Trump, Biden Clash Visions for US Economy
Workers wear protective face shields during a broadcast of the final debate between President Donald Trump and Democratic presidential nominee Joe Biden at The Abbey, with socially distanced outdoor seating, on October 22, 2020 in West Hollywood, California. The Presidential debate is being held in Nashville and is the final debate before the November 3 election. Mario Tama/Getty Images

The battle between the two presidential hopefuls, U.S. President Donald Trump and Democrats' bet Joe Biden, are nearing its end.

Today's election would determine the fate of the United States' economy and the financial lives of Americans, according to a Fox Business report.

To win the presidential seat, candidates need to ensure at least 270 electoral votes.

U.S. economy has gotten the worst hit of the pandemic, including businesses of all sizes. With this, the issue of economic recovery and pandemic handling have become a core issue during the presidential debate between Trump and Biden.

Both have shared a totally different visions of what they have for the country. Trump and Biden criticize each other's policies and accused the other of having disastrous plans for the economy.

Last week, at a rally campaign in Pennsylvania, Trump said that this year's presidential race is between Biden's depression or a Trump super-recovery.

He repeated these claims in his others campaign trail.

"It's a choice between a Biden lockdown or a safe vaccine that ends the pandemic," Trump was quoted in a Fox Business report.

Meanwhile, Biden has slammed the Trump administration for its handling of the pandemic.

He also committed to pursue an eight-part plan to restart the economy through higher taxes on the wealthy and large businesses.

The Democratic nominee then accused Trump of wasting the strong economy it inherited from the Obama administration.

Biden said that the public inherited the worst regression short of a depression in American history, adding that he was asked to bring it back. He also added that they handed Trump a booming economy and he wasted it.

However, Trump warned at his campaign rallies across the country that Biden's win would cause the market crash and destroy the life savings for millions of Americans.

Biden argued that a strong market performance under Trump's administration was due to massive tax breaks for corporate America.

He added that this had not improved the financial lives of average Americans. Biden then clarified that he is not going to shut down the economy, rather he would shut down the virus.

A senior analyst at the University of Pennsylvania's Penn Wharton Budget Model, John Ricco, said that he would categorize Biden's plan as being about an expansion of existing social programs.

Ricco added that Trump's plan, on the other hand, is sort of taking the same themes that his administration pursued in the last four years.

Polls

Meanwhile, polls are showing that Biden is ahead. Analysts are warning to the possibilities that could take place by a Biden win, according to a Barrons report.

"Democratic control of the House, Senate and White House would produce the largest changes in policy, but if Republicans retain the Senate or White House, we expect limited new federal policies, fiscal or otherwise," JP Morgan was quoted in a report.

Aside from that, polling shows that the pandemic is the campaign's center focus for voters.

Biden said that his administration would trust scientists and health experts, while Trump assessed the pandemic and said it will go away.