Kamala vs Trump - Economic Plans
Democratic presidential nominee and sitting vice president Kamala Harris has promised to continue the economic policies of the Biden-Harris administration and focus on cutting costs for families. She has called for a federal law against price gouging on groceries during times of crisis, cutting taxes for families, and enabling Medicare to pay for home health aides. She has proposed $25,000 in down payment assistance for first-time homebuyers and promised to work with the private sector to build 3 million new housing units by the end of her first term.
The Committee for a Responsible Federal Budget, which focuses on the direct effect of policies on the federal debt, estimated that Harris’s plans would add $3.5 trillion to the debt.
Republican presidential nominee Donald Trump has promised to extend his 2017 tax cuts for the wealthy and corporations and to impose a 10% to 20% tariff across the board on imported goods and a 60% tariff on goods from China. Tariffs are taxes paid by American consumers, and economists predict such tariffs would cost an average family more than $2,600 a year. Overall, the effect of these policies would be to shift the weight of taxation even further toward middle-class and lower-class Americans and away from the wealthy.
The Committee for a Responsible Federal Budget estimates that these plans would add $7.5 trillion to the debt.
A report from the Labor Department yesterday showed that inflation has dropped again, falling back to 2.4%, the same rate as it was just before the coronavirus pandemic.
heathercoxrichardson.substack.com
