The transportation industry is a vital part of the economy. Without trucks driving freight across the country, items would never leave the docks and make it to retailers and warehouses. The supplies you purchase online won’t reach consumers. Truck drivers are important. That doesn’t always bring comfort when you start seeing so many trucking companies shut down.
Later this year, registered voters will vote for the nation’s 60th president. Election years can impact everything from American morale to the economy. As we head towards the election, what can you expect?
The Three Main Areas Impacted During an Election Year
During any election year, the key areas of impact are consumer behaviors, such as spending on goods and travel, economic policies (infrastructure spending and trade agreements), and regulations.
If people are worried about what the future holds, they may curb spending, impacting the amount of goods being transported around the country. Smaller and less frequent shipments can cripple the trucking industry.
Another concern is the infrastructure. If a candidate isn’t focused on improving the nation’s bridges, interstates, highways, and rail system, trucking is harder and even more dangerous. Look at some of the past bridge collapses in U.S. history. No driver wants to cross a bridge that might not be as safe as you’d expect.
Finally, there are the aspects of changed regulations. If it’s going to be harder to get a CDL license or cost more money to run your trucking company, it becomes a problem. Some trucking company owners might struggle to maintain a steady flow of cash because of it.
Get to Know the Candidates and Do Your Own Research
Before you vote, take time to get to know the candidates. Use non-biased sources as much as possible. Currently, nine candidates filed to run with the Federal Election Commission. As of June 3rd, they are:
Joe Biden
Robert F. Kennedy, Jr.
Chase Oliver
Jill Stein
Donald Trump
Cornel West
What you need to look at is where they stand on issues like the nation’s infrastructure, as trucking is a huge part of that. What we can find is as follows.
Joe Biden – Democratic
Current President Biden and Vice President Harris plan to continue the “Build Back Better” that they’ve started in this presidency. It included earmarking a lot of money to improve the infrastructure with safer roads, better wastewater treatment systems and sewers, increase the adoption of clean energy, reduce prescription costs, and issue penalties for companies that send jobs overseas.
Robert F. Kennedy, Jr. – Republican
His campaign motto is “Left isn’t better. Right isn’t better. Better is better.” In terms of promises that could impact the trucking industry. We found these proposed policies.
Cut military spending and redirect it to the infrastructure.
End corporate greed.
Establish tax-free 3% federally-backed mortgage bonds.
Increase the federal minimum wage to $15.
Prosecute anti-union businesses.
Redesign AmeriCorps.
Support small businesses.
Chase Oliver – Libertarian
While he makes no campaign pledges specifically regarding the infrastructure and trucking, he does state the following, which can impact the trucking industry in positive and negative ways.
Close all overseas military bases.
End all tariffs.
End bailouts for “firms that engage in irresponsible business and fiscal practices.”
End red tape that inhibits new businesses and start-ups.
Reduce the money supply to prevent “easy money” and slow consumer spending.
Jill Stein – Green Party
Again, there are no specific promises towards the trucking industry. But, these issues could impact the industry positively and negatively.
Break up monopolies.
Create a $25 minimum wage federally.
Create free high-speed internet across the country via fiber optics.
Create non-profit banking on state and local levels.
Create progressive taxation for incomes and wealth.
End at-will employment.
End pay discrimination.
Establish a national “Improved Medicare for All.”
Guarantee free childcare
Mandate three weeks of paid sick leave, eight weeks of paid vacation, and one year for parental leave.
Strengthen Social Security
Donald Trump – Republican
Here is what we can find on Trump’s platform.
Expand the tax overhaul he started in his first term and is slated to end in 2025.
Increase gas and oil production in the U.S. and stop wind power development subsidies.
Make healthcare cheaper by improving upon the Affordable Care Act and making it cheaper, even if that means cutting Medicare and Social Security.
Rescind measures to lower tailpipe emissions.
Cornel West – Independent
Finally, Dr. West is running as an independent. His campaign positions that could impact the trucking industry include:
Build a worker bill of rights that embraces the right to unionize and not risk losing your job.
Establish a federal $27 minimum wage funded by a wealth tax.
Establish a National Jobs Program to provide employment to every person.
Explore four-day work weeks.
Fund public infrastructure and green reconstruction through federal public banking institutions.
Increase federal support of worker-owned cooperatives.
Increase paid family leave to six months.
It’s Impossible to Predict What Changes May Come
We can’t predict the future. What we can offer is a way to get paid for the work you do as quickly as possible. With Saint John Capital’s freight factoring arrangements, you get paid the same day or within a couple of days. There’s no more waiting weeks or months to get the money you’re owed.
With a partnership with Saint John Capital, you also benefit from other cost-saving benefits like fuel discounts, low-interest business lines of credit, and unlimited free business credit checks. Use the load board to find work and look at that company’s credit history to ensure you feel confident they’re a reputable company to work for.
Freight factoring also offers protection against a broker or shipper who becomes insolvent and shuts down or files bankruptcy without advanced warning. Instead of not getting paid, arrange a non-recourse freight factoring arrangement and never become responsible for repaying an advance when a broker or shipper’s company abruptly shuts down.
There are no guarantees. Even when a candidate makes campaign promises, it’s unlikely they’ll happen. Parties spend too much time trying to counter each other and to ensure PACs and Super PACs are happy. However, there’s always a chance that the economy will improve.
Our tips are to stay optimistic. The trucking industry has its ups and downs, but it always bounces back. Remember that freight factoring is always available to help trucking company owners have a strong cash flow, even in the slow periods.
Reach Saint John Capital online or by phone to learn more about freight factoring agreements and the different rates for non-recourse factoring. Our quick enrollment form makes it easy to get started with immediate payments, even in a stressful election year.
