The United States Presidential Election 2024: The Relevance of Roles of the Major Stakeholders to Firms

 

An extremely polarized, economically challenged and social issue of abortion, the 2024 U.S. presidential election is hotly anticipated. The Democratic Vice President Kamala Harris and former Republican President Donald Trump are fighting, a political battle that will dictate the fate of the nation. However, on the part of opposing ideologies and policies could bring changes for vast changes in the nation's economy.

His participation in the race has increased the competition, through donations as well as through actively taking part. Musk’s continued loyalty to Trump, despite pledging high paying roles in a Trump administration, also muddles the distinction between business and politics. With the Trump administration coming to an end, companies nationwide are wondering what the new president’s a policy will mean for business in general and in particular for various sectors.

The fate of this election will determine the embankment of the economic policies of the USA, from tax cuts for businesses, to the minimum wage and marijuana law reform to trade. The two candidates have already been presented according to social and business needs which make this not just aggression in politics but also an important epoch in the history of American industries.

Key Players Shaping U.S. Policy: The Influence of Harris, Trump, and Musk on Business and Society

1. Kamala Harris is a powerful tool in U.S. Elections

As a committed progressive, Kamala Harris is promising to federally legalize adult use cannabis and make economic justice a priority. It’s completely at odds with previous administrations’ approach to drug policy. Harris' support for cannabis reform has played well with communities disproportionately harmed by drug laws, including Black men. Her stance on cannabis is a sharp break with the recent course set by past administrations, including Trump's and Biden's.

To proposals for reforms in the areas of healthcare and a raise in the federal minimum wage to $7.25 per hour, Harris has also offered her own ideas. She wants to give the middle-class tax cuts to ease economic pressure. She runs an agenda of social justice and radical economic policies that will appeal to voters who want political and economic changes in the US. If she wins the presidency, her promises of wage hikes and cannabis reform have to be treated with some doubt.

2. Donald Trump and the U.S. Elections

As a Republican loyalist, Donald Trump pushes for tax cuts and deregulation, and has thrown himself into playing the role of a stern leader. This has garnered him broad support — including among voters worried about inflation and immigration — on the campaign trail by proposing to slash taxes on overtime work and tips. By focusing on these issues, Trump has effectively competed against legal troubles and negative baggage from his previous administration.

As for cannabis, during his first term in the office, Donald Trump defended the ban of the substance and any plans for legalization by appointing opponents of marijuana such as Jeff Sessions to his cabinet. This time Trump has changed himself as he is encouraging some cases of legalization in the states. Therefore, his position evolution on cannabis reform is in contrast with that of Harris who has a rather excessive state focused policy regarding the issue.

Trump has maintained his "America First" worldview. The issue he raised is bringing back business and employment to America by the help of enforcing stricter immigration laws. This worked for him in winning the elections in 2016 and continues to be relevant in his 2024 campaign. The economic policies created by Trump are aimed at attracting those groups of voters who consider themselves to be light and moderate in conservatism as well as in business regulation.

3. Elon Musk has been backing Donald Trump

Billionaire Elon Musk has unexpectedly joined the 2024 election, supporting Donald Trump's campaign with a $75 million pledge for fundraising. Musk's political action committee also plans to give $1 million daily to swing state voters signing a pro-Trump petition, raising questions about the legality and ethics of the move.

Musk’s endorsement entails more than just financial giving to the campaign. Should Trump win, Musk is likely to be responsible for managing federal agencies, particularly with respect to their efficiency and innovation. This has raised suspicion that it might not be possible for Musk to be appointed given his business transactions with the government, especially with contracting businesses for NASA and the DOD. Detractors believe that with trump back in power, there will be an aberrant prevalence of corporatism in government with all its arms under musk’s influence.

4. Did the Election Outcome bring Benefits or Harm to American Businesses?

No one disputes that the 2024 election will affect businesses in the United States on a large scale. Each of the candidates has an economic agenda which will alter the current state of the business environment in different ways.

For instance, Kamala Harris’s focus on social equity, raising the minimum wage, and expanding cannabis legalization would probably lead to amendments in the policy which would affect businesses both large and small. While inclusive economy policies are noble, it makes it tough on the businesses facing increased employment costs and new regulations in their industry. Policies such as expanding social safety nets tend to contain provisions for higher corporate taxes which may result in increased pricing for goods and services by businesses.

Donald Trump’s business lead policies of tax cuts, fewer regulations, and less immigration could be a boon to energy and manufacturing industries with profits. These actions may hurt smaller businesses and low-income people. In addition, his somewhat protectionist stance could put strain on international relations and do serious damage to economies with global supply chains at their core. While these have been good for business, Trump's moves may have dire consequences for a wide range of other sectors and countries.

Furthermore, there is the question of what Elon Musk's appearance on the Trump administration's bench will mean for American businesses. Musk’s management style tends towards speed and innovation, which can negatively impact the goals of those working for agencies in the federal agencies, but would work best for organizations that work with agencies such as this. However, these two persons sitting in authority on one level, and exercising control over the same field of governance, bring up the question of how competitive, and how uncannily fair these markets of United Sates are.

Conclusion

With Kamala Harris and Donald Trump being the opposing faces of the 2024 US presidential election, both candidates are expected to bring very dissimilar ideologies. Trump is a traditional conservative and Harris is a social justice, progressive economic policies person. That all adds more complexity to the race, with business figures like Elon Musk adding their voices.

All of this will affect the businesses in the United States in the end. A redistribution of business taxation; lobbies promoting pro-business rules will abound; and the next commander in chief will leave a great deal of footprints on the business community’s U.S economic landscape.