Republican presidential candidate and former U.S. President Donald Trump holds a campaign rally at Macomb Community College in Warren, Michigan, U.S., November 1, 2024, November 1, 2024 (left) in Atlanta, Georgia. Democratic presidential candidate Vice President Kamala Harris speaks at a campaign event, United States, October 19, 2024.
Reuters
A spate of surprisingly good economic news over the past week could present a difficult task for whoever is elected next. president of the united states: Don’t mess it up.
With the Nov. 5 election just days away, inflation is expected to cool further from its pandemic peak, private job creation is stronger than expected, pending home sales figures are also released, and consumer sentiment is weakening. is surging toward optimism, with gross domestic product growing rapidly but slightly below some expectations.
The S&P 500 index is up more than 50% since President Joe Biden took office in January 2021 and is up 24% so far this year, according to Morning Consult.
“Remember how we got into the recession and all that? What do you think? We’re the world… It has the strongest economy in the entire world.”
Both Vice President Kamala Harris and former President Donald Trump claim to be the best stewards of the future health of the U.S. economy.
At the same time, both candidates recognize that voters’ dissatisfaction with the economy persists, despite strong macro-level indicators, and seek to advocate a departure from the status quo.
According to the October survey results, 44% of U.S. adult respondents said they believed a “total economic collapse” was at least somewhat, if not very likely. YouGov Public opinion poll. The poll was conducted among 1,113 U.S. adults from Oct. 17 to Oct. 19 and had a margin of error of plus or minus 3.8 percentage points.
The economic pessimism in the campaign has prompted Trump and Harris to launch a series of policy proposals that promise Americans a new economic future.
President Trump has promised flat tariffs on all imports from all countries, a sweeping immigration deportation program, and deeper corporate tax cuts.
Economists and even some of Mr. Trump’s own allies believe that his proposed universal tariffs, mass deportations, and tax cuts could, at least temporarily, cause a major shock to the overall economy and trigger a potential market crash. It is pointed out that there is a sex.
Meanwhile, Harris wants to raise the corporate tax rate, enact a federal ban on corporate “price gouging” in the food sector, and provide subsidies and tax credits for things like housing development and child care.
The vice president has faced criticism from economists and corporate America leaders over his proposed ban on price gouging and plans to increase corporate taxes.
Justin Wolfers, a professor of public policy and economics at the University of Michigan, said a stable economy would give the president-elect an opportunity to really focus on the policies he campaigned on.
By contrast, former Presidents Barack Obama and Biden both took office at a time when “economic stability had to be prioritized above normal governance priorities,” Wolfers said. “What they had to do was not to pursue their own agenda, but to put out the flames of recession.”
Wolfers said the current reality makes the presidential election even more important.
“Whether you’re a Democrat or a Republican, if you’re in the middle of a recession, there’s one thing you have to do: fix the recession,” he said. “For example, if Mr. Trump wants to cut taxes on the wealthy and what Ms. Harris wants is to tax the wealthy in order to cut taxes on the middle and working classes, then both countries There may be room to do that.”
Either way, the next president will have to strike a delicate balance. That means delivering on his promise to overhaul the economy, which voters seem to dislike, without upsetting the current trajectory of real economic growth.
Biden implements economic relief plan, implementing massive stimulus and other sweeping measures to keep American households and businesses afloat as the coronavirus pandemic batters the economy I had to give myself room to do so.
As Mr. Biden prepares to leave the White House, strong economic data in recent weeks suggests that the Biden administration is working with the Federal Reserve to stop the landing, even if Americans haven’t realized it yet. This supports his claim that there are.
Moody’s Chief Economist: “It’s very hard to think the economy will perform better” Mark Zandi “Of course, many low- and middle-income Americans are not receiving the benefits they should be, and changing this is what the next president and Congress should focus on,” he wrote in a post on X on Wednesday. said.
