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This presidential race has been an unpredictable roller coaster of events, and economists agree that could be bad news. Several experts surveyed by the Wall Street Journal say the uncertainty of the elections could prove problematic for the economy.
More than 80% of the economists surveyed agreed this particular election cycle is presenting as unusual, and that uncertainty has curbed consumer spending and business investments. Investors and businesses wary of future taxes and regulations that may come under new leadership are holding off on spending, and the WSJ reports 57% of economists say the economy is suffering in part as a result of the elections.
The two candidates’ policies vary drastically, so it’s no wonder investors are wary. Democratic nominee Hillary Clinton has proposed higher taxes on corporations and the wealthy, whereas GOP leader Donald Trump has proposed large tax cuts sans proposals to reduce spending, while claiming he wants to double infrastructure spending and renegotiate long-standing trade deals.
“This election introduces a Mount Everest of uncertainty,” American Chemistry Council economist Kevin Swift says. [WSJ]
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