Three months before the US election, Kamala Harris and Donald Trump are hinting at what economic policy they are planning: higher import tariffs, lower taxes or more child benefits and lower housing costs?
It’s the economy, stupid – that’s an old saying from US election campaigns. And after the past wild weeks with an assassination attempt, candidate changes and personal hostilities, the focus is slowly turning to substance. The economic policy ideas of Donald Trump and Kamala Harris.
It’s about the cost of living!
According to her advisors, the Democratic Party’s presidential candidate is focusing on very everyday issues, specifically reducing the cost of food, housing and health care and increasing child benefits. Her campaign team does not want to officially comment on the course. Harris plans to present the details of her economic program at a campaign event in North Carolina on August 16.
The Reuters news agency commented on the plans as different from those of US President Joe Biden with the words: “Same values, different vision”. Her economic program is similar to Biden’s and is aimed primarily at the middle class, as several advisers told Reuters.
“Housing market is in crisis”
Her campaign team will pay particular attention to what will resonate with voters in key states, as there are less than 90 days left until the presidential election on November 5. Harris also wants to keep Biden’s promise not to raise taxes on people earning up to $400,000.
“She’s focused on the housing issue because we know very well, and she knows very well, that the housing market in this country is in crisis,” said Marcia Fudge, an adviser to Harris and former Secretary of Housing and Urban Development under Biden.
High inflation is declining
Economic issues can be decisive in the US election campaign. The fall vote is likely to focus on the consequences of the high inflation of recent years. Under President Biden, inflation had risen to 9.1 percent by June 2022, the highest level in almost 40 years. The main causes were the corona pandemic and the Russian war of aggression against Ukraine. The inflation rate is now just under three percent.
Republican presidential candidate and former President Donald Trump, on the other hand, blames Biden and Harris for the fact that the cost of living for citizens has risen significantly in recent years. His plan for the economy: further tax cuts for middle-class households and the abolition of taxes on tips – a proposal that Harris also supports, but which is viewed critically by experts. They fear that services will only be paid minimally and the actual remuneration will come in the form of tax-free tips.
Donald Trump wants import tariffs
Trump is also calling for the introduction of comprehensive import tariffs, which Harris rejects. His idea: Americans should buy American products. And in the best case scenario, production jobs will return to the USA. But that didn’t work well during Trump’s first term in office either.
Sources: Reuters.
Source: Stern
I have been working in the news industry for over 6 years, first as a reporter and now as an editor. I have covered politics extensively, and my work has appeared in major newspapers and online news outlets around the world. In addition to my writing, I also contribute regularly to 24 Hours World.
