by Greg Valliere, AGF Management Ltd.
Insights and Market Perspectives
Author: Greg Valliere
August 18, 2021
CALL US CRAZY, but we think the similarities between Joe Biden and Donald Trump are growing. Maybe it’s the job and the issues, maybe there’s something in the water. Consider:
Trump ignored the advice of his national security advisers; Biden apparently didn’t listen to warnings of an imminent collapse in Afghanistan.
Trump kept U.S. allies in the dark; Biden has infuriated leaders in Germany and other European countries by not consulting with them on Afghanistan.
Trump wanted to end nation-building and bring troops home from Afghanistan; same with Biden.
Trump’s actions unleashed a torrent of congressional hearings and investigations; even Democrats are planning a withering probe of Biden’s Afghan pullout.
Trump was increasingly furious with Beijing; Biden’s relations with China may be even worse.
Trump goosed the economy with massive tax cuts and new spending; ditto for Biden, who wants to extend the child tax credit and spend $4.5 trillion on new programs.
Trump’s big spending agenda pleased the financial markets; Biden’s $1.9 trillion Covid aid bill helped fuel the recent rally.
Trump blasted Jerome Powell; Biden is listening to progressive Democrats who want to replace the Fed Chairman.
Trump was no friend of big tech — he loathed the industry for censuring him; Biden has nominated fierce critics of big tech to head the regulatory agencies.
Trump was an anti-industry populist on issues like drug prices; so is Biden.
Trump could never get along with Mitch McConnell, who is now fiercely criticizing Biden.
Trump had two extremely polarizing governors, Ron DeSantis and Greg Abbott; Biden has Andrew Cuomo and Gavin Newsom.
Trump faced persistent criticism from his own party’s moderates; Biden faces a moderate rebellion in the House over infrastructure legislation.
Trump hated the media but used it as a foil; watch Biden lash out in upcoming weeks as press criticism of him increases.
Trump confused the public on Covid policy; Biden’s CDC isn’t clear on booster shots.
Trump was defeated in his quest for a second term; if Biden runs he will face fierce criticism on crime, inflation, illegal immigration — and, of course, Afghanistan.
OBVIOUSLY, THERE ARE HUGE DIFFERENCES between the two, especially on climate change and race, and their temperaments are radically different. Both would adamantly reject any suggestion that they have similarities — but the record would indicate otherwise.
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This post was first published at the AGF Perspectives Blog.
