The race for the White House, the candidates' stance on the economy

2024-08-17 19:23:00, Kosova & Bota CNA

The race for the White House, the candidates' stance on the economy

Kamala Harris. Donald Trump

The Vice President of the United States, Kamala Harris and former President Donald Trump revealed this week their visions for the country's economy. The candidates promised to curb inflation and not tax waiters' tips. As VOA correspondent Patsy Widakuswara reports, while the ideas enjoy voter support ahead of November's presidential election, experts say they won't be easy to implement. American voters, both Republicans and Democrats, agree when it comes to growth of prices.

"Prices keep going up and it hurts your pocketbook," said James Russell, a Virginia voter.

As the November election approaches, the two candidates, Vice President Harris and former President Trump, are focusing on inflation.

"When elected president, my primary objective will be to reduce costs and increase economic security for all Americans," says Democratic candidate for the White House, Kamala Harris.

"Does anyone here feel richer during the administration of Kamala Harris and Joe Biden than during the Trump administration? Are prices more affordable under Kama Harris and Joe Biden", asks the Republican presidential candidate, Donald Trump.

In calling for the federal government to step in to control prices, Ms. Harris put the spotlight on the meat processing industry.

On the other hand, Republican candidate Donald Trump says he will fight rising prices by increasing oil and gas production.

"It is highly unlikely that any single policy introduced by a president will have much of an impact on bringing inflation down from current levels to the Federal Reserve's long-term target for the economy, which is 2%," says Andrew Lautz with the Policy Center. Bipartisan.

Last month, for the first time since March 2021, inflation in the United States fell to 3%, although Americans are still suffering the consequences. Retail sales data is upbeat, unemployment is low and most economists are no longer warning of a recession.

However, the economic situation remains a top concern for American voters and a hot point of debate in election campaigns.

"We are not going to let this insane socialist continue to destroy our economy for another four years. This will destroy our country", says the Republican presidential candidate, Donald Trump.

"Compare my plan to what Donald Trump intends to do. He plans to significantly cut taxes on billionaires year after year and cut taxes on corporations by over a trillion dollars," says Democratic candidate for the White House, Kamala Harris.

The two rivals have promised to eliminate federal taxes on waiter tips. Critics say the proposal doesn't help fast-food workers or other low-income workers who don't receive tips. They warn that the proposal has costs and can be abused.

"How can we make sure that those who deserve it benefit? This can open up the opportunity for abuse, where some people can treat rewards and good work fees as tips and not pay taxes on them," says Steven Rosenthal with the Tax Policy Center.

Before President Joe Biden withdrew from the race for the White House, Mr. Trump was leading the polls on economic issues. Now, at least one poll shows that the two rivals enjoy almost equal support, with 42% support for Ms. Harris and 41% support for Mr. Trump./ VOA