WASHINGTON — When Alicia Makaye talks to fellow small-business owners in North Texas and beyond, the owner of a Richardson information technology company hears a persistent worry about President-elect Joe Biden’s incoming administration.
The concern? The possibility of another government-led shutdown due to the coronavirus outbreak.
“I don’t know if we could handle another one,” she said, taking measure of the fragile economy that has taken hold even as encouraging advancements are being made on the COVID-19 vaccine front. “Small-business owners — we’re very, very nervous.”
Makaye is confident that Biden, a Democrat, will lead the country out of the pandemic and into prosperity. She conceded that others “don’t have a lot of hope,” underscoring the challenges the new White House will face both in terms of policy and perception.
When it comes to the Biden administration’s impact on Texas’ business community, the first and last word will likely be the coronavirus: How quickly can a vaccine be distributed? What kind of relief can be provided in the meantime? When will the economy return to full speed?
But business leaders in the Lone Star State are preparing for the leadership change on multiple fronts, with feelings about that transition varying by industry, size and financial flexibility.
Biden isn’t likely to take the same deregulatory approach as outgoing President Donald Trump, a Republican who oversaw a hard-charging economy pre-pandemic. But the new commander in chief also isn’t likely to mimic Trump in lashing out at businesses over social media.
The Democrat is certain to take a more conventional approach to policy-making, providing businesses much-needed certainty on everything from trade to health care. But that certainty includes Biden’s stated desire to roll back some of the business tax cuts enacted under Trump.
Some of Biden’s rhetoric, paired with the demands of his party’s progressive wing, has alarmed key Texas industries like oil and gas. But Congress is likely to moderate the new president, who’s already been pitching himself as a relative centrist who’s ready to compromise.
Indeed, among the most critical factors in determining what a Biden administration will mean for Texas businesses won’t be resolved until January, when two Senate runoffs in Georgia will determine whether the GOP maintains control of that chamber.
“A large part of this depends on Georgia,” said Justin Yancy, executive director of the Texas Business Leadership Council, stressing the importance of Republicans keeping their narrow majority in Congress’ upper chamber.
No matter the…
Read More: What Democrat Joe Biden’s presidency might mean for Texas businesses