With the economy at the top of voters’ minds, Donald Trump and Kamala Harris’s plans come into sharp focus.
It has been a challenging few years for the American economy in recent years after it took a huge knock due to the global coronavirus pandemic, sending growth and unemployment deep into the negative.
Then, as the economy and employment surged when lockdowns ended, restrictions lifted, and the world reopened for business, inflation sent prices skyrocketing, squeezing hard on the incomes of Americans.
So it’s no wonder that polling ahead of the 2024 election by both Gallup and Pew found that the economy—and the desire for a stronger one—was at the top of American voters’ minds.
Harris’s economic plan pledges to cut taxes for middle class families, lift housebuilding to reduce rents and increase home ownership, tackle inflation through a “federal ban on price-gouging”, and help startups by expanding their tax deductions for expenses.
Trump’s economic platform promises to “end inflation”, to “stop outsourcing” and protect American manufacturing through import tariffs, lift energy production by cutting green regulations, cut taxes for workers such as no tax on tips, and extend his 2017 tax cuts.
As voters go the polls, headline metrics suggest the economy is ticking along steadily. According to the Bureau of Economic Analysis, the economy grew by 2.8 percent in the third quarter of the year. And inflation has stabilized, coming in at 2.4 percent in September.
But the unemployment rate is creeping up, reaching 4.1 percent in October, per the Bureau of Labor Statistics, compared to 3.8 percent a year before.
So whose plan is better for the U.S. economy between Trump and Harris? Newsweek put the question to economists for their views. Here’s what they said.Mark Zandi, Chief Economist, Moody’s Analytics
The U.S. economy will perform better and working Americans will fare better if Vice President Harris wins the presidency, as economic policy will remain largely unchanged.
As president, Harris will almost certainly be dealing with a divided Congress which will severely limit any changes to economic policy.
The first two years of her Administration will be characterized by the policy status quo.
