THE TRANSITION DIARY:

November 11, 2020: VETERAN’S DAY: 70 Days To Go

It’s a week and one day (Nov 10) since ELECTION DAY and by all calls JOE BIDEN is the President Elect. The lame duck president (#45) DONALD J. TRUMP continues his quest to find inaccuracies, improprieties, and have the election  or at least thousands of votes tossed out. As much as I have a hard time agreeing with #45, I do think he has the right to check the results of those close races. Recounts should and in some states are taking place. Biden’s leads in Pennsylvania by 45,000;Arizona 17,000;Georgia,12,000 and Michigan 147,000 votes. However…no matter what the outcomes President Elect Biden will have more than the needed 270 electoral votes, probably 306.

THE TRANSITION is in gear, not high gear but definitely rolling along. It continues to be obvious that #45 will do everything at his disposal to make President Biden’s first few months if not first few years difficult to govern. Some (NYT) claim Trump’s departure akin to a “scorch and burn” approach. The GOP is full steam ahead in preparing a budget (under Trump), and Secretary of State Mike Pompeo expressed on November 10 that he anticipates a “smooth transition to a second Trump administration”.

HEALTH CARE: The Affordable Care Act (ACA) of 2010 aka OBAMACARE has reached the SUPREME COURT for the third time. TRUMP’S promise to “repeal and replace” the ACA will probably again reach a dead end as Justices Roberts and Kavunaugh have alluded to  skepticism regarding any unconstitutionality of the act. The hearing will continue.

GLOBAL ALLIANCES: There looms an uncertainty regarding #45’s last ten weeks in office and what he will do internationally.His “legacy of chaos” may continue. Biden, on the other hand will have a major task at hand, Day 1, in repairing broken alliances, undoing damages done, and in general trying to put the USA in a better place world wide. Biden plans to rejoin the PARIS CLIMATE AGREEMENT, revisit the IRAN NUCLEAR deal, remain in the WORLD HEALTH ORGANIZATION, commit to NATO, end the tariff trade war with CHINA, and attempt to mend the fence with our “very dishonest and weak” (Trump quote regarding PM Trudeau) CANADA. In my opinion, the China deal would best be served by the US revising, with the assistance of many countries, our tariffs in general.

The TRUMP ADMINISTRATION approved a $23 billion weapons package for the UAE (United Arab Emirates). However, this notification was sent to Congress on what is a 30 day period in which Congress can block the sale. Let’s see what happens.

WALL STREET: (November 10) DOW 29,420.92 and NASDAQ was 11,553.96

The opinions and observations are solely my own views, and I take full responsibility for any errors of fact, not to mention any predictions that prove to be wildly inaccurate.