Election to benefit some industries, harm others

By CHRISTOPHER S. RUGABER

November 3, 2008
AP Economics Writer

WASHINGTON (AP) -- Battered by the financial meltdown, America's business community is anxiously calculating how Tuesday's presidential election will affect it.

Energy, pharmaceutical and telecommunications companies could face tax and other policy changes no matter who wins the White House. The outcome also could determine how well alternative energy developers, generic biotechnology companies, stem cell researchers and others fare.

Labor unions put major resources behind Democrat Barack Obama and could wind up a big winner if he takes the White House. Nuclear power and the coal industry would get a boost if Republican John McCain prevails. Obama promises to raise corporate tax rates and income taxes on families making over $250,000; McCain promises to cut corporate taxes and extend all of President Bush's tax cuts.

A look at how some could fare:

STEM CELL RESEARCH

Few sectors have more to gain on Election Day than the nation's fledgling stem cell companies, which long have bemoaned the administration's policy limiting federal money for embryonic stem cell research. Bush believes the research is immoral because the process of culling the stem cells kills the embryo.

Both Obama and McCain support federal spending on stem cell research and could move to overturn current restrictions. Industry executives say the policy change would shore up investor confidence in stem cell developers.

"It will relieve a lot of uncertainty among the investment community that we are going to become an outlaw industry," said Richard Garr, chief executive of Neuralstem.