The economy will be a hot-button topic in Tuesday’s presidential debate, with Vice President Kamala Harris likely to emphasize the Biden administration’s jobs record while former President Donald Trump hones in on inflation—but the truth lies somewhere in between Trump and Harris’ claims, as Trump and Joe Biden navigated the pandemic’s unprecedented effects.
by Derek Saul
Forbes
[…] The Tuesday evening debate, moderated by ABC News in Philadelphia, will pit Harris and Trump directly against each other for the first time this cycle, with the economy slated to be a major topic of discussion. The U.S. economy sits at a potential inflection point, with slowing job growth causing fears about the possibility of a recession, while the Federal Reserve is expected to lower interest rates later this month for the first time in almost four years, a growth-friendly move as lower borrowing costs stimulate consumer and corporate spending. Harris’ economic record is a bit of a mystery, though she has backed policies like taxes on unrealized capital gains for the wealthiest Americans and a ban on price gouging for grocers, both populist policies which have generated controversy for the potentially stifling second-order effect on growth. Trump’s policy ideas for a potential second term include big tariffs on Chinese goods, which economists believe could worsen inflation, and a promise to rein in government spending.