Economic Affairs

Unpacking Bidenomics: There's hope for overhaul of economic policies but political obstacles abound

The economic and market impact could be huge, but there will be political obstacles

With the US economy in recession and unemployment still high at close to 7 per cent, fiscal stimulus is inevitable - the only question is its size. PHOTO: AFP
Regardless of the composition of the Senate, the first order of business for the Biden administration will be to defeat the Covid-19 pandemic, which has devastated the US economy and turned more virulent in recent weeks. PHOTO: REUTERS
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For months, analysts have been speculating on what would happen to the United States, global economies and financial markets in the event of a Biden presidency, which is finally at hand. But while there is hope for an overhaul of many economic and social policies, the path ahead is strewn with political obstacles.

Far from a landslide as Democratic Party hopefuls had expected, the 2020 presidential race was a dramatic nail-biter, with a come-from-behind victory for Mr Joe Biden after photo finishes in at least three states.

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