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.