How do Biden and Trump’s Teams Tackle Business Concerns, Aspirations?

The Biden and Trump teams are expected to engage in a long-distance economic showdown on Thursday, as both sides try to sell corporate America on their vision for 2025 and beyond.

Treasury Secretary Janet Yellen will defend President Biden’s approach at the Economic Club of New York, where she will argue that tax cuts for the wealthy and deregulation for big business aren’t the best ways to grow the economy.

At the Business Roundtable in Washington, D.C., the former president will present his case to executives and offer a public refutation of Trump’s argument.

Although Biden has poured billions of public funds into certain industries, he has also charged that businesses are “ripping people off” and causing “greedflation” and “shrinkflation.” The White House advises CEOs and other corporate executives to approach the economy holistically and to take into account the possible volatility that a Trump presidency may bring, including attacks on American institutions like to those on January 6.

The CEOs of the majority of the top American corporations make up the Business Roundtable’s membership, and Biden is depending on White House Chief of Staff Jeff Zients to present the case in person.

In New York, Yellen will give a status report on “modern supply side economics,” which relies on public spending to help attract private investment in crucial industries. She will say that traditional supply side economics wrongly assumes that policies such as tax cuts for those at the top and deregulation will fuel growth and prosperity for the nation at large.

Trump has made his criticism of Biden’s economy a cornerstone of his campaign, blaming him for record-high inflation and new mandates for electric vehicles. He has promised another round of across-the-board tax cuts, including for the business community, which saw its corporate rate drop from 35% to 21% in Trump’s first term. The White House has launched a campaign to improve its relations with CEOs, looking for feedback as the election approaches.