As Biden wins the presidency, Texas officials are examining the possible economic impact
Democrat Joe Biden defeated President Donald Trump to become the 46th president of the United States on Saturday, positioning himself to lead a nation gripped by a historic pandemic and a confluence of economic and social turmoil.
Trump refused to concede, threatening further legal action on ballot counting, but so far his actions have had little impact.
For Texas leaders, the victory comes as the state is dealing with a renewed threat from the COVID-19 pandemic and the resulting economic impact.
“From an economic perspective, it is rare that presidents move the needle much on economic growth.,” said M. Ray Perryman, Ph.D., president and chief executive officer of The Perryman Group. “Historically, the economy has fared moderately better in Democratic administrations, but the difference is small and not necessarily caused by the president. In terms of policy, the ability to implement major initiatives will be highly dependent on the outcome of the two senate races in Georgia.”
Perryman said it is “critically important to deal with the virus.”
“Our economic crisis is the direct result of the health crisis, and we cannot fully revive the lost jobs and output until we have an effective strategy with regard to the pandemic. It appears that President-Elect Biden will focus more directly on a better response,” he said.
Perryman said the second issue to note relates to uncertainty. .
“Nothing inhibits investment and risk-taking in the economy more than unpredictability. I anticipate that there will be greater clarity and consistency going forward, which could also be a positive factor,” he said.
Perryman said the election seemed to separate the issues of the virus and economy. That’s now the way to look at it, he said. .
“I would sum up, however, by again saying that the dichotomy that was created in the election between the virus and the economy was incorrect. The economy can only be restored through a concerted health response,” he said. .
The Every Texan organization, formerly the Center for Public Policy Priorities in Austin, said the organization will worth with the new administration.
“As we have done for over 35 years, Every Texan will work with the new and returning elected officials in Washington and Texas who want to begin the healing with systemic, data-driven, and equitable public policy. We envision a Texas where people of all backgrounds can contribute to and share in the prosperity of our state,” said Every Texan Legislative & Policy Director Luis Figueroa.
Figueroa also emphasized the impact of the pandemic on the economy of the state and the nation.
“This past year has seen America stricken with an unprecedented pandemic, in which most federal and state leaders in the political majority have failed to lead,” he said. “With a change in the White House, we expect leaders at all levels will rely more on science and data to rebuild our economy and the health of our communities in an equitable way.”