Just days before the November 5 election, inflation is down, job growth is solid, and property sales are rising.
American spending is up and consumer confidence is at epidemic lows. Strong economy isn’t only comfort.
The next president will have to continue momentum without causing another financial disaster. Indeed, the markets are under pressure.
Since Joe Biden began office, the S&P 500 has risen over 50%, including 24% this year. Kamala Harris and former President Donald Trump are arguing over who can lead U.S. development during this economic boom. The public doubts.
A “total economic collapse” was considered probable by 44% of U.S. adults in an October YouGov survey. This is when the race becomes serious. Both candidates must win over hesitant voters who want economic stability immediately.
Harris and Trump, both presidential candidates, have different economic plans. Trump favors America-first policy. All import taxes, further business tax cuts, and immigration enforcement are his goals.
However, economists are calling these measures into question. Trump says that “foreign countries” would pay for his uniform tariffs, yet they will raise costs for American consumers and importers.
Trump’s transition co-chair Howard Lutnick confirmed on CNBC that tariffs will raise American prices. Trump’s tariffs aren’t little. His proposals include a 10% to 60% tax on all imports, with specific punishment for Chinese products. A 10% or 20% levy may cost American customers hundreds of billions as the U.S. imported nearly $3 trillion last year.
The Yale Budget Lab estimates Trump’s proposal will cost U.S. families $1,900 to $7,600 per year. Only if other countries don’t react. A worldwide trade war may hurt U.S. exports, causing sector-wide job losses.
Harris has her own plans. She proposes raising corporate taxes, capping grocery price increases, and providing subsidies and tax credits for housing, child care, and other necessities. Economists and business leaders criticize Harris’s views.
They suggest that outlawing supermarket “price gouging” might result in unforeseen expenses that customers may pay nonetheless. Harris claims her corporate tax rises would assist working Americans, but critics argue they might slow company development.
Strong economies provide Harris and Trump a platform for action that Biden and Obama lacked at the outset of their regimes. University of Michigan professor Justin Wolfers says, “If you’re in a recession, you’ve got one job: Fix the recession. If the economy is strong, Trump and Harris can pursue their own agendas.” Harris believes in taxing the wealthiest to help the middle and working class, whereas Trump favors big business policies.
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