As the saying goes, “the only thing that is constant in life is change”. If we are not sure of anything, we should be sure of the fact that the outcome of the upcoming presidential election will bring about a change to the American economy. This impact will definitely spread across all sectors of the economy including U.S. businesses and business leaders. The question, however, is what the impacts foreseeable are?
I would like to say that the impacts would be dependent on the presidential candidate that wins the election. If we are to go by what they have already highlighted as their plan if elected, Barack Obama winning the election might not be good news for U.S businesses and business leaders alike. In his campaign, he made it clear that his administration would offer tax cut to middleclass families and would definitely increase the tax of CEOs and corporations. If we are to judge from this, we might as well say that while this would be good news to the average American, it is the CEOs and the U.S. businesses who would bare the weight of the tax plan. Apart from this, Obama says he would hold corporations responsible for pensions and work conditions. This might be a back breaker for U.S businesses and business leaders on the whole.
On the other hand, if it the election ends with Senator John McCain emerging victorious, then corporations and Business leader should be ready for a favourable tenure. Apart from the fact that Senator McCain promises to cut corporate tax, he claims that his administration would be on the side of U.S businesses and not in their way. He promised to cut corporate tax in order to maintain employment of workers in these corporations and he seems not to be concerned about U.S businesses using their resources to expand in other regions like Senator Obama. If we are judge from this, I think that U.S businesses and business leaders would flourish and expand if He assumes office.
Summarily, the crux of the whole thing is that Senator Obama economic plan would favor the middleclass workers while it could be at the detriment of U.S businesses and business leaders. On the other hand, Senator John McCain’s economic plan seems favourable to U.S businesses and business leaders as he sees them as pivotal to keeping the jobs of Americans.
Hoover, K. (2008): The small business owner’s guide to the presidential election. Business Courier. Retrieved from http://cincinnati.bizjournals.com/cincinnati/stories/2008/10/20/story15.html