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The race is on and its heating up.
Should he continue in office for a second term, wages are expected to grow.
That being said, a Biden win could severely impact the inflation voters feel in their bank accounts.
Unemployment
Time and again, Biden and his campaign have emphasized afocus and dedicationto job creation.
His strategies in the Build Back Better plan aim to create millions of jobs inclean energy and infrastructure projects.
Yet, the net effect is expected to be positive because the government is spending more on job creation.
Trumps economic approach will most likely be one of tax cuts and deregulation, Smith noted.
Also,some middle-income workerswere to benefit from the trickle-down effect.
The gains from wage growth may not be equitably shared among the different economic classes.
Smith said it may lead tolower unemployment ratesas businesses grow and eventually pay more employees.
The balancing act of these two factors will ultimately impact theoverall unemployment rate.
That makes the labor market more ethically inclined but likely increases operational expenses for business organizations.
Under Trump, do so chiefly through tax incentives and deregulatory momentum to spur growth aggressively.
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