The next president of the United States has to prepare for a crisis, an economic one.
According to views expressed by the National Bureau of Economic Research, the U.S. is overdue for a recession. The economy has been growing for seven years now. The average Post World War II expansion cycle lasts less than five years.
No one knows exactly when the next recession will hit. Predicting that is easier said than done. But more and more experts believe the U.S. economy will falter in 2017 or 2018 -- just as Hillary Clinton, Donald Trump or Gary Johnson is trying to push his or her big agenda forward.
Experts say, though, the next recession is unlikely to be anywhere near as rough as the Great Recession. If the next president and Congress take appropriate action, the downturn could be short-lived.
The business community is pushing tax and immigration reform.
When economic turmoil hits, experience has shown that Democrats tend to favour more government spending. The idea is the government steps in for a while and spends more since businesses and consumers don't have as much cash and confidence. Clinton has already proposed a major infrastructure spending initiative that has been welcomed by economists and the business community.
Republicans tend to favour tax cuts to get more money into the hands of consumers and businesses in the hope that they will spend again. Trump has proposed a major tax cut for both individuals and corporations. It has received mixed reviews since it is so large, but business and congressional leaders believe they can negotiate with Trump.
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