Biden’s trump cards and challenges

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Barring another dramatic twist in an already torturous two months of political upheaval, Joe Biden will find a very full in-tray when he settles into the famed Oval Office in eight days time. The two most pressing issues which he will need to resolve are arguably the Covid-19 pandemic and the associated impact on already tepid US economic growth. The overall picture is one of less confident US consumers faced with a decline in personal disposable income having cut their spending on goods and services (see Figure 1). Corporates confronted with declining demand have slowed their hiring and in D
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