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MEGA DD: BANGBUS EV going public - Everything you need to know (price targets to speculative Apple acquisition) and my $347K => $1.5mm bet 🚀🚀🚀 WSB Cross-post
NFA! This is my $347K bet on the next EV company to blow up. In fact, its the only American EV company (besides TSLA) that's worth investing in. **Flame suit on** These are the reasons why this Bangbus EV will absolutely dominate.
$18/$25/$30 price targets for management to get paid - From the recent SEC filings, management will unlock their shares at those price targets. Management has every motive to PAHMP IT! Commons are under $11 (as of now) and warrants are around $1.90. With the common's $30 price target, warrants would be worth $18.50 (10-baggers with no theta burn). With my combination of commons and warrants (positions below), at $30, this play would be worth $1.5mm. If you sat out on the other EV plays, don't miss out on this one.
This company made more money this year than FSR, WKHS, RIDE and NKLA, combined. Unlike any other EV SPAC, this company is already making money as they have engineering contracts with Hyundai and earning $34mm this year, and $120mm next year (+258%). This revenue both validates their product, and is a solid revenue stream prior to releasing their vehicles.
Miles ahead of all EV competition - This company has built 13 driving prototypes and completed 50+ crash tests. Fisker and Lordstown have built one prototype each, and have completed zero crash tests. This is the only company that's on-track to deliver vehicles on-time (2022). They've also engineered their own skateboard platform completely in-house (unlike others who are relying on their manufacturing partners). In fact, they've built their platform in a record breaking 19 months, and the platform alone is worth over a billion dollars (cost for someone else to develop it). You can see the skateboard being thrown around like how your wife's boyfriend does to her in this inspiring video. They're engineers first (like Tesla), not dreamer designers coming up with a sketch and wanting someone else to build it **cough** Nikola/Fisker **cough**. The amazing thing with the modular skateboard is that any type of body can be quickly and cheaply adapted to it (e.g. bus/van, SUV, car, truck, parcel delivery van and etc) like these and these.
Ridiculously low bar - Other companies have created unrealistic projections which will become their ultimate demise. Fisker ($17) plans to sell 250K units in 2025, when his last company sold a measly 2500 units before shuttering in a year. Yes he plans to sell 100x his last failed company, because it's different this time. This company set a low bar of projecting a paltry 10K units on it's first year to hit its price targets. They've already hit 10K members on the waitlist in California alone. This company under-promises and over-delivers. I'd much rather invest in a company with management I can trust, rather than another Trevor Milton-like hype man.
Synthetic QS play ($20) - For those who couldn't get into QuantumScape/KCAC in time, the Director of Battery Systems of QuantumScape (you know, what the company is known for), left to co-found this company.
Synthetic ARVL play ($17) - For those who couldn't get into Arrival/CIIC, Hyundai invested in both Arrival and this company. Hyundai first announced it's investment in Arrival in January, yet, it still invested in this company just a month later in February. Why else would Hyundai invest in this company so soon after already investing in Arrival, unless it believes this company will be a winner? 🤔
Workhorse killer ($25) - From last week's Barclay's presentation, this company will officially unveil the parcel delivery vehicle next month. This company's EV has the wheelbase/footprint and nimbleness of a Class 1 vehicle (e.g. Ford Transit Connect), but the cargo capacity of a Class 2 vehicle (e.g. Mercedes Sprinter). This company's EV would be the best solution for a parcel delivery vehicle in cities where it's difficult to navigate/park and you'd want a compact vehicle, but also need large volume to haul a lot of packages.
Turo/Hertz/U-Haul alternative - In this presentation (5:00 mark), the Chief Product Officer indicated that the app would determine when the vehicle is not being used and would allow (with your permission) sub-leasing/sub-subscription of the vehicle. This is HUGE. Imagine having a money printer on your driveway. The vehicle is built around sharing/subscription (e.g. Phone as Key) and it would be extremely difficult for other manufacturers to implement this in their current line-up.
I'M rEtArDeD aNd DoN't uNdErStAnD sUbScRiPtIoNs - This company plans to offer these vehicles as a subscription only. The subscription is simply the evolution of a lease. A subscription includes the lease, insurance, maintenance, DMV bullshit and etc all in one monthly flat-fee. The new vehicle lease market is huge, considering there are 4 million new vehicle leases a year. The subscription is ingenious because similar to any other asset-backed security, this company can easily securitize the recurring subscription cash flow and essentially sell the vehicles to investors, clearing up capital from their balance sheet. Rather than a one-time vehicle sale, the subscription model earns 4x the revenue as opposed to just selling it. Furthermore, the subscription model generates consistent cash flow and more resilient than one-time vehicle sales. Imagine if the market saw this company as a subscription company like Netflix and it got their 78x P/E, it would have a $26B market cap in 2022, $65B market cap in 2023, $111B market cap in 2024, $182B market cap in 2025 and $321B market cap in 2026.
Subscriptions make sense for UbeLyft drivers - In my area, leasing an Uber vehicle is $150/week (standard) or $229/week (premium, like this EV). $229 x 52 weeks / 12 months = $992/month. At $600/month including the insurance, maintenance, charging credits and so on, this is a NO BRAINER for UbeLyft drivers and will be wildly popular. Furthermore, the $229/week vehicle only has 5-seatbelts, whereas this has 7-seatbelts, so one could fetch the UberXL fares (+37% more over UberX) while paying the same amount per month or less for a better vehicle. I'm confident there will be a partnership announcement with either Uber or Lyft soon, especially since Uber pledged to transition to 100% by 2030. I'm betting on the side of Uber, since there's deep connections to them like this person and this person. This was even featured in the Lido music video as a robotaxi.
ThIs CaR iS uGlY - Yeah, tell that to SOLO investors and their single-seater death traps. New EV SUVs are in an overcrowded market. Why would you wait years for the Fisker Ocean, when you can already get a Tesla Model Y today? Every legacy manufacturer will be releasing an EV SUV soon, along with NIO's ES8 and Xpeng's G3. The bangbus carves a niche in the market, where no-one has yet to go. They're also making dope wraps to go with the car like this collab with JGOLDCROWN as well as the design company Off-WhiteTM. Jay Leno, a car guy who can sniff out bullshit, met with the folks from this company. It's what made me invest.
Steer-by-wire - This is the first company to use steer-by-wire. Check out this video (0:23 mark) where they have the steering column in different locations. This means that it would be easy to adapt this vehicle to both left-hand-drive and right-hand-drive and opening to a global market. Most vehicles (especially ICE) it's difficult to convert because the steering rack needs to move over, which could interfere with other components under the hood. The HVAC in the vehicle would also need to be re-engineered. However, the HVAC in this EV is built right into the skateboard that's shared among all the platforms, making it very easy to adapt to new body styles.
Speculative Apple acquisition - Everyone knows about Apple's Project Titan EV car. This vehicle centers the driver around their phone, commence the Apple salivation. Rather than one-time hardware purchases, Apple has been pushing recurring subscription cash flow like Apple TV+, Apple Music, Apple News+ and etc, and this company's revenue model is exactly what Apple wants. This company is also located in California, and logistically the best company to acquire. It also doesn't have a retarded egotistical CEO. In fact, the CEO, Dr. Kranz, led BMW's EV division to build gorgeous cars like this. He also looks like Doc Brown from Back to the Future, so that's hella meme worthy. You see that big ass head? You know he's got big brains in it.
Also, here's some rumblings about the Apple Car-
the Apple Car could come in the form of an electric van. Apple’s engineers have designed specimens with black and silver paint, designed in the typical industrial design of the iPhone group. Apple also researches on its own batteries, electric motors, special seats and interior components.Now look at the Apple's EV rendering and this company's EV. I'll eat my dick on national television if you find another EV closer to Apple's than this company's.https://imgur.com/gallery/qgMkjLP
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/r/neoliberal elects the American Presidents - Part 57, Trump v Biden in 2020
(All strawpoll results counted as of the next post made)
Part 1, Adams v Jefferson in 1796 - Adams wins with 68% of the vote
Part 2, Adams v Jefferson in 1800 - Jefferson wins with 58% of the vote
Part 3, Jefferson v Pinckney in 1804 - Jefferson wins with 57% of the vote
Part 4, Madison v Pinckney (with George Clinton protest) in 1808 - Pinckney wins with 45% of the vote
Part 5, Madison v (DeWitt) Clinton in 1812 - Clinton wins with 80% of the vote
Part 6, Monroe v King in 1816 - Monroe wins with 51% of the vote
Part 7, Monroe and an Era of Meta Feelings in 1820 - Monroe wins with 100% of the vote
Part 8, Democratic-Republican Thunderdome in 1824 - Adams wins with 55% of the vote
Part 9, Adams v Jackson in 1828 - Adams wins with 94% of the vote
Part 10, Jackson v Clay (v Wirt) in 1832 - Clay wins with 53% of the vote
Part 11, Van Buren v The Whigs in 1836 - Whigs win with 87% of the vote, Webster elected
Part 12, Van Buren v Harrison in 1840 - Harrison wins with 90% of the vote
Part 13, Polk v Clay in 1844 - Polk wins with 59% of the vote
Part 14, Taylor v Cass in 1848 - Taylor wins with 44% of the vote (see special rules)
Part 15, Pierce v Scott in 1852 - Scott wins with 78% of the vote
Part 16, Buchanan v Frémont v Fillmore in 1856 - Frémont wins with 95% of the vote
Part 17, Peculiar Thunderdome in 1860 - Lincoln wins with 90% of the vote.
Part 18, Lincoln v McClellan in 1864 - Lincoln wins with 97% of the vote.
Part 19, Grant v Seymour in 1868 - Grant wins with 97% of the vote.
Part 20, Grant v Greeley in 1872 - Grant wins with 96% of the vote.
Part 21, Hayes v Tilden in 1876 - Hayes wins with 87% of the vote.
Part 22, Garfield v Hancock in 1880 - Garfield wins with 67% of the vote.
Part 23, Cleveland v Blaine in 1884 - Cleveland wins with 53% of the vote.
Part 24, Cleveland v Harrison in 1888 - Harrison wins with 64% of the vote.
Part 25, Cleveland v Harrison v Weaver in 1892 - Harrison wins with 57% of the vote
Part 26, McKinley v Bryan in 1896 - McKinley wins with 71% of the vote
Part 27, McKinley v Bryan in 1900 - Bryan wins with 55% of the vote
Part 28, Roosevelt v Parker in 1904 - Roosevelt wins with 71% of the vote
Part 29, Taft v Bryan in 1908 - Taft wins with 64% of the vote
Part 30, Taft v Wilson v Roosevelt in 1912 - Roosevelt wins with 81% of the vote
Part 31, Wilson v Hughes in 1916 - Hughes wins with 62% of the vote
Part 32, Harding v Cox in 1920 - Cox wins with 68% of the vote
Part 33, Coolidge v Davis v La Follette in 1924 - Davis wins with 47% of the vote
Part 34, Hoover v Smith in 1928 - Hoover wins with 50.2% of the vote
Part 35, Hoover v Roosevelt in 1932 - Roosevelt wins with 85% of the vote
Part 36, Landon v Roosevelt in 1936 - Roosevelt wins with 75% of the vote
Part 37, Willkie v Roosevelt in 1940 - Roosevelt wins with 56% of the vote
Part 38, Dewey v Roosevelt in 1944 - Dewey wins with 50.2% of the vote
Part 39, Dewey v Truman in 1948 - Truman wins with 65% of the vote
Part 40, Eisenhower v Stevenson in 1952 - Eisenhower wins with 69% of the vote
Part 41, Eisenhower v Stevenson in 1956 - Eisenhower wins with 60% of the vote
Part 42, Kennedy v Nixon in 1960 - Kennedy wins with 63% of the vote
Part 43, Johnson v Goldwater in 1964 - Johnson wins with 87% of the vote
Part 44, Nixon v Humphrey in 1968 - Humphrey wins with 60% of the vote
Part 45, Nixon v McGovern in 1972 - Nixon wins with 56% of the vote
Part 46, Carter v Ford in 1976 - Carter wins with 71% of the vote
Part 47 - Carter v Reagan v Anderson in 1980 - Carter wins with 44% of the vote
Part 48, Reagan v Mondale in 1984 - Mondale wins with 55% of the vote
Part 49, Bush v Dukakis in 1988 - Bush wins with 54% of the vote
Part 50, Bush v Clinton v Perot in 1992 - Clinton wins with 71% of the vote
Part 51, Clinton v Dole in 1996 - Clinton wins with 91% of the vote
Part 52, Bush v Gore in 2000 - Gore wins with 88% of the vote
Part 53, Bush v Kerry in 2004 - Kerry wins with 89% of the vote
Part 54, Obama v McCain in 2008 - Obama wins with 90% of the vote
Part 55, Obama v Romney in 2012 - Obama wins with 85% of the vote
Part 56, Clinton v Trump in 2016 - Clinton wins with 92% of the vote
Every week, a new election, and we have run out.
I highly encourage you - at least in terms of the vote you cast - to try to think from the perspective of the year the election was held, without knowing the future or how the next administration would go. I'm not going to be trying to enforce that, but feel free to remind fellow commenters of this distinction.
If you're really feeling hardcore, feel free to even speak in the present tense as if the election is truly upcoming!
Whether third and fourth candidates are considered "major" enough to include in the strawpoll will be largely at my discretion and depend on things like whether they were actually intending to run for President, and whether they wound up actually pulling in a meaningful amount of the popular vote and even electoral votes. I may also invoke special rules in how the results will be interpreted in certain elections to better approximate historical reality.
While I will always give some brief background info to spur the discussion, please don't hesitate to bring your own research and knowledge into the mix! There's no way I'll cover everything!
- Donald Trump is the 74-year-old Republican candidate and the current President. His running mate is Vice President Mike Pence.
- Joe Biden is the 78-year-old Democratic candidate and the former Vice President. His running mate is US Senator from California Kamala Harris.
- In late January, the World Health Organization confirmed human-to-human transmission of a novel coronavirus which has since come to be known as COVID-19 or simply "coronavirus." Over 10 months later, the confirmed global cases of COVID-19 are approaching 50 million, with deaths related to the virus estimated at 1.2 million globally. In the US alone, over 9 million cases have been confirmed, with over 230,000 deaths reported. The disease is primarily associated with flu-like symptoms but with greater potential for severity, and some people carry the virus asymptomatically. Like many viral diseases, it is most lethal for those who are older and/or who have a number of chronic conditions. Notably, it appears to be less lethal than some comparable diseases for the very young. Still, much is unknown about the virus, such as the potential for long-term effects on the human body.
- In the first couple months of the pandemic, health officials in the US and globally were largely advising against ordinary healthy people wearing masks to prevent spread of the virus, seemingly motivated by concerns about shortages of masks needed by health care workers. In early April, health officials began advising the public to wear masks in many situations. Many states now have some form of mandate regarding when a face mask must be worn. President Trump has frequently hedged on the topic of masks - in August, for example, he said, "we have urged Americans to wear masks, and I emphasized this is a patriotic thing to do. Maybe they’re great, and maybe they’re just good. Maybe they’re not so good." Biden is unambiguously pro-mask and has said he would institute a mask mandate on all federal property.
- COVID testing is another subject where President Trump has been less than clear. At times, he has praised and taken credit for the large number of COVID tests in the country. On the other hand, he has also claimed that he told staff to "slow the testing down." While some of his staff suggested he made this comment in jest, he has since said, "I don't kid, let me just tell you, let me make it clear." Biden says he intends to double the number of drive-through testing sites, invest in at-home and instant testing, and start up a Pandemic Testing Board akin to FDR's War Production Board.
- President Trump has at times been critical of the efforts of some governors to decrease virus spread in their states through stay-at-home orders and other partial lockdown policies. Amid protests over said orders in April, the President tweeted, "LIBERATE MINNESOTA," "LIBERATE MICHIGAN," and "LIBERATE VIRGINIA."
- President Trump has, at times, downplayed the virus or made incorrect predictions regarding when it would "disappear." For example, in February, he said regarding the case count, "the 15 within a couple of days is going to be down to close to zero. ...This is a flu. This is like a flu." He has also verbalized doubts about the ethics of medical professionals In March, he said, "I don’t believe you need 40,000 or 30,000 ventilators. You know, you go into major hospitals sometimes they’ll have two ventilators, and now all of a sudden they’re saying, ‘Can we order 30,000 ventilators?" Just recently, he made another unsubstantiated claim, saying, "Our doctors get more money if somebody dies from COVID. You know that, right? I mean our doctors are very smart people. So what they do is they say, 'I'm sorry, but everybody dies of COVID,'"
- In early October, an outbreak of cases likely connected to an event related to the nomination of Amy Coney Barrett to the Supreme Court became known to the public. On October 2nd, President Trump himself was hospitalized with COVID. Following an extensive treatment regimen, President Trump is reported to have recovered.
- Due to a combination of state and local government interventions as well as the cautious behavior of much of the population in response to the virus, the economy experienced a severe recession starting in March. The economy contracted severely in Q2 of this year by about 9.5%. Unemployment peaked in April at 14.7%. Since then, economic output has recovered around two-thirds of its ground, and unemployment is down to 7.9%
- The United States pursued a rapid and massive fiscal and monetary response to the recession. In March, President Trump signed the CARES Act, which sent one-time cash payments to most Americans, supplemented unemployment benefits, and created a loan program to help some types of businesses pay for payroll. In the months following, aggregate personal income actually exceeded pre-pandemic highs.
- Since the CARES Act, there has been a debate in Congress and with the White House regarding the nature and need of further stimulus. Negotiations thus far have not been fruitful, with both sides blaming the other. At one point, President Trump appeared to order the end of negotiations over Twitter, but then backed off from this demand. The House, controlled by Democrats, has passed the HEROES Act, which largely represents what they are looking for in COVID stimulus negotiations. In August, President Trump signed an executive order using a FEMA lost wages assistance program to partially extend enhanced unemployment benefits for further months. Senate Majority Leader Mitch McConnell has encouraged the White House to wait until after the election to reach an agreement on further COVID aid.
- In May, a 46-year-old black man named George Floyd was arrested for allegedly using a counterfeit bill. Despite Floyd complaining of breathing difficulties, a white police officer put his knee on Floyd's neck, eventually killing him (two autopsies attributed Floyd's death at least partially due to neck compression.) This killing, as well as the shooting of Breonna Taylor two months prior, became a catalyst for nationwide protests against police brutality. While the vast majority of events remained peaceful, some protests especially in major cities either escalated into riots or occurred concurrently with riots.
- The protests reignited a nationwide conversation related to racist, particularly Confederate, symbolism and statues. Mississippi, for example, has moved towards changing its flag to one which does not display the Confederate battle flag. Some statues deemed to be racist symbols have been taken down legally by local authorities, while others have been torn down by protestors. In a July 4th speech, President Trump said, "make no mistake, this left wing cultural revolution is designed to overthrow the American revolution." Biden has said such statues belong in museums, and that while people should not "be surprised if someone pulls down the statue of Jefferson Davis," it is better to accomplish such things peacefully.
- In response to the unrest, President Trump threatened to send in the military to "quickly solve the problem." What President Trump did do was authorize federal agencies to assist local law enforcement on the premise of protecting federal buildings, facilities, and monuments.
- Vice President Biden has sought to speak supportively of the peaceful protests while denouncing riots. In a speech in August, he said:
I want to be very clear about all of this: Rioting is not protesting. Looting is not protesting. Setting fires is not protesting. None of this is protesting. It's lawlessness, plain and simple. And those who do it should be prosecuted.
- Due to the pandemic, a record number of mail-in votes are set to be cast this year. President Trump has, without evidence, suggested that mail-in voting will lead to massive fraud. In the same vein, President Trump has preemptively cast doubt on the integrity of the election. He has suggested without detail that his lawyers will get involved if vote counting stretches past election day.
- In 2019, evidence emerged that President Trump might have attempted to coerce Ukraine's government into announcing investigations into Joe Biden as well as Ukrainian interference in the 2016 US presidential election. While questions remain about the exact timeline of events, especially with regard to a withholding of military aid to Ukraine, the available evidence and testimony does point to an attempt at coercion with the aforementioned goal. Indeed, many Republicans in Congress defending Trump have not disputed these facts, but have rather argued that the President has a right to encourage another country to investigate corruption. For his actions related to this scandal, the House of Representatives impeached President Trump last December, and the Senate acquitted him in February.
- Joe Biden's son, Hunter Biden, served on the board of one of Ukraine's largest natural gas companies, Burisma Holdings, from 2014 into 2019, a term which overlapped with Joe Biden's term as Vice President. While career officials have conceded that Hunter Biden holding this position was problematic for appearances, there is no evidence that Vice President Biden took any actions as Vice President to benefit his son's business involvements improperly. Many Republicans have suggested that Vice President Biden worked to get a Ukrainian prosecutor fired in order to protect his son. This claim has been thoroughly debunked by career diplomats and an understanding of the circumstances surrounding said prosecutor's dismissal. Very recently, President Trump and some of his allies have attempted to promote allegations based on alleged leaked emails and other communications related to Hunter Biden. While the legitimacy of the materials themselves is unconfirmed, reporters who have had access to the materials have questioned whether they prove the allegations of corruption in the first place. Trump's allies have accused the mainstream media of covering up stories related to Hunter Biden's alleged leaked communications.
- Recently, Republicans have spoken proudly of achieving a 6-3 Supreme Court with a majority of Justices considered to be conservatives, or at least whose judicial interpretation tends towards originalism. Some on the left, arguing that this 6-3 Court was achieved by questionable means, have argued for "packing the court," that is, adding additional Justices to the Supreme Court. Biden has said he would name a bipartisan commission to suggest changes to the Supreme Court and federal judiciary.
- A major theme of Trump's campaigning has been to attempt to portray Biden as "controlled by the radical left," sometimes referencing content from the Biden-Sanders Unity Task Force Recommendations. Biden has responded sharply against the idea that he takes a back seat on the direction of the party, saying, "I beat the socialist" (a reference to the primary, and specifically Bernie Sanders.) In one of the debates, Biden said, "I am the Democratic Party." What is true is that Biden has referred to himself as a "transition candidate."
- For roughly two years starting in mid-2017, President Trump and his associates, especially with regard to the 2016 campaign, were the focus of a Special Counsel investigation headed by Robert Mueller. The investigation led to charges filed against 5 Trump campaign members, a group of Russian hackers, and several others. The investigation, however, ultimately "did not establish that members of the Trump campaign conspired or coordinated with the Russian government in its election interference activities." Trump and his allies have complained that this investigation handicapped his presidency in an unfair way. Further, Trump and other Republicans have sharply criticized aspects of the FBI investigation which preceded the Mueller investigation. These criticisms have extended to unfounded claims of politically motivated spying by the previous administration on the Trump campaign, and included the demonstrably false claim that President Obama wiretapped Trump Tower. Broadly, these unsubstantiated allegations against the Obama Administration comprise what Trump and his allies have referred to as "Obamagate."
- In April 2018, following a 2017 "pilot program" of a zero-tolerance policy on illegal immigration in El Paso which separated parents from children so that the parents could be prosecuted, then-Attorney General Jeff Sessions announced that the policy would be implemented along the entire southern border. As the family separation implication of the policy gained increasing media coverage, blowback on multiple fronts occurred, and the policy was reversed in late June 2018. The number of children separated from their parents under the policy is estimated at between 4,000 to 5,000. As of October of this year, 545 children still have not yet been reunited with their parents. Biden has said he would create a task force focused on reuniting these children with their parents.
- In 2017, following a local decision in Charlottesville, Virginia to remove a statue of Confederate General Robert E. Lee, Jason Kessler (who calls himself a "white civil rights leader" and claims Jews "control the currency") organized a march of right-wing groups. Some of the groups involved with the August 2017 event included the Nationalist Front, the KKK, the National Policy Institute, and Anti-Communist Action. The event was met with significant counter-protests from a wide variety of groups. The event escalated to violence, including a car attack in which an attendee of the right-wing rally drove into a crowd of counter-protestors, killing Heather Heyer and injuring many others. In a news conference days later, President Trump made the following remarks among others:
Excuse me, they didn't put themselves down as neo-Nazis, and you had some very bad people in that group. But you also had people that were very fine people on both sides. You had people in that group – excuse me, excuse me. I saw the same pictures as you did. You had people in that group that were there to protest the taking down, of to them, a very, very important statue and the renaming of a park from Robert E. Lee to another name ...Vice President Biden has described Trump's remarks as the "moment I knew I had to run."
You know what? It’s fine, you’re changing history, you’re changing culture, and you had people – and I'm not talking about the neo-Nazis and the white nationalists, because they should be condemned totally – but you had many people in that group other than neo-Nazis and white nationalists, okay? And the press has treated them absolutely unfairly.
- Due to Trump's complaints about the trade deficit with China, Chinese theft of American intellectual property, and other alleged unfair trade practices, President Trump began what has been referred to in the media as a trade war with China. Trump has, in some cases dramatically, increased tariffs on goods imported from China, leading to retaliatory tariffs as well from China. Trump's trade policies have not succeeded in reducing the trade deficit, one of Trump's stated goals. Biden's campaign has said he would "re-evaluate the tariffs." In a May statement to United Steelworkers, Biden said:
I will use tariffs when they are needed, but the difference between me and Trump is that I will have a strategy - a plan - to use those tariffs to win, not just to fake toughness.
- In 2017, Trump signed into law the Tax Cuts and Jobs Act. These tax cuts lowered personal income tax rates, increased the standard deduction significantly, capped the state and local tax deduction, and reduced corporate income tax rates among other changes. Biden's campaign has called the legislation a "$1.5 trillion tax giveaway primarily for large corporations and the wealthy." Biden's tax plan includes reverting individual income tax rates to their pre-TCJA levels for those making over $400,000 a year, increasing the corporate income tax rate to 28%, and taxing long-term capital gains at the normal top marginal income tax rate for income above $1 million.
(1) Trump on "what is the Trump healthcare plan":
Well, first of all, I guess I'm debating you, not him, but that's okay. I'm not surprised. Let me just tell you something. There's nothing symbolic. I'm cutting drug prices. I'm going with Favored Nations, which no President has the courage to do because you're going against big pharma. Drug prices will be coming down 80 or 90%. You could have done it during your 47 year period in government, but you didn't do it. Nobody's done it. So we're cutting healthcare.(2) Biden on Trump's COVID response:
200,000 dead. As you said, over seven million infected in the United States. We, in fact, have 4% of the world's population, 20% of the deaths. 40,000 people a day are contracting COVID. In addition to that, about between 750 and 1000 people a day are dying. When he was presented with that number, he said, "It is what it is." Well, it is what it is because you are who you are. That's why it is. The President has no plan. He hasn't laid out anything. He knew all the way back in February how serious this crisis was. He knew it was a deadly disease. What did he do? He's on tape as acknowledging he knew it. He said he didn't tell us or give people a warning of it because he didn't want to panic the American people. You don't panic. He panicked.(3) Trump on whether he will pledge to not declare victory prematurely:
I'm urging my supporters to go in to the polls and watch very carefully, because that's what has to happen. I am urging them to do it. As you know, today there was a big problem. In Philadelphia, they went in to watch. They're called poll watchers, a very safe, very nice thing. They were thrown out. They weren't allowed to watch. You know why? Because bad things happen in Philadelphia. Bad things. And I am urging, I am urging my people. I hope it's going to be a fair election.(4) Biden on the election:
He has no idea what he's talking about. Here's the deal. The fact is, I will accept it, and he will too. You know why? Because once the winner is declared after all the ballots are counted, all the votes are counted, that'll be the end of it. That'll be the end of it. And if it's me, in fact, fine. If it's not me, I'll support the outcome. And I'll be a president, not just for the Democrats. I'll be a president for Democrats and Republicans.Vice-Presidential Debate (full transcript)
(1) Harris on the economy:
Okay. Joe Biden will not raise taxes on anyone who makes less than $400,000 a year. He has been very clear about that. Joe Biden will not end fracking. He has been very clear about that. Joe Biden is the one who during the Great Recession was responsible for the Recovery Act that brought America back. And now the Trump Pence Administration wants to take credit when they ran when they rode the coattails of Joe Biden's success for the economy that they had at the beginning of their term.(2) Pence on the Trump foreign policy accomplishments:
Well, President Trump kept his word when we moved the American Embassy to Jerusalem, the capital of the State of Israel. When Joe Biden was vice president, they promised to do that and never did. We stood strong with our allies, but we've been demanding. NATO is now contributing more to our common defense than ever before. Thanks to President Trump's leadership, we strengthen our alliances across the Asia Pacific. And we've stood strong against those who would do us harm. You know when President Trump came into office, ISIS had captured an area of the Middle East, the size of Pennsylvania. President Trump unleashed the American military, and our armed forces destroyed the ISIS Caliphate and took down their leader al Baghdadi without one American casualty.Second Presidential Debate (full transcript)
(1) Trump on COVID:
I did not say over soon. I say we're learning to live with it. We have no choice. We can't lock ourselves up in a basement like Joe does. He has the ability to lock himself up. I don't know, he's obviously made a lot of money, someplace, but he has this thing about living in a basement. People can't do that. By the way, I, as the president, couldn't do that. I'd love to put myself in the basement or in a beautiful room in the White House and go away for a year and a half until it disappears. I can't do that. And here's — every, every meeting I had — every meeting I had — and I meet a lot of families, including Gold Star families and military families, every meeting I had — and I had to meet them, I had to, it would be horrible to have canceled everything. I said, you know, this is dangerous. And you catch it. And you know, I caught it. I learned a lot. I learned a lot, great doctors, great hospitals. And now, I recovered. 99.9 of young people recover. 99% of people recover. We have to recover. We can't close up our nation, we have to open our school, and we can't close up our nation, or you're not going to have a nation.(2) Biden on the oil industry:
I would transition from the oil industry. Yes ... Well, if you let me finish the statement, because it has to be replaced by renewable energy over time. Over time. And I'd stop giving to the oil industry-- I'd stop giving them federal subsidies. You won't give federal subsidies to the gas and, excuse me, to solar and wind. Why are we giving it to the oil industry?
Read the full 2020 Republican platform here.
Read the full 2020 Democratic platform here.
First Presidential Debate
Second Presidential Debate
Trump "American comeback" ad
Trump "carefully but not afraid" ad
Trump Superbowl ad
"Latinos Por Trump" musical ad
Biden "Sacred" ad
Biden "Totally Negligent" ad
Biden "Shop Talk" ad
Biden "Anthem" ad