What does this all mean for the US economy?

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 5 November 2020

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Vote counting continues in a handful of key battleground states which will determine the outcome of the US presidential election. Democratic candidate Joe Biden has been projected to win Michigan and Wisconsin. He also holds narrow leads in Nevada and Arizona. If he's able to hang on in all these states as final votes are counted, Mr Biden will be almost certain to win. We take a look at what this means for the US economy. International economics policy analyst Pippa Malmgren joins the show to get us up to speed, and then we’ll hear from Jason Furman, the former chief economic adviser to President Obama, who says Biden’s focus will be on trade policy and manufacturing. Meanwhile, Trump’s own former chief economic adviser Tomas Philipson says the president’s economic achievements have been undervalued. And Mohamed El-Erian of Allianz says the balance between a Democratic executive and a Republican senate will not be the kind of stabilising influence economists usually expect.

Producers: Joshua Thorpe and Frey Lindsay

(Image credit: Getty Images)

Transcript

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0:00.0	Hello there, I'm Ed Butler. Welcome to Business Daily from the BBC. Today, they call it the
0:06.8	pathway to victory in Washington. And right now, it seems to be getting wider for Joe Biden.
0:13.6	It's clear that we're winning enough states to reach 270 electoral votes needed to win the presidency.
0:20.5	But is that really true? President Trump is calling foul.
0:24.1	He's accusing the Democrats of fraud and promising recounts and a legal challenge.
0:29.3	This is a fraud on the American public.
0:32.1	This is an embarrassment to our country.
0:34.9	The disputed U.S. election, what it means for America's economy, business daily from the BBC.
0:43.5	Yeah, confusion reigns in election land.
0:46.8	Still no absolutely final outcome in a bunch of states, Arizona, Pennsylvania, Nevada, North Carolina and Georgia.
0:53.8	Without which, neither Joe Biden nor Donald Trump can declare ultimate victory.
1:00.0	I'm joining on the line now by Pippa Moundgren.
1:02.2	She is an entrepreneur and a US policy analyst who served in the economic team of the Bush administration.
1:08.5	Pippa, at first, as an American, as a businesswoman, what are you
1:12.8	thinking right now? Well, I tell you, the first thing is, you know, we always talk about,
1:18.3	is America red or is it blue? Well, right now, it's purple, like the color of a bad bruise.
1:24.9	It's so close because we have, you know, Democrats and Republicans merging in such a
1:31.7	way that the country remains incredibly divided. Second, whoever wins is going to have a hard time
1:38.6	saying they have a mandate. Even though it's been the most number of votes ever cast in a presidential election, still, whoever wins, it looks like it'll be by just the tiniest of margins.
1:50.6	And third, the stock market loves this because, number one, first, the uncertainty, one way or another will go away.
1:57.2	And second, the Congress is split.
1:59.9	And so they go, well, that means that government will be stymied.
	...

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