It’s a question that remains on everyone’s mind as voting day approaches. Some people fear, or hope, depending on their political leanings, that the former vice president will make radical changes to the left. Others wish, or worry, that the ship does not move.
Penny Pritzker, Obama’s former Secretary of Commerce, has a closer view than most of Biden’s agenda. As one of your top financial advisers, Pritzker is in a unique position to have a say. Additionally, as a descendant of the Hyatt Hotels family fortune, a Microsoft board member, and founder of Chicago-based investment firm PSP Partners, Pritzker has unmatched dominance in the implications for businesses and investors.
Pritzker to share his thoughts on the post-November economic outlook. She believes that recovery cannot occur until the COVID-19 crisis is effectively managed. This is what you expect in the coming months.
Penny Pritzker: It’s no secret that I’m on the Biden-Harris team. Biden represents greater certainty and stability. You have a plan to address the COVID crisis. He has a great economic plan. I fundamentally believe that Joe Biden is a good jobs president. He has a plan to create millions of high paying jobs. Reports from Goldman Sachs and Moody’s say that Biden’s economic plan will create more than 7 million more jobs than Donald Trump.
President Trump recently tweeted that a vote for Democrats is a vote for massive tax increases, economic closures and job losses. Who is right
Donald Trump falls short of his record. He wants us to judge it as if the football game only had three quarters, not four quarters. We have had the worst federal mismanagement in our history for the past six months. That has cost us tens of millions of jobs. By not having an effective COVID strategy and by firing the experts, we are trapped in a situation where millions of Americans are out of work.
Some may not. Others will, for sure. People are eager to travel. But people will need to have more digital knowledge and be better trained. If we are going to continue creating jobs, we have to make sure our people are prepared for them.
Biden will invest in big things like R&D. Our R&D investment is close to 0.6% of GDP, which is the lowest level since 1955. How do you expect it to compete globally and stay current? ? head if we spend so little on R&D? We need to be leaders in artificial intelligence, quantum vehicles, electricity, clean energy, 5G and broadband. These are the technologies of the future, but they are also the technologies of the present.
The trade war with China has not worked. Trump promised to reduce our trade deficit, but instead our global goods trade deficit with China and Mexico reached record levels this summer. China promised to buy massive amounts of American goods. The Peterson Institute tells us that they are at least a third or half of what they promised to buy. Meanwhile, China is reverting to its old state ways by increasing credit to boost economic output. These are the things Joe Biden will face.
A ban might feel good right now, but we’re going to play five or six plays ahead. What American products will China ban? How will this work for the 100 million people who use TikTok today?
There are more nuanced approaches. It requires a combination of forceful demeanor and diplomacy. Requires negotiation. It’s complicated, but I think we can achieve both. But it needs a government that is capable of doing that.
As a Microsoft board member, were you disappointed that Oracle and Walmart were listed as the potential winners of the TikTok acquisition contest?
With the uncertainty of the upcoming election coupled with fears of new waves of coronavirus infections, what parting advice could you share with our readers?
The advice I’m trying to give myself is first to make sure you take care of what you have. I predict that it will continue for a while until we overcome this pandemic. Also, be open to new ideas. The world is embracing technology at a rate it has never done before. Be sure to take advantage of those opportunities.
