Your Next Move Under a Biden Economy
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Summary
Whether you're a CEO, founder, C-suite executive, employee, or investor, it's very important to know what's going to happen to the US economy under a Joe Biden administration. In this episode, we'll cover: How his policies will affect different industries Who he's choosing to be in his administration What he's doing in the first 100 days And much more!
Transcript
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Whether you're a CEO, founder, C-suite executive, employee, investor, salesperson, it's very
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important to know what's going to happen to the US economy under a Joe Biden administration.
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So in today's episode, we're going to cover the following things.
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Number one, how his policies are going to affect different industries.
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And I mean every industry, energy, Hollywood, finance, we're going to cover it all.
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Number two, who is potentially going to be in his administration?
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It's important for you to know because some of them is going to impact your industry.
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Next, what is he going to be doing in the first hundred days?
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At the end, I'm going to share with you my next five plus moves, if I were you.
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So stick around to the very end because you're going to get a PDF with everything I talk about
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in this video to talk to your friends, family, coworkers, boss, board, whoever it may be.
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But before we get into everything, I think it's very important we preface what is really
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Although Georgia and Arizona doing a recount by hand, by the time you watch this, the results
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You know, the House Dems own 218 to I believe 202.
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On the Senate side, Republicans now have 50 to 48.
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They took on Alaska, so they're now 50 to 48 with two seats left.
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When it comes down to Senate, which is going to be the biggest, biggest runoff we've had
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These are the candidates you're looking at right now.
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For Senate, you're looking at Democratic Raphael Warnock going against Kelly Loeffler, Republican.
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Then you're looking at John Ossoff, Democrat, going against Senator David Perdue.
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The last time Georgia had a Democratic Senator was in 2000, Zell Miller.
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So this is very important for a lot of things I cover, because the $1.5 trillion tax cut
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that Biden may want to get rid of, he needs the Senate.
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I talk to my accountants, my CPAs, a lot of different people.
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But if it's 50-50, 50 seats Dems, 50 seat Republicans, the person that becomes the tiebreaker
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We're not going to know those two seats until January.
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That's why $200 million of money is being spent.
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Democrats are going there that have nothing to do with the state.
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And last but not least, one of the things that could also take place is, say Trump ends
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up conceding and losing, he may want to have a negotiation taking place so he could be pardoned
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for any future issues so they cannot just come back and keep him in court for a while.
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A lot of these things are on the table that is currently taking place.
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Let's talk about what Biden's plans are in his first 100 days.
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So there are a lot of different things on his mind, but the number one thing on his mind
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And he brought on board the chief of coronavirus task force, Michael Osterham, who he has suggested
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two Biden debt, it is a good idea for us to shut down the economy for four to six weeks.
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So remember this, four to six weeks shutdown many times can lead to a 90-day shutdown.
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Because if we go four to six weeks and the economy's not still recovering, you have to
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know that we may say, let's go another four weeks.
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If we've already gone six weeks, let's go four more weeks, and I can easily turn into 90 days.
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Because if you're going to shut down the economy for four to six weeks, what are you going to
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For example, the CARES Act that Trump had, he has something similar to that that he wants
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to announce, which is helping out 160 million people, paying him $1,200 a month.
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But he doesn't know the exact number yet because he's got to get it past Senate and the House.
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Number two, extension of unemployment benefits, which we had $600 a week for unemployment provided
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And the temporary relief provided additional $300 a week for six weeks.
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He just says, I'm going to do something like that.
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The next one is bigger monthly Social Security checks.
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He wants to increase the monthly Social Security checks that the current beneficiaries are getting
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The other potential measures he could take is more money to small businesses, emergency sick
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leave for everyone who needs it, fiscal relief to states.
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He also wants to do no out-of-pocket money for COVID-19 testing, treatment, and an eventual
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So you're not going to be paying for that stuff.
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So now the question becomes, can he do all of this stuff by himself without needing the
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He will use wartime legislation known as the Defense Production Act DPA to compel U.S.
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businesses to make personal protective equipment, medical supplies, ventilators, and whatever
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Biden also has set out plans to increase unemployment insurance, send more direct payments to struggling
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Americans, forgive some student loans, and provide more aid to small businesses.
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But here's a big but, Biden will probably need Republicans' support for a major stimulus
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And after running up the biggest budget deficit in history under Trump, the Republicans have
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begun talking about the necessity to balance the books once more.
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The other issue that's on top of his list is climate change.
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Biden himself said, number one issue facing humanity is climate change.
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So the whole Paris Climate Accord, they're going back at it with the 174 other countries.
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He's also introduced a climate change proposal for $1.7 trillion in federal spending over the
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Another thing that he's working very aggressively is the minimum wage topic.
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Obama just announced, we're going to $15 minimum wage by 2026, which means they're going to increase
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But Biden wants to make the federal minimum wage from $7.20 to $15.
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That is $7.20 to $15 to all the restaurants that the waiters, waitresses get paid $7.20 minimum
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Wait till you see what's going to happen to the restaurant and hospitality industry.
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So he will be facing and challenging the Republicans to raise federal minimum wage to $15 an hour.
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Another thing is he's continuously talked about, he wants to give two years of college-free
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community college to every single American family that wants to go to college.
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But it's a little bit more technical than that.
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Let me kind of unpack it for you so you know how this is going to work out.
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Biden could wipe out $50,000 a student did per borough without Congress.
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Here are three other areas where he can help the struggling U.S. economy, even with a GOP-controlled
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Biden has proposed for giving $10,000 in student loans.
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Biden has proposed for the next president to cancel up to $50,000 in student loan debt.
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The President of the United States has the power to broadly cancel student loan debt, help
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close the racial wealth gap, and give a big boost to families and our economy, Warren said
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It's time to use the existing authority and permanently improve the lives of tens of millions
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Biden has proposed for giving $10,000 in student loan debt for borrowers as part of coronavirus
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Nearly 42 million Americans owe a total of $1.7 trillion.
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Because you're going to find out here in a minute if she is going to be part of his cabinet.
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The next one's pretty obvious, Affordable Health Care Act, aka Obamacare.
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He's going to bring that back and probably try to get it even to be more extensive than
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what it was before because Obama was a person, he was a VP too, and Obama campaigned for him.
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There's got to be a certain level of loyalty to bring that back up, so expect that to come
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As far as travel bans go, many of those are going to go away, starting with abandoning
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He is planning on getting rid of all of the $1.5 trillion Trump's tax plan that he unveiled
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I'm going to explain every one of them for you so you can kind of get an idea.
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Trump's tax plan, if you look at the screen right now, he lowered corporate taxes to 21%,
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Income and payroll taxes 37% under Trump, Biden wants to increase the top line to 52%.
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Small business taxes went down to 29.6%, Biden wants to increase that to 39.6%.
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Capital gains and dividend taxes went down to 23.8%, he will be increasing that to 43.4%.
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So the concern with a lot of business owners, private equity, VC, you're going to see what's
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going to happen to them here in a minute because they're going to be affected by this, as far
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And can Biden, with an executive order, go ahead and revert back all of the tax cuts that
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This is why Georgia matters so much with the two Senate seats, the race that's going on.
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But he can make adjustments, meaning, if himself, you know, if some of the guys on Republicans
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that come back and say, listen, 28, maybe we're not going to do 21.
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They may then negotiate to change some of those numbers, but it may not come back up.
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So there may be some kind of negotiation going on in 2021.
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But if he wants to cut all of it and get rid of it, he's going to need the Senate.
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So Georgia's going to matter more than ever before.
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This is why they're spending $200 million in Georgia.
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These are just some of the names that's been thrown around.
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We can decide for yourself whether you like it or not.
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But this is what he's looking at right now as far as cabinet goes.
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He's looking at Susan Rice, Obama's National Security Advisor, or Anthony Bilkin, Obama's
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former Deputy Secretary of State and Deputy National Security Advisor.
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So he's looking at some of the guys that were under Obama.
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So what Obama had is what Biden's planning on having.
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As far as Secretary of Defense goes, he's looking at Michelle Flourney, which is Hillary's
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pick in 2016, former Undersecretary of Defense, or Jeff Johnson, Obama's Department of
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Homeland Security, which is again, you're getting what Hillary and Obama had as far as Secretary
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As far as Attorney General goes, he's looking at Sally Yates, career federal prosecutor.
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She's the one who refused to defend Trump's executive order, banning travelers from several
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So you know what role she's going to play.
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He's also looking at Senator Doug Jones from Alabama, or Tom Perez, who's a DNC Chairman.
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Now, as far as the Secretary of Treasury goes, this is where it gets interesting.
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Now let's look at Secretary of Homeland Security.
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He's looking at Lisa Monaco, Obama's Homeland Security Advisor, or Alejandro Mayorkas, former
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Director of U.S. Citizenship and Immigration Services.
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This could be a lot of different possibilities for the dreamers.
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Raise federal minimum wage to 15 bucks an hour.
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Next one is Secretary of Commerce, which he's choosing, I believe it may be, Meg Whitman,
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which is a former CEO of Quibi that just went out of business.
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They raised 1.8 billion, but she did a great job at eBay.
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She took the company, I believe, from 4 million a year to 8 billion a year, and from 30 employees
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And she ran for governor in the state of, you know, as a Republican in the state of California.
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So she's actually not a bad pick to have as Secretary of Commerce.
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As far as Secretary of Energy goes, he is looking at Ernest Moniz and Elizabeth Sherwood
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The challenge is Moniz is tied to fossil fuels, so progressives may not think he's far left
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enough to push the agenda that they're trying to push with Biden.
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Then you have Administrator of the Environmental Protection Agency, Mary Nichols is number one
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And this is very important, because if they want to do anything with climate change or
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the $1.7 trillion plan over the next 10 years, she's probably going to be pushing that and
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Last but not least, Head of Veteran Affairs, he's looking at somebody that made a big name
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for themselves in this last election, and that's Mayor Pete Buttigieg.
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He was in the military before himself, so he has experience and he has strong opinions,
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so that's going to be who he's putting there for Head of Veteran Affairs.
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So before I get into the next part, if you're getting value so far about what I'm talking about
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in the episode, push that thumbs up button and the subscribe button.
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How are industries going to be affected under a Biden administration?
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So airlines were taking a big hit, Pfizer announces vaccine, stock explodes some 20, 30, 40% for
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Some were talking American Airlines may go out of business, but what's going to happen under
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What are the challenges that they're going to be facing?
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Number one, Biden is all about the mask, and he's all about social distancing, and a lot
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of the airlines recently have been getting away with being able to sit next to each other
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Biden may enforce six feet social distancing, so flights may not be full, meaning you cannot
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have another person sitting next to you that's a stranger unless if it's your family, and that's
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The other one is the fact that what they're doing right now, if by any chance these airlines
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start kind of hurting and their numbers drop off, he and his administration may force for
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So the airline industry could be a very fickle, I know these guys go on very small margins,
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The airline industry's not going to be looking good under a Biden administration.
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This one's going to be interesting because, you know, he's all about climate change, and
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they're going to want to bring back given tax credits to buyers who buy electric cars.
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So we're talking about it's going to benefit Tesla, probably Volkswagen, GM, Ford, and any
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other manufacturer that's making cars that are electric.
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However, all the other cars that are oil burning cars, they're probably going to take a big hit.
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You will see some companies go like this, and some are going to take massive hits.
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Cannabis industry could be very ecstatic based on some of the things that Biden administration
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is working on, meaning you have the States Act, and the Moore's Act, that currently puts cannabis
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But if those go away, then you're talking about the tax code 280E.
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If you're in the cannabis industry, you know what I'm talking about.
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That allows the entrepreneur, the business owner, to write off their operating expenses
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on a monthly basis, which means their profit's going to go higher, and they can net more.
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Those things go together, it's removed as a controlled substance, it benefits the cannabis
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So one thing we do know is the fact that online gambling and online betting is on fire.
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One of the fastest growing segments of casinos right now.
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Last year, the Trump administration wanted to reinforce the 1961 Wire Act, which kind of
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So the online gambling industry may do well under a Biden administration.
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However, if they're going to still shut down for another four to six weeks, which his chief
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of task force for coronavirus is suggesting to do, the physical casinos may take a hit.
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But he may give a stimulus to the union that's dealing with casinos.
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So again, a lot going on there, but it's something to think about if you're in that industry.
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So manufacturers, which is a big part of the economy, has taken a hit due to the tariffs
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that Trump put against China and some of these other countries.
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Obviously, Biden is a little more pro-China than Trump is.
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As a matter of fact, not a little bit more, a lot more.
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He's probably going to remove a lot of those sanctions towards China, which means Boeing,
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well, a lot of those companies, GE, that is doing business out there, they're probably
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So those tariffs are going to help a lot of the manufacturing company that we have in
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So next one is restaurants, which restaurants are not in a good place right now for many different
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reasons, especially what happened with the pandemic and they were shut down 75%, 50%,
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Last, a lot of restaurants couldn't afford to put the plexiglass following all the guidelines.
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The restaurant industry is going to take a massive hit.
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He is thinking about enforcing a $15 minimum wage, Bernie Sanders, Elizabeth Warren, you
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If he does, again, we talked about this before, restaurants typically pay minimum wage to their
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waiters and waitresses and they make money on the tip, so they make $720.
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Now restaurants have to raise that $720 to $15, which it may not be a big deal in a big market
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like Miami or New York or Chicago or Dallas or San Francisco or LA, but it's going to
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hurt the restaurant business and the rest of America.
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And then at the same time, shutting down and doing that part, in 2019 the numbers came back
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on what is the cost, the operating expense on what it is to run a business for restaurants.
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That's more than the amount of money they spend restaurants on food.
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So imagine that 31% doubles if you take minimum wage from $720 to $15.
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Restaurants are going to take a massive, massive hit if they continue the way they're going
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I mean, this is a non-essential industry, so at any point they can shut them down and
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And to take them from $720 to $15, a lot of retailers are going to take a big hit with
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So it's going to be a double whammy for the retail industry.
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So the next one is pharmaceuticals, which, you know, he has said that he's going to go
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back and renegotiate prices with these big pharma companies and say, hey, you know, you
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But I think it's a lot of talk with this one because Obamacare only helped those guys.
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So to come out with this, when we know when Obamacare came out, cost went up 40% as an
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I was getting health insurance for everybody like this, insurance went up.
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So if that comes back around at the levels that he wants it, and he says he's going to
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go negotiate with big pharma, I just don't see that happening.
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So I don't see a lot changing on the big pharma industry.
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So now let's talk about the big technology companies.
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So, you know, early days when the internet first came out, there was something called
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Section 230, which prevented these big technology, social media companies, Google companies,
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So imagine I put up something, and I say something, and I have something that's inaccurate.
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Section 230 protected YouTube and Google from saying, I didn't do it.
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Biden wants to enforce and get rid of Section 230 to put the liability on the company, which
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means a company like Google, YouTube, Facebook, may have to hire a whole new department to approve,
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watch this, to approve every video before it gets uploaded on YouTube.
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Number one, the speed up getting approved video.
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Number two, it's going to get the interest away from people who want to create content
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So this could really throw a wrench into Alphabet and Google.
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He's not going to be as friendly to them, it seems like, as Obama was a few years ago
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The thing with Amazon is under every administration.
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It's just nobody's been able to do it going up against Bezos, and I don't know if he's going
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Amazon's probably the closest thing to a monopoly that we have in America today.
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Although Walmart growing helps Amazon, and some of these other guys growing helps Amazon.
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But he may want to get in the way because Amazon is the number one product developed.
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So they're working on both ends, and that kind of gives them an edge and a lack of accountability
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Even though Tim Cook, under Trump's administration, had a good relationship going on.
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Even though politically they fully disagree, this may actually be a good thing for Apple
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because Biden, again, what he does with China, he cuts those tariffs, regulation, opens it
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Apple cannot produce their phones in China for cheaper costs, bigger margins for themselves.
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And at the same time, a lot of Apple's engineers that they were recruiting, it made it easier when
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they had the H-1B visas, but Trump made it a little bit harder.
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I have a feeling Biden's going to make it easier to get those visas, which means more
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So it could actually end up being a good thing for Apple.
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So if those tariffs open up, the chip maker industry, $400 billion a year, Intel, you've
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got a lot of different companies that are making it in China, they're going to benefit
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But at the same time, the sanctions that Trump put on Huawei, Biden may loosen up, he may eliminate
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And Huawei was a, I don't know if you remember a few years ago, everything we heard about
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Huawei may be another company you may be hearing about on a daily basis again, if Biden loosens
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So Hollywood's going to have an interesting time, because when's the last time you saw a
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new movie coming out that you were excited about?
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Honestly, when's the last time you watched the movie, like, oh my gosh, it's a big actor.
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Not happening right now, because they're not working, right?
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So Hollywood's really taking a big hit with COVID.
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But Biden's policies could absolutely hurt Hollywood because of social distancing, because
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of all these other parameters and guidelines you have to follow.
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So they may double or triple the cost of these, you know, studios that are trying to produce
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So again, and then the four to six weeks, so Hollywood's still going to take a hit.
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For as long as Biden's administration wants to believe in a shutdown, Hollywood's going to
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Social media, this one's interesting because we're talking about Facebook, Twitter, YouTube.
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So it's going to be not good for content creators, because Facebook and Twitter, every time they
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went against Trump or they did something that they wanted to remove a post, Trump from the
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top is like censorship, censorship, censorship, censorship.
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And they have to go to court, constantly defend themselves.
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And it was always as embarrassing, things you were seeing on interviews and being held
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Biden's going to be a little bit more lenient, which they're going to have more ability to
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And the president's going to say, you have the right to do so.
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And on top of that, Biden's probably not going to tweet as often as Twitter is, as often
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as Trump is, which means that could hurt Twitter stock because so many people, those who love
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them, those who are in the middle and those who hate them, simply log on on Twitter every
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And if Trump goes from tweeting 10 times a day, 20 times a day to once or twice a day under Biden,
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Especially if Trump just decides to go to a complete different place, Twitter may actually
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I think Facebook, Google, YouTube, their backing's going to be stronger because Biden's going
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to let them be a little bit more loose and censor whoever they want on the right.
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So telecom and wireless may not be too happy with Biden because Biden may get in there and
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Because for the longest time, you know, telecom and these guys have been going at it.
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It's just a handful of people that keep competing for the same margin.
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But if he starts going in there saying, your pricing's too high, your pricing's too high,
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your pricing's too high, they'll have to change costs for phone, for internet, for service,
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So I don't know if it's going to be a good time for telecommunication the next two or
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So agriculture is a little bit technical as well.
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He's talked about it a lot, fracking oil, all that stuff.
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So a lot of these companies that make those corn or soy biofuels that is used in motor fuels,
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from agriculture and farms, they're going to take a hit potentially.
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But if he opens up the tariffs with China, they can now sell to other places, so that
00:23:01.140
And then the meatpacking companies that are constantly taking shots at them by Cory Booker
00:23:05.960
or Elizabeth Warren saying they're feckless, you know, they're not responsible because
0.99
00:23:09.580
people are working so closely, kind of like Amazon.
00:23:14.900
So it's a lot of different things going at the same time.
00:23:17.740
Some are going to enjoy it, some are not going to enjoy it.
00:23:19.500
So energy industry is also going to be interesting because there's a lot of different moving parts
00:23:23.920
Because on one end, he doesn't want oil, but at the same time he wants to go more green
00:23:32.120
But if they don't have the Senate, he's not going to be able to pass a $1.7 trillion over
00:23:37.420
So green may do well if they have Senate 50-50, because Kamala will be voting.
0.75
00:23:41.220
But if they don't, they probably can pass that, cannot pass that.
00:23:47.680
Again, it's going to be a lot coming down to whether they're going to have control over
00:23:53.000
This one's going to be simple because any time we print more dollar, more money, the
00:23:56.640
more we give away stimulus, entitlement programs, I'm going to give away this money here, that
00:24:01.680
The more we print, the value of gold goes higher.
00:24:03.880
So he's planning on printing a lot of money over the next two to four years.
00:24:07.060
That means the value of gold, gold and precious metals should go higher the next two to four
00:24:12.340
So finance and how the market's going to do, first of all, the more money, free money we
00:24:17.460
The market's going to get a boost because people have more money to spend.
00:24:23.460
You're talking about stagflation, inflation, a lot of prices will pay long term.
00:24:29.520
Long term, your kids or grandkids are going to be paying a lot of taxes very soon.
00:24:37.500
This one, he's committed to giving $10 billion into the economy to go buy and invest into
00:24:43.000
So there's going to be some, not nationalized, but government owned companies that they own
00:24:49.620
So that's going to be taking place, which if there's going to be anybody, one has a business
00:24:52.420
partner, it's probably not the government, as an owner of your company.
00:24:56.500
But at the same time, I think a lot of VCs, a lot of private equity is going to be a little
00:25:02.740
Some of them are going to try to sell this year, some of them are going to try to time it.
00:25:05.760
A lot of sellers and founders may hang on to their business or their portfolio to not
00:25:10.540
They'll hang on to it for four to eight years, maybe they'll sell a percentage, retain more
00:25:15.000
But this is going to get very, very technical to private equity and VCs on what's going
00:25:19.200
to happen with the new tax plans, especially if Republicans lose Senate in Georgia.
00:25:24.900
All right, so we just talked about different industries, now let's talk about your next five
00:25:29.300
I'm going to give you three additional moves on top of the five moves.
00:25:32.300
Number one move, whatever you're doing right now, whatever industry you're in right now,
00:25:35.360
the first thing you've got to do is you've got to go meet with your CPA.
00:25:39.480
Meet with them and ask questions, specifically, how are the noon tax laws going to affect me?
00:25:52.440
Number two, all the names I gave you on this cabinet, go study them and find out how progressive
00:25:57.860
Because the more progressive they are, the more taxes are going to go higher.
00:26:01.360
There's going to be a lot of different changes taking place.
00:26:05.120
Go study who he's choosing for his cabinet because it's going to affect you and your family.
00:26:09.540
Do some math and study who's going to be president in 2024.
00:26:24.680
If Biden's going to be 82, he's already going to be the oldest president we've ever had, 78
00:26:30.520
Can he have the energy to run again for another eight years, four years to be a president
00:26:35.740
If he decides to step away and Kamala's going to be the president and she chooses a VP or somebody
00:26:41.500
The next thing you've got to study is what is Kamala Harris's policies?
1.00
00:26:44.020
How far left is she, how progressive is she?
0.99
00:26:46.240
Because if she becomes a president and replaces Biden, you just have to be prepared.
00:26:50.600
If that takes place, are you okay with the policies?
00:26:53.240
And whatever they may be, how do you need to pivot based on Kamala Harris's policies?
00:26:57.160
So don't just study Biden's policies, you've got to study Kamala's policies as well.
00:27:04.920
But this midterm is probably going to be just as important as the election that we had.
00:27:10.520
So take a very close look at the midterms, because Congress won, and the Republicans
00:27:17.920
Are they going to keep during the midterms, or will Republicans flip more seats to take
00:27:24.320
And if that does happen, what can they really pass?
00:27:27.520
It's just going to be an executive, you know, what do you call it, executive orders, nonstop,
00:27:34.620
And he won't be able to pull a lot of the plans that they want to pull if they lose House
00:27:39.580
If, the flip side, if they get all three, they can do anything they want after midterms.
00:27:47.060
Next, if you're a founder CEO, when you meet with your CPA, don't just ask how the taxes
00:27:56.700
Ask how the taxes affects your employees, your salespeople, your clients.
00:28:01.220
Every body that directly or indirectly is doing business with you.
00:28:05.840
Because you want to know where they're at, to also be able to know their strengths, their
00:28:10.340
weaknesses, their positioning, so you can help them out, so you can strengthen your partnership
00:28:14.880
with them, whether it's your employees, your salespeople, your partners, or your vendors.
00:28:19.300
So point number seven is the complete opposite of point number six.
00:28:22.100
If you're an employee, or a salesperson, or an executive in a company, but you're not
00:28:25.620
a CEO or founder, go study taxes and see how it affects all of you, including your customers,
00:28:33.560
Because if you study that, then you'll be able to say, I can't understand what my boss
00:28:38.860
I may not be in a position to go out and ask for big grades because his taxes just went
00:28:44.980
Because if you go to him, he's going to say, what are you talking about?
00:28:48.120
I just have to give 20% more this year than I paid last year.
00:28:54.780
So go also study taxes on how it affects your boss and the business owner above you.
00:28:58.320
Point number eight is something I do every single time something happens in the market.
00:29:17.620
Are any of the companies I'm working with affected by this negatively?
00:29:22.200
I don't want any of the companies I'm working with to be effectively negatively.
00:29:28.560
If Elizabeth Warren does this, you could face it.
00:29:30.560
So I'm gathering intel from everybody by calling five to seven different people.
00:29:35.120
I take all of that information that I have, and I have a meeting with my staff to say,
00:29:43.020
And this is what we're going to be doing moving forward.
00:29:45.460
And before I give you the free PDF on everything I've covered with you here so you can process
00:29:49.480
it for yourself, the whole thing I'm telling you about is about knowing your next 5,
00:29:56.560
If you've not yet read the book, Your Next 5 Moves.
00:30:03.940
If you've not read it, it's the number one Wall Street Journal bestseller.
00:30:07.000
Go order it, because everything about the way you think in 2020 going into 2021 has to
00:30:15.400
So with that being said, if you want the PDF, send us a text titled BIDEN to 310-340-1132.
00:30:26.780
We're going to send the entire PDF today to you.
00:30:29.020
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00:30:33.260
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00:30:36.900
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