As we stated at the outset, the landscape post-COVID-19, as uncertain as it appears to be, will color policy requirements and the choices of future administrations.
In principle, a more government -centered, redistributive, traditional leftish response would likely characterize a Biden presidency. So far it appears his campaign has appealed mainly to his base but may shift to broaden his appeal before November.
Beyond 2020, a Biden presidency should be less susceptible to demands and pressure from the left wing of the Democratic Party; in other words, our working assumption is that we don’t expect a Democratic-led presidency to deliver a progressive agenda at all costs. Instead we foresee a more center-left stance, one that would remain heavily reliant on government institutions’ advice.
On the other hand, the Trump presidency in the first term has been much
more laissez-faire when it comes to business and the economy (if not the
Federal Reserve), and focused on industry support and market
flexibility – at least domestically.
It appears that post-COVID-19, institutions will be re-designed but not reinvented, managed and utilized according to very different political and societal perspectives. Regardless of who wins, the next administration will likely need to rely more on traditional Washington institutions as the country recovers.