Who you ultimately decide to cast your vote for in this upcoming election is entirely your business. You may have your mind set about which candidate will be better for the economy. Others constantly debate about who would best navigate life with a pandemic, who picks better Supreme Court Justices, and who embraces civil rights more. But all of those critical topics aside, you may be wondering if President Trump or former Vice President Joe Biden would be better for the automotive industry. And while there are facts aligning with both, it may only prove the auto market is just as much a gray area as every other political issue on the table these days.
How President Trump could impact the market
When you think about what kind of impact a presidential candidate might have on the auto industry, you realize any government decisions will most likely affect the manufacturing process. Corporate automakers look for incentives to reduce their bottom-line costs of production. President Trump talked a lot about the quick rebound of the auto industry this year. And he’s had a few pickups parked on the White House lawn to drive home his sentiments. He’s vowed to provide tax credits to automakers, incentivizing the return of manufacturing to U.S. soil. He says his plan will bring new automotive jobs and impose tariffs for those who source outside our borders.
What former Vice President Joe Biden says
Former Vice President Joe Biden also talks about bringing back American jobs. His campaign site says it’s targeting to create 1 million jobs across auto manufacturing, domestic auto supply chains, and the automotive segment’s infrastructure overall. Biden also shares a plan that includes a provision to allow for tax benefits for companies that keep their business in the U.S. The United Auto Workers (UAW) Union officially endorsed Biden, which suggests in the eyes of those who work within the industry, Biden is their best choice for the office.
Why it’s hard to predict who’s better between President Trump and Biden
There are so many moving parts and market segments affecting the auto industry; it’s hard to pinpoint which candidate will serve the overall market better. For starters, it takes years for a vehicle to develop from concept to consumer-ready. Add to that the time factor, the parts, supplies, financial stability of the public sector, and more. Knowing that a presidential candidate will only serve four, maybe eight years in office, it’s hard to attribute successes and failures of the auto market to one person. So while both Joe Biden and Donald Trump are claiming to bring back American auto manufacturing jobs, it’s important to consider how each would handle all the other contributing factors, as well. And it may take more than four years to see the benefits or industry setbacks.
Red or blue, it’s up to you
At the consumer level, most just want to be able to buy great vehicles at an affordable price. Those who work within the auto market may value their jobs, their retirements, and their benefits. Corporate automotive decision-makers will look to keep their companies sustainable and profitable. Where you fall in these ranks will determine you who think is the best candidate. Both are aiming to keep the auto industry booming, despite saying so in different ways. And as long as the cars keep coming, and Americans can continue to afford to buy them, that may be all that matters to everyone.
The auto market is said to employ more than 1.7 million people. There are nearly eight million jobs in automotive goods, services, and auto production alone. It’s an important enough segment that both Donald Trump and Joe Biden are promising to keep it thriving. In the end, only your vote can determine who does so for the next four years.