Opinion: Voters are wise to Trump's economic con. Harris' plan for economy is far better
Maybe voters are starting to notice Trump's economic con
Trump’s weird plan to enact outlandish tariffs will rattle the economy and pass costs along to consumers.
Opinion alerts: Get columns from your favorite columnists + expert analysis on top issues, delivered straight to your device through the USA TODAY app. Don't have the app? Download it for free from your app store.
Harris, on the other hand, has an economy with the wind at its back and a plan that's resonating. She’s talking to voters and promoting actual ideas supported by a wide array of economists.
All Trump is doing, as always, is selling himself.
Maybe voters are starting to see him for what he is: a cheap fraud, and one hell of a risky investment.
Follow USA TODAY columnist Rex Huppke on X, formerly Twitter, @RexHuppke and Facebook facebook.com/RexIsAJerk
You can read diverse opinions from our USA TODAY columnists and other writers on the Opinion front page, on X, formerly Twitter, @usatodayopinion and in our Opinion newsletter.
This article originally appeared on USA TODAY
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Rex Huppke, USA TODAY
Tue, October 22, 2024 at 3:14 AM MDT 5 min read
This may come as a shock to some, but Donald Trump is not an economic genius. He’s a full-of-it fabulist who somehow branded himself a master of the economy despite leaving a long trail of bankruptcies and business failures in his wake.
Still, thanks to inflation and Trump’s incessant lie of having overseen the “greatest economy in the history of the world” while he was president, voters generally favored him on economic matters in the earlier months of the 2024 presidential race.
Not any more.
A poll by The Associated Press-NORC Center for Public Affairs Research released Monday found Democratic presidential nominee Kamala Harris effectively tied with Trump on the question of who would better handle the economy, in line with other polling. In the survey, she has a 5 percentage point lead over him on “cost of housing” and a 2 point lead on “jobs and unemployment.” Trump leads Harris by 2 points on “cost of groceries and gas.”
What changed?
Harris' 'opportunity economy' is resonating with voters
Democratic presidential nominee Kamala Harris campaigns in Detroit on Oct. 19, 2024.
First, people had time to look over Harris’ plan for the economy, which includes expanding the child tax credit and the earned income tax credit, increasing tax deductions for small business, helping qualified first-time homebuyers with an average of $25,000 in assistance and raising the corporate tax rate from 21% to 28%.
Harris’ campaign bills the plan as a way to build an “opportunity economy.”
Opinion: Trump's MAGA base might want to brace themselves – Harris could win
Her campaign has been helped by largely positive reviews from people who actually understand economics.
The nonpartisan Committee for a Responsible Federal Budget reported Monday that the Social Security trust funds would be insolvent in only six years under another Trump presidency: “We find President Trump’s campaign proposals would dramatically worsen Social Security’s finances.”
Survey: 70% of economists say Trump's plan will increase inflation
Recently, the Financial Times and the University of Chicago Booth School of Business’ Clark Center for Global Markets surveyed several dozen economists from top universities. Asked which candidate’s plan would increase inflation, 70% of the economists said Trump’s, while only 3% said Harris’ would raise prices.
Goldman Sachs issued a September report that estimated job growth under Harris’ plan would be 30,000 jobs higher per month than if Trump won and had full Republican control of Congress.
Former President Donald Trump campaigns for reelection in Greenville, N.C., on Oct. 21, 2024.
On Oct. 14, the notoriously non-liberal Wall Street Journal reported on a quarterly survey the news organization had done: “Most economists think inflation, interest rates and deficits would be higher under the policies former President Donald Trump would pursue in a second administration than under those proposed by Vice President Kamala Harris.”
The Journal noted that the margin of economist surveyed who “say Trump’s policies are more likely to add to inflation, deficits and interest rates” has grown since July.
All Trump does is rant about tariffs and make absurd promises
So the movement toward Harris as a sound overseer of the U.S. economy is not just based on vibes.
And it’s probably not helping Trump that, in rallies and interviews, he talks about his economic plan by saying his favorite word is “tariffs,” repeating the phrase “drill, baby, drill” and promising he will magically make everything perfect.
The economy when Trump was president was not 'the greatest'
He leans heavily on his incorrect assessment of the economy when he was president. As the AP reported in May, the economic numbers “expose a far more complicated reality during Trump’s time in the White House. His tax cuts never delivered the promised growth. His budget deficits surged and then stayed relatively high under (the Biden administration). His tariffs and trade deals never brought back all of the lost factory jobs.”
Opinion: Harris did with Fox News what Trump can't do anywhere ‒ handle tough questions
In fact, according to the Bureau of Labor Statistics, Trump added 6.7 million jobs as president – that’s excluding the huge number of jobs lost during the COVID-19 pandemic. President Joe Biden has added 15 million jobs during his term.
By the end of Trump’s presidency, the U.S. trade deficit in goods and services had increased 36.3% from 2016. And the federal debt jumped from $14.4 trillion to $21.6 trillion.
Bottom line: It was a long way from the “greatest economy" in history.
The Biden-Harris economy is chugging along, giving the VP a tailwind
But Trump thinks voters aren’t smart enough to spot a con.
My guess is voters smell B.S., and they’re seeing and feeling encouraged by unmistakably strong economic indicators. Last month, U.S. companies blew away expectations and added a quarter-million jobs.
Vice President Kamala Harris greets supporters at her presidential campaign rally on Oct. 3, 2024, in Ripon, Wis.
The New York Times wrote of the September employment data: “By several measures, the job market is historically strong. People in their prime working years of 25 to 54 are employed at a rate previously seen only in the early 2000s. Average hourly earnings are strong – and climbing – even when adjusted for inflation. Women in their peak working ages
And the stock market has been repeatedly hitting record highs.
Rex Huppke, USA TODAY
Tue, October 22, 2024 at 3:14 AM MDT 5 min read
This may come as a shock to some, but Donald Trump is not an economic genius. He’s a full-of-it fabulist who somehow branded himself a master of the economy despite leaving a long trail of bankruptcies and business failures in his wake.
Still, thanks to inflation and Trump’s incessant lie of having overseen the “greatest economy in the history of the world” while he was president, voters generally favored him on economic matters in the earlier months of the 2024 presidential race.
Not any more.
A poll by The Associated Press-NORC Center for Public Affairs Research released Monday found Democratic presidential nominee Kamala Harris effectively tied with Trump on the question of who would better handle the economy, in line with other polling. In the survey, she has a 5 percentage point lead over him on “cost of housing” and a 2 point lead on “jobs and unemployment.” Trump leads Harris by 2 points on “cost of groceries and gas.”
What changed?
Harris' 'opportunity economy' is resonating with voters
Democratic presidential nominee Kamala Harris campaigns in Detroit on Oct. 19, 2024.First, people had time to look over Harris’ plan for the economy, which includes expanding the child tax credit and the earned income tax credit, increasing tax deductions for small business, helping qualified first-time homebuyers with an average of $25,000 in assistance and raising the corporate tax rate from 21% to 28%.
Harris’ campaign bills the plan as a way to build an “opportunity economy.”
Opinion: Trump's MAGA base might want to brace themselves – Harris could win
Her campaign has been helped by largely positive reviews from people who actually understand economics.
The nonpartisan Committee for a Responsible Federal Budget reported Monday that the Social Security trust funds would be insolvent in only six years under another Trump presidency: “We find President Trump’s campaign proposals would dramatically worsen Social Security’s finances.”
Survey: 70% of economists say Trump's plan will increase inflation
Recently, the Financial Times and the University of Chicago Booth School of Business’ Clark Center for Global Markets surveyed several dozen economists from top universities. Asked which candidate’s plan would increase inflation, 70% of the economists said Trump’s, while only 3% said Harris’ would raise prices.
Goldman Sachs issued a September report that estimated job growth under Harris’ plan would be 30,000 jobs higher per month than if Trump won and had full Republican control of Congress.
Former President Donald Trump campaigns for reelection in Greenville, N.C., on Oct. 21, 2024.On Oct. 14, the notoriously non-liberal Wall Street Journal reported on a quarterly survey the news organization had done: “Most economists think inflation, interest rates and deficits would be higher under the policies former President Donald Trump would pursue in a second administration than under those proposed by Vice President Kamala Harris.”
The Journal noted that the margin of economist surveyed who “say Trump’s policies are more likely to add to inflation, deficits and interest rates” has grown since July.
All Trump does is rant about tariffs and make absurd promises
So the movement toward Harris as a sound overseer of the U.S. economy is not just based on vibes.
And it’s probably not helping Trump that, in rallies and interviews, he talks about his economic plan by saying his favorite word is “tariffs,” repeating the phrase “drill, baby, drill” and promising he will magically make everything perfect.
The economy when Trump was president was not 'the greatest'
He leans heavily on his incorrect assessment of the economy when he was president. As the AP reported in May, the economic numbers “expose a far more complicated reality during Trump’s time in the White House. His tax cuts never delivered the promised growth. His budget deficits surged and then stayed relatively high under (the Biden administration). His tariffs and trade deals never brought back all of the lost factory jobs.”
Opinion: Harris did with Fox News what Trump can't do anywhere ‒ handle tough questions
In fact, according to the Bureau of Labor Statistics, Trump added 6.7 million jobs as president – that’s excluding the huge number of jobs lost during the COVID-19 pandemic. President Joe Biden has added 15 million jobs during his term.
By the end of Trump’s presidency, the U.S. trade deficit in goods and services had increased 36.3% from 2016. And the federal debt jumped from $14.4 trillion to $21.6 trillion.
Bottom line: It was a long way from the “greatest economy" in history.
The Biden-Harris economy is chugging along, giving the VP a tailwind
But Trump thinks voters aren’t smart enough to spot a con.
My guess is voters smell B.S., and they’re seeing and feeling encouraged by unmistakably strong economic indicators. Last month, U.S. companies blew away expectations and added a quarter-million jobs.
Vice President Kamala Harris greets supporters at her presidential campaign rally on Oct. 3, 2024, in Ripon, Wis.The New York Times wrote of the September employment data: “By several measures, the job market is historically strong. People in their prime working years of 25 to 54 are employed at a rate previously seen only in the early 2000s. Average hourly earnings are strong – and climbing – even when adjusted for inflation. Women in their peak working ages
And the stock market has been repeatedly hitting record highs.
Maybe voters are starting to notice Trump's economic con
Trump’s weird plan to enact outlandish tariffs will rattle the economy and pass costs along to consumers.
Opinion alerts: Get columns from your favorite columnists + expert analysis on top issues, delivered straight to your device through the USA TODAY app. Don't have the app? Download it for free from your app store.
Harris, on the other hand, has an economy with the wind at its back and a plan that's resonating. She’s talking to voters and promoting actual ideas supported by a wide array of economists.
All Trump is doing, as always, is selling himself.
Maybe voters are starting to see him for what he is: a cheap fraud, and one hell of a risky investment.
Follow USA TODAY columnist Rex Huppke on X, formerly Twitter, @RexHuppke and Facebook facebook.com/RexIsAJerk
You can read diverse opinions from our USA TODAY columnists and other writers on the Opinion front page, on X, formerly Twitter, @usatodayopinion and in our Opinion newsletter.
This article originally appeared on USA TODAY
Chris Benson
Wed, October 23, 2024
Oct. 23 (UPI) -- Nearly two dozen winners of the renowned Nobel Prize in economics said Vice President Kamala Harris' economic agenda is "vastly superior" to that of the current Republican presidential nominee.
"Simply put, Harris' policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable," wrote 23 Nobel Prize laureates in an open letter obtained Wednesday.
The list of 23 Nobel recipients represents more than half of the living U.S. holders of the coveted international award.
The Federal Reserve's recent interest rate cut and September's employment data that shows hiring has increased with a dropping rate of unemployment indicates to experts a robust U.S. economy moving in the right direction.
Economists widely view former President Donald Trump's tariff and tax policies as inflationary and will keep expanding the already trillion-dollar federal deficit.
Meanwhile, compared to Trump's policies, Harris would be "a far better steward of our economy," the letter said, although both campaigns have yet to outline specifics. But Trump, they note, "threatens" the rule of law which they added is key to economic success.
Harris has made an "opportunity economy" a centerpiece of her presidential campaign that, among other things, looks at future entrepreneurs to help jumpstart small businesses, cutting inflation, price gouging and first-time homebuyer incentives.
Trump economic policies, the noted economic experts wrote, "including high tariffs even on goods from our friends and allies and regressive tax cuts for corporations and individuals, will lead to higher prices, larger deficits, and greater inequality."
This new letter was led by the noted economist Joseph Stiglitz, a Columbia University professor who won the Nobel Prize in 2001. And it marks the second such letter Stiglitz has spearheaded with other laureates.
In June, 16 Noble Prize-winning economists also wrote that if Trump wins the presidency on Nov. 5., it will "reignite inflation."
At the time, the Trump campaign was dismissive and critical, calling the economic experts "worthless" and "out of touch."
"Harris' economic agenda will improve our nation's health, investment, sustainability, resilience, employment opportunities, and fairness," according to this new letter.
But Wednesday's 228-word letter is shorter, more pointed and included two of the three most recent Nobel recipients, Simon Johnson and Daron Acemoglu of the Massachusetts Institute of Technology.
"Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of these," the economists wrote.
Nobel laureates endorse Harris economic agenda
Tobias Burns
Wed, October 23, 2024
Winners of the Nobel Prize in economics are backing Vice President Harris’s vision for the economy, calling it “vastly better” to that of former President Trump.
“Harris’s economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness,” economic laureates Daron Acemoglu, Esther Duflo, William Nordhaus and 20 others wrote in an open letter.
The economists criticized Trump’s plan for the economy, calling out his plans to greatly increase tariffs, which has been met with staunch resistance from many policy experts in Washington.
“His policies, including high tariffs even on goods from our friends and allies and regressive tax cuts for corporations and individuals, will lead to higher prices, larger deficits, and greater inequality,” they wrote.
Economic agendas from both Harris and Trump have not been fully laid out yet, but they have been given a few defining features.
Harris wants to go after price gouging, help aspiring entrepreneurs start small businesses and provide incentives for first-time homebuyers, among other proposals.
Trump is promising to alter the U.S. revenue structure by imposing a general tariff on imported goods. He has also pledged a number of new tax breaks.
Trump’s plans would add significantly more to the U.S. deficit than Harris’s, according to various budgetary summaries and analyses.
U.S. debt levels ballooned following the pandemic, as the government under both the Trump and Biden administrations sent out trillions in fiscal stimulus, both to individuals and businesses.
That stimulus contributed to the inflation that weighed on President Biden’s economic approval ratings throughout his term. As supply chains returned to normal and the stimulus was absorbed into the economy, prices have since fallen back down toward a 2-percent annual increase.
A monetary tightening cycle undertaken by the Federal Reserve helped to keep inflation expectations anchored.
The fact that inflation has come down without a recession has been hailed by economists as a serious achievement and could be a hallmark of the Biden administration’s legacy.
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