Joe Biden, not Donald Trump, is the US president the world economy needs now

November’s US presidential election promises to be one of the most defining moments of our time. Whether it will be incumbent Donald Trump or Democrat Joe Biden in the hot seat next year, problems are certainly stacking up.

Beating the coronavirus pandemic, stopping the global recession, repairing the ailing US economy and mending fences with China over the trade war are just a few of the big issues at the top of the next president’s list of critical things to do.

With Biden surging well ahead of Trump in the opinion polls, the inevitable question arises whether Biden as the next United States president is the better person to tackle the problems and help heal the world’s wounds in the process. The world needs a change in direction with global politics becoming more divided, economic imbalances worsening and financial stability at greater risk than ever before. November’s US elections could be cathartic.

But Wall Street is already expressing concerns about Biden’s future policy intentions. Equity markets are worried about the risk of a sharp hike in corporate taxes and tighter regulatory control over US industry, reversing Trump’s business-friendly tax bonanza over the last few years.

The problem is that it has all come at a cost and the US’s deteriorating economic fundamentals are in desperate need of repair. The economy is in serious recession, unemployment has hit a record high and Trump’s fast and loose policies have ripped a gaping hole in government finances.