What happens if Republicans get elected? What happens if Democrats get elected?

   Often the two parties compromise in the Senate as some senators takes side with the opposition or do a filibuster. Thus compromise may be the outcome of new legislation. When one side cuts taxes they often are forced to secretly raise taxes by closing loopholes and thus in the aggregate taxes were not truly cut. When enacting spending bills often the stimulus is doled out too slowly as public works programs take a looong time to be “shovel ready” due to the permitting process. 
   Trump’s tax cuts did minimal change for most people’s taxes; they mainly helped multinational corporations get a better outcome with foreign ventures. That may have lured more foreign companies into the U.S., so it wasn’t a waste, but it didn’t change things for individuals.
   The huge federal deficit implies that future tax cuts will be impossible; yet tax increases act to de-stimulate the economy, which at a time when it is very weak, could tip the economy into recession, thus resulting in even less tax revenue. Both political parties may be forced to promote deficit-fueled stimulus programs along with no tax increases because of the very weak economy. Thus the parties have their hands tied and can’t really enact the programs they want. As a result there may not be a huge difference between the two parties. 
      I suspect the Senate will keep either presidential candidate ( once elected) in a state of compromise resulting in an economic middle path that is neither liberal or conservative. Both candidates are in a some what actual or contingent state of aged fragility where they may find they lack the ability or gravitas to push the Senate to get things done and thus not much change happens.

     The best thing that can happen is that both sides will realize they have to unite to oppose unjust adversarial hostile foreign competition and to promote career opportunities and growth for highly skilled work, leaving low skilled, low profit work to EM countries. When EM countries seize the opportunity to work on minimal wage type of work with razor thin margins then they have trapped themselves into international serfdom. This results in their governments getting insufficient tax revenue and thus experiencing perpetual devaluations and bond defaults which draw more flight capital into the U.S., thus perpetuating a virtuous cycle for the Developed countries.
   Please remember that we have 4 times the per capita income of China and they have way too much debt and too many unneeded empty buildings in Inner Mongolia, etc. So even if our politicians make mistakes they still manage to maintain a system that lets Americans on welfare live better than middle class residents of China. In America we have a noisy election process but we also have poor immigrants who became rich through hard work, so relax, all will be fine.

   Some people worry that a huge number of tenants can’t and won’t pay rent leading to a wave of mortgage defaults by landlords. Typically 38% of the population are renters and they are often the economically weakest 38% of society. Thus landlords are already accustomed to having tenants with a high probability of defaulting; that’s the risk landlords take to be in that business. 
   The people most hurt by the economic impact of the virus are often those on the lowest rungs of the economic ladder such as restaurant workers, amusement park workers, etc. As such they don’t have any money to invest and thus their tragic situation will have a disproportionately small impact on the economy. 
   Thus investors should not leap to bearish opinions simply because the virus has created a high unemployment rate and higher than usual risk of mortgage and tenant defaults.
   The mortgage industry adopted excessively strict underwriting rules in response to the big real estate crash of 2008, thus today’s mortgages are structurally sounder than those of previous decades and thus they are better able to survive the potential risk of virus induced tenant defaults. 
   If one is looking to avoid credit quality risk in bonds then one should consider avoiding corporate debt as corporate borrowers have allegedly persuaded rating agencies to give them a “BBB” investment grade when they may well deserve a “junk”  rating of “BB”. 
   The psychology of a mortgage borrower is that he doesn’t want to lose his down payment through foreclosure and wants to keep owning a property even if the value has dropped to where there is no equity. This is because of the optionality feature: if you own property with no equity it acts like a cheap call option on real estate and thus may be worth hanging on to in hopes of a recovery, by contrast, few non-real estate corporations except the big six banks and Detroit automakers ever get a bailout, thus corporations tend to be run by ruthless, cynical managers who may decide to go into default and walk away from their debts.
   Thus I’d rather take my chances with “BBB” rated mortgages than with corporate debt rated “BBB”.

   Yields dropped from 16% in 1981 to less than 1% for Treasuries in 2020. If the pace continues then in another 40 years rates will be negative 15%; at this pace in 250 years they will be negative 100%. If something is absurd then it won’t happen. At some point the ridiculous operations of central banks will be discredited and new policies of reasonable rates will have to be implemented to restore faith in the system.
  The irrational system of the Euro currency and ECB was revealed in the crash of 2008 and more fully realized in 2012; similar concerns in Japan meant that much of the Developed world sent flight capital to the U.S. since 2012. Wealthy investors in China also exported their funds to the Developed world before restrictions were implemented a few years ago. This, along with a U.S. tech stock rally, made too much capital flow into the U.S., making yields too low. It fooled the experts into thinking the government could simply borrow recklessly at low yields. Eventually foreigners will fix their problems and withdraw their funds from the dollar based economy. The dollar will drop, yields will have to rise, and we will be back to the days of 6% Treasury yields. This will hurt real estate values, rare art, commodities, and stock prices, etc. Real estate agents, loan agents, stockbrokers may experience a drop in their earned income, and everyone else may experience a drop in the vale of their portfolio, thus reducing consumption and growth.