As the 2024 presidential election htos up, the economy has taken centre stage, with inflation, unemployment, and the cost of living emerging as key concerns for American voters.
Democratic presidential candidate Kamala Harris, 59, and Republican presidential candidate Donald Trump, 78, the two leading candidates, exchanged sharp barbs over economic plans that reflect their broader visions for the country’s future during the first presidential debate on September 10.
Harris talked about lifting the middle class and supporting small businesses, while Trump emphasised on trade tariffs and his track record on job creation.
Here’s a closer look at their positions.
KAMALA HARRIS’S STANCE ON THE ECONOMY
During the debate, Vice President Kamala Harris outlined her economic vision centred on supporting the middle class and small businesses.
Harris proposed an “opportunity economy”, focusing on measures to address the high cost of living and provide financial relief to families.
She advocated extending a $6,000 tax cut to young families, which she argued would be the largest child tax credit in recent years. This initiative aims to ease expenses for essential items such as cribs and car seats.
Additionally, Harris plans to offer a $50,000 tax deduction for startup small businesses, which she views as crucial to the economic health of the country.
She criticised former President Trump’s policies, claiming that they favoured billionaires and big corporations, adding $5 trillion to the national deficit.
Harris also condemned Trump’s proposed 20% sales tax on everyday goods, arguing it would increase costs for middle-class families by around $4,000 annually.
According to Harris, Trump’s economic plan would worsen inflation and potentially lead to a recession.
DONALD TRUMP’S STANCE ON THE ECONOMY
Former President Donald Trump defended his economic record and laid out his vision for future economic policies.
Trump emphasised his administration’s use of tariffs on foreign imports, including a potential increase to 20%, arguing that these tariffs would compel other countries, especially China, to address trade imbalances and generate revenue for the US.
He claimed that his tariff policies helped control inflation and contributed to a strong economy.
Trump refuted Harris’s claims of a national sales tax, insisting that his administration did not impose such a tax.
He criticised the Biden administration’s handling of inflation, describing the current economic situation as one of the worst in US history.
Trump also criticised the administration’s immigration policies, alleging that they have led to an influx of dangerous individuals, which he claims has negatively impacted the economy.
Trump argued that his previous administration’s economic strategies led to significant growth and promised to replicate that success if re-elected.
As voters weigh their options, these economic differences will likely play a key role in determining who they believe can best navigate the US economy through challenging times. Both candidates are offering starkly different visions for the future of American prosperity, leaving voters to decide which path they believe will lead to better outcomes.
The US presidential election is set for November 5.
