By Duncan Smith
Ready to cash out your 401(k)?
Retirement accounts during President Donald Trump grew in leaps and bounds, thanks to his tax-and-regulation-cutting approach to the economy.
But all of that growth may have been for naught, according to two-thirds of investors and business experts surveyed by CNBC.
Dozens of business experts believe the economy will falter after President-elect Joe Biden assumes office.
In a survey conducted by CNBC, more than 100 chief investment officers, portfolio managers, and CNBC contributors were asked if the Biden administration would benefit the stock market more than the Trump administration. Two-thirds of those surveyed said that they expected stocks to take a tumble. …
Many investors surveyed worry that Biden’s tax plan, which calls for raising taxes to levels not seen since President George W. Bush, will reverse the economic growth seen under the Trump administration. The survey was conducted from Dec. 14 to Dec. 23. In a CNBC survey from November, 55% of small business owners reported they are anticipating Biden’s fiscal policies to be bad for small businesses, with just 34% of those surveyed expressing optimism about his plans.
'The immediate shift in forward-looking sentiment that small business owners reported following the election reveals how deeply politics has become embedded in the public's assessment of the economy,' said Laura Wronski, research science manager at SurveyMonkey. 'We've seen evidence of that every quarter … but the election of Joe Biden is the first opportunity we've had to see whether that would flip if presidential power changed parties — and it did dramatically.'
Wronski says that’s because right now there is a lot of uncertainty regarding a Biden regime.
'We don't yet know how Biden will work with Republican leaders to carry out his agenda, and we don't even know what his specific policy proposals will be yet, so we're really in wait-and-see mode, and that lack of certainty is always a tricky situation for small business owners to operate in,' she said.
Here’s another fact: The market is sure to trend downward if that moron Biden and his merry band of authoritarians continue to keep as much of the economy locked down over a virus that hasn’t even begun to approach the number of people who get sick each year from the flu (and this is after a full year of COVID-19).
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