Trump vs. Harris on the Economy
21Digest
The podcast delves into the economic policy plans of Donald Trump and Kamala Harris, focusing on their shared goal of lowering costs for Americans. Trump's plan emphasizes government intervention, including tariffs to boost domestic manufacturing and using government power to lower prices in specific industries. The podcast examines the effectiveness of tariffs and the potential risks of his proposed interventions. Harris's plan focuses on addressing high prices, particularly in the food and housing sectors. She proposes increasing competition in the food industry, a federal ban on price gouging, and government incentives for housing construction. The podcast analyzes the potential benefits of her proposals, including increased affordability and access to housing. The podcast then compares the two plans, highlighting the potential beneficiaries of each. Trump's tax cuts and tariffs are likely to benefit corporations and higher earners, while Harris's child tax credit and housing proposals are targeted towards middle-income and lower-income families. The podcast concludes by discussing the likelihood of either candidate's plan achieving significant deflation, suggesting that prices are likely to remain elevated.
Outlines
Economic Policy in the Presidential Race
The podcast discusses the economic policy plans of Donald Trump and Kamala Harris, focusing on their shared goal of lowering costs for Americans. It explores their differing approaches, with Trump emphasizing government intervention to force companies to lower prices and Harris advocating for increased competition and direct financial assistance.
Trump's Economic Plan: Tariffs and Government Intervention
The podcast delves into Trump's economic plan, highlighting his reliance on tariffs to boost domestic manufacturing and his desire to use government power to lower prices in specific industries. It examines the effectiveness of tariffs and the potential risks of his proposed interventions.
Harris's Economic Plan: Addressing High Prices and Supporting Families
The podcast analyzes Harris's economic plan, which focuses on addressing high prices, particularly in the food and housing sectors. It explores her proposals for increased competition in the food industry, a federal ban on price gouging, and government incentives for housing construction.
Comparing Trump and Harris's Economic Plans: Beneficiaries and Impact
The podcast compares the economic plans of Trump and Harris, highlighting the potential beneficiaries of each. It discusses the impact of Trump's tariffs and tax cuts, and the targeted benefits of Harris's child tax credit and housing proposals.
Keywords
Tariffs
Taxes imposed on imported goods to increase their price and encourage domestic production. Tariffs can be used to protect domestic industries, generate revenue, or retaliate against other countries' trade policies.
Price Gouging
The practice of charging excessively high prices for goods or services, especially during a crisis or emergency. Price gouging is often considered unethical and can be illegal in some jurisdictions.
Child Tax Credit
A tax credit that reduces the amount of income tax owed by families with children. The child tax credit can provide financial assistance to families and help reduce child poverty.
Competition
The rivalry between businesses or individuals for customers, resources, or market share. Competition can drive innovation, lower prices, and improve product quality.
Inflation
A general increase in the prices of goods and services over time. Inflation can erode the purchasing power of money and make it more expensive to live.
Housing Shortage
A situation where the demand for housing exceeds the available supply. Housing shortages can lead to higher rents and home prices, making it more difficult for people to find affordable housing.
Q&A
What is the main focus of both Trump and Harris's economic plans?
Both candidates aim to lower costs for Americans, but they differ in their approaches. Trump emphasizes government intervention to force companies to lower prices, while Harris advocates for increased competition and direct financial assistance.
What are the potential benefits and drawbacks of Trump's tariff policy?
Trump believes tariffs will boost domestic manufacturing and create jobs, but economic evidence suggests they may increase consumer prices and have a limited impact on employment.
How does Harris's economic plan address the high cost of food?
Harris proposes increasing competition in the food industry by subsidizing new meat packing companies and empowering the Federal Trade Commission to combat anti-competitive behavior. She also proposes a federal ban on price gouging.
What are the key components of Harris's housing plan?
Harris aims to increase housing supply by providing federal incentives for developers to build new units. She also proposes a $25,000 down payment assistance program for first-time homebuyers.
How do the economic plans of Trump and Harris differ in terms of their target beneficiaries?
Trump's tax cuts and tariffs are likely to benefit corporations and higher earners, while Harris's child tax credit and housing proposals are targeted towards middle-income and lower-income families.
What is the likelihood of either candidate's plan achieving significant deflation?
It is highly unlikely that either candidate's plan will lead to a significant decrease in prices. Economic experts suggest that prices are likely to remain elevated, and Americans will need to adapt to the new reality.
Show Notes
As the 2024 presidential race enters the homestretch, former President Donald J. Trump and Vice President Kamala Harris are putting economic policy at the center of their pitches to voters.
Jim Tankersley, who covers economic policy for The New York Times, evaluates both of their plans.
Guest: Jim Tankersley, an economic policy reporter for The New York Times.
Background reading:
- Analysis: Both candidates embrace expansions of government power to steer economic outcomes — but in vastly different areas.
- Analysis: Harris’s price-gouging ban plan does not appear to amount to government price controls. It also might not bring down grocery bills anytime soon.
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
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it was more like an advertisement campaign for Harris 😂 , anyway as an Iranian I don't wanna intertvene in your election , but I just wanna mention we had a president like 🙄 Ibrahim rayisi died in a helicopter accident, who was claiming to build 4 million houses , cut off the inflation by pushing the producers so on and so forth.... definitely rayisi was a populist , and may American think twice about these kind of slogans...