Trump promised to “bring a new economic boom” to the United States if elected, but he also promised that the nation would “regress like in 1929” if he failed.
During a one-hour address on August 14 in Asheville, North Carolina (USA), Republican candidate for US president Donald Trump promised to cut costs associated with housing, cars, insurance, and prescription pharmaceuticals if re-elected. Additionally, he attacked the Biden administration for driving up consumer costs.
“Does anyone here feel richer under Biden and Kamala Harris than during my term?” , he said.
In addition, Trump declared that “the result will be an economic collapse, like the 1929 recession,” should Ms. Harris prevail. The US “starts a completely new economic boom” if he is re-elected.
The Trump administration’s economy was doing rather well before the epidemic struck. In actuality, the economy was already doing well when he became office in 2017. The average household income, the employment market, and stock prices are all experiencing historically extended growth streaks.
Trump pledged yesterday to help the US “pay off all its debt” and to maintain the tax-cutting measures he started in 2017. “We will eliminate our enormous deficits. America’s economy is expanding,” he declared.
Nonetheless, the non-profit US Federal Budget Board (CRFB) projects that the budget deficit of the nation would rise by 5,000 billion to 5,000 billion USD as a result of the previous president’s employment-supportive and tax-cutting measures. 2035. A further $1,850 billion might be added to the budget deficit by Trump’s tax reduction plan that includes commissions and social security payments.
According to the most recent study conducted by FT and the University of Michigan, 42% of respondents think Ms. Harris can handle the economy. In the meantime, Mr. Trump’s percentage is 41%. Just 35% of people approved of President Biden last month when he was still the Democratic nominee.
The August 14th inflation figure was good news for Ms. Harris as well. As a result, for the first time since 2021, the US consumer price index (CPI) grew by 2.9% in July rather than the projected 3%. This increases the likelihood that the US Federal Reserve (Fed) will cut interest rates during its meeting in September.
Ms. Harris also spoke about the state of the North Carolina economy last weekend. She suggested outlawing price manipulation in the food industry in it. She also wants government investigators to look into and punish businesses that break these rules, as well as analyze M&A transactions in the sector in detail.
Additionally, Harris’s campaign attacked Trump’s economic strategy. They claim that the substantial corporate tax cuts and import tax increases implemented by the outgoing president will only drive up inflation.
