What a Biden Presidency Means for Your Wallet
Pavlo Gonchar/SOPA Images/Shutterstock / Pavlo Gonchar/SOPA Images/Shutterstock
Pavlo Gonchar/SOPA Images/Shutterstock / Pavlo Gonchar/SOPA Images/Shutterstock

Wednesday, Jan. 6 will go down in history as an unprecedented day of violent unrest in the Capitol apparently encouraged by President Trump. But one day later, the electoral college votes for President-elect Joseph R. Biden Jr. have been formally certified by Congress, and the president has promised a peaceful transition of power for the first time in an official statement:

“Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th. I have always said we would continue our fight to ensure that only legal votes were counted. While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!”

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In his acceptance speech at the Democratic National Convention – a moment that may now feel like a lifetime ago, but was less than five months ago – Biden said his economic plan “is all about jobs, dignity, respect and community.” There are many ways the future president’s policies can affect your wallet beyond the taxes you pay. From fighting the coronavirus to lowering drug prices to his jobs plan, see how Biden’s planned programs will have a direct effect on how much you earn, spend and save.

Last updated: Jan. 7, 2021

Group of cheerful children with teacher and face masks learning outdoors at school after covid-19 quarantine and lockdown.
Group of cheerful children with teacher and face masks learning outdoors at school after covid-19 quarantine and lockdown.

Coronavirus

Biden has called for any efforts to return to normal be mitigated by the best scientific evidence. He advocates wearing masks as a way to reduce the spread of COVID-19 in public spaces, citing clear evidence of their effectiveness in doing so in most other countries. He has called for a national mask mandate.

He supports offering financial support to states to allow them to extend unemployment benefits, and he has presented plans for trillions in new spending to help create jobs. He also plans on a third stimulus check, which is very likely now that the election in Georgia has resulted in a Democratic-controlled Senate.

See: Third Stimulus Check Likely Coming Under Biden – How Much Could You Get?

Open sign in a small business shop after Covid-19 pandemic.
Open sign in a small business shop after Covid-19 pandemic.

Reopening

Biden has cautioned against reopening until the country ramps up testing for COVID-19. He has said he’ll listen to scientists on how to proceed. In the second presidential debate Biden said, “What I would say is I’m going to shut down the virus, not the country.” He has said that he would shut down reopenings if they are followed by an outbreak.

In regards to schools reopening, Biden supports new federal spending on equipment and training that would allow for safer reopening plans.