Biden’s Administration Impact

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CHATTANOOGA, Tenn. (WDEF)- Joe Biden’s transition into presidency is expected to be the most televised inauguration in our nation’s history.

News 12 asked folks in Chattanooga if the plan to watch the event.

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“Yes I plan on watching the inauguration” said one man.

It will also be the most heavily secured.

“I think it’s good they are beefing up the security after recent events because It seems like we’re at a time that we can’t think about the what if’s. We just gotta prepare for them” said another man on the street.

Security measures for any presidential inauguration is common. What’s unusual is the challenge that President-Elect Joe Biden faces trying to manage an economy that is burdened by the covid-19 pandemic.

“A lot of small businesses still feeling the effect. American people for the most part still unemployed” said the owner of Blue Ridge Wealth Planners John Vandergriff who notes that the tax deficit, that’s now close to 30 trillion dollars is the largest it’s been since World War 2.

Vandergriff also says the Biden administration may increase taxes for every economic class.

“Unfortunately for most people… it’s not going to be something where only those above 400 thousand dollars are going to feel the effects of it.”

Biden’s attempt to raise the minimum wage without a cost of living adjustment could lead to more businesses shutting down according to Blue Ridge Wealth.

“If you compare East Tennessee to San Fransisco, 15 dollars goes a lot further here than it does there.”

On a positive note, Biden’s policies offers a tax incentive for families with children, increasing benefits for social security and widowers, and a third round of stimulus checks.

“If we can get more money to people that need it from a stimulus bill, hopefully that pays positive dividend for us in the future.”

There are ways to feel secure despite the landscape of the economy.

Vandergriff tells News 12 that most people spend more time planning for their vacation opposed to their financial future.

He recommends finding a professional to help with the planning process.