The great debate takes place tonight. What should we look for? Among the many important issues, I suggest we pay close attention to the economy.
Trump, of course, has a record to run on. How successful was our economy during his four-year administration as president (2017-2021)? Although he claims it was the “greatest the world has ever seen”, the facts tell a different story. During his presidency, the national debt increased by $7.8 trillion dollars (U.S. Treasury Department). This was the largest debt increase in a four-year presidential term in our country’s history! (Caveat: The debt rose $9.1 trillion under Obama, but that occurred over his eight years as president, in contrast with Trump’s four years.) Trump’s large deficit was mostly due to his huge tax cuts for the benefit of the wealthy citizens in our midst. He claimed that tax revenue would show an amazing growth due to a boom in the economy. Of course, he was wrong. The debt increase was similar to indulgent parents who buy their children expensive gifts…and buy them with a credit card. Sooner or later, someone has to pay. In this case, it is the U.S. taxpayer.
If this truth is acknowledged, it is difficult to understand why sane voters would trust Trump on the economy. Let’s look at tariffs. Trump has promised, “We will become a tariff nation”. Tariffs are usually applied on products from foreign nations in order to financially punish those countries, by raising prices and, therefore, reducing sales of those products. Trump has claimed that these tariffs will not increase inflation for U.S. consumers. This is illogical! If retail companies in the United States import products that have higher prices due to tariffs, they will pass on that increase to consumers. Even the editorial board of the conservative Wall Street Journal acknowledges this truth: Higher tariffs, by definition, lead to higher inflation.
Where does Vice-President Harris stand on the economy? Usually sitting vice-presidents are not held accountable for the successes and/or failures of the president. A question arises. Tonight will she “own” the Biden-Harris economy? On the one hand, coming out of the Covid pandemic, the U.S. economy is the “envy” of all the major capitalist nations when evaluated on criteria of jobs, inflation, GDP, etc. On the other hand, many middle-class people don’t “feel” good about their family finances. Housing costs are up. Gasoline prices are up. Grocery prices are up around 22% over the last couple of years. Harris needs to enact policies that will offer relief for the middle class. She has promised that first-time home buyers will be able to obtain up to a $25,000 tax credit for that purchase. This is a very popular policy, especially with undecided younger voters. But how will she pay for this policy? Will she, like Trump, increase the national debt? She says that she will pay for her policies, by increasing taxes on the wealthy. Most middle-class people won’t pay even a penny more in income taxes. I would like to see some clear figures tonight to back up her promises.
In a previous presidential race, the phrase “It’s the economy, stupid” became popular. Economic issues determine elections. Who do I trust with our economy? It is not Trump.
Lindy Scott 