Inaam Khan
@inaam1khan·85.7K subscribers·546 videos
BIDEN WINS PRESIDENTIAL ELECTION 2020! Contested Election | What This Means For Stocks And Stimulus
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November 7, 2020
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In this video I offer a quick, raw, and unedited update on elections. Former Vice President Joe Biden has won the presidential election of 2020! CNN and ABC News Network have announced Biden as the winner of the state of Pennsylvania and Nevada which allowed him to reach the 270 electoral vote threshold. Of course, President Trump will not accept defeat so easily. His legal team has already filed legal cases with several states and a recount has been requested in the state of Wisconsin.
I believe this is great news for the stock market as well. As we all saw, the stock market went up last week and had it's best week since April, 2020. Historically, the best combination for the stock market has been a Democrat president and a Republican senate. This allows the government to be more balanced and will prevent any serious corporate or capital gains tax rate hikes.
In terms of the Stimulus package, Nancy Pelosi, the Speaker of the House for the Democrats, has lost a lot of leverage. Democrats have not won the Senate as expected and do not want to release a package next year as it will not be a good look for Biden. Having a $2 trilliion add to the deficit as his first step will not be nice historically. Also, Republicans will argue that due to the lower unemployment rate, we may not need a large stimulus package anymore.
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