biden Administration
- Biden may be forced to make airlines implement policies to prevent people from sitting next to each other on flights, which could lead to them taking a hit they will not be able to recover from. Thus, many airlines will go out of business due to their already low business margins.
- Big automakers who have been heavily investing in electric cars may see a boost if Biden implements policies favoring companies that build electric cars and people who purchase them. However, for those companies that have not made the jump into electric cars, they will likely take a big hit under a Biden administration.
Other industries that will see a big impact by a Biden administration include cannabis, casinos, manufacturers, restaurants, retailers, pharmaceuticals, tech companies, Hollywood, agriculture, gold, finance, and venture capital.
Your Next Moves
As the likelihood of these changes approaching increases, it is important to plan your next moves in order to thrive under those conditions. Below are the next moves Patrick Bet-David is focusing on.
- Meet with Your CPA and learn how these tax increases will specifically affect YOU.
- Study the names likely to join Biden’s cabinet.
- Study Kamala’s policies, as she could easily become the next President of the United States.
- Study the 2024 election and what could take place then.
- Study the likely outcomes of the midterm elections.
- How will this affect CEO’s and founders.
- How will this affect employees.
- Gain perspective by asking questions to people in different markets and industries.
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