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Economy And Jobs: The Key Parameters For U.S. President 2020

Updated : November 9th, 2020

With the U.S presidential elections nearing a close, one thing on every citizen’s mind is Jobs, employment, and the economy. Whoever comes into power has a massive challenge against him to get the economy and job market back on track so that the people of the country don’t face any more turmoil in these uncertain times.

Initially, when the pandemic began, the month of April saw the unemployment rate at a staggering 14.7%. Subsequently, the number decreased and stood at 7.7% in September. However, with this being said the next president still has to improve the job market further as unemployment still looms large in several states. It is also vital that the new president takes control of the continuous spread of the Coronavirus pandemic, as the numbers keep rising in several states across the country. 

The Key Parameters For The President To Focus On

The next presidential candidate will have to focus on several critical aspects to get the wheels of the economy and job situation under control. Some of the critical parameters that need to be worked on are as follows:

The Job Situation

In September alone, close to 7 million people remained unemployed, which is a staggering amount. The month also saw several permanent job losses, which is a worry for some prospect, in these uncertain times. The only way for things to get back on track is to stop the spread of the virus, and it should be the main agenda of the president once elected.  

Economy 

It is important for the next president to work on aspects that improve the economy and give job security to the Americans. Despite the fact the United States is doing better in terms of economy when compared to many other countries, it is still challenging to bring back normalcy. The only way to recover is to restore public health to build confidence among people that they can interact without risking infection. 

The president should play a key role in the task ahead. He should instruct the authorities to provide reliable and timely information regarding the spread of the virus and treatments available including vaccines.

Stimulus Bill

It is of uttermost importance that the new president signs a new stimulus package to help people get through these trying times. It will ensure the unemployed get temporary relief until they find a new job to make ends meet. Also, the bill should aim at lowering taxes for the poor and downtrodden in the country. 

Student Debt

One of the critical issues the voters and their kids are facing is the student debt. It is estimated that around 45 million Americans are carrying a total of $1.54 trillion student debt. On average, student borrowers are graduating college with a debt of $30,000. 

This acts as a major roadblock to those looking to begin their post-graduate on sound financial foundation. The student debt also has critical implications for the housing industry, which largely contributes to the U.S. economy. Therefore, the next president should come up with action plans to help student borrowers to overcome the debt and thereby save the economy. 

The COVID Vaccine

 One of the most critical factors for the next president to work on is rolling out a coronavirus vaccine ASAP. It will ensure several people at the working-class level can venture out confidently, hence getting the economy back on track. Also, there are several pharmaceutical companies developing a vaccine currently, It will be the president’s responsibility to ensure the best and most effective dose is provided.

Climate Change

To ensure a better world global warming and climate change have to be taken seriously. Several tactics to tackle these issues must be brought up by the next president. Currently, Under Donald Trump’s administration, the U.S has withdrawn from the Paris agreement which is not a very good step in tackling climate change. However, the next president-elect can rejoin the deal and come up with a strong policy to deal with this menace.  

Housing

With the expiration of unemployment expansion provisions under the CARES Act in late July, several key factors preventing millions of Americans from losing their homes have faded. Considering that 31.5% families in America spend more than 30% of their income on housing, this sector should likely be focused by the next president. 

Taxes

Many Americans believe that they are paying higher taxes. The president should consider taking steps to bring down the taxes and help people especially those who are earning decent wages. 

Trade 

Rather than adapting unilaterally on trade and discouraging companies from choosing overseas, the new president should focus on accelerating the competitiveness of U.S. industry by investing Research & Development and infrastructure across the economy.

The Final Word

These are some of the aspects that the new president of the United States should focus on to improve the economy and give the citizens their deserving quality of life. The next president must give his best shot in ensuring the country comes out of the current hurdles it’s facing, as this will ensure critical aspects are back on track once again. 

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