Competing Economic Visions – Harris and Trump Square Off as 2024 Election Nears

Harris and Trump campaigns focus on the economy. @selinawangtv reports: “This week is going to be major for both of these campaigns. Both of them are rolling out their economic policy visions this week.” pic.twitter.com/E6vbiqadqb

— ABC News Live (@ABCNewsLive) August 14, 2024

On August 16, Harris plans to introduce a comprehensive economic plan aimed at making consumer prices more affordable, particularly through measures to combat price gouging. Her campaign announced on August 14 that she would propose the first-ever federal ban on corporate price-gouging in the food and grocery industries if elected. This announcement followed the Biden administration’s August 15 agreement with pharmaceutical companies to lower prices for 10 of the most expensive prescription drugs covered by Medicare.

Trump, meanwhile, is also zeroing in on prices and affordability in his bid to reclaim the presidency. In an August 14 speech, Trump pledged to cut energy costs by expanding oil and natural gas drilling. He also vowed to instruct his administration to “defeat” inflation and lower consumer prices. During an August 15 press conference, Trump specifically addressed grocery costs and the nation’s energy demands.

Recent data from the U.S. Labor Department revealed that annual inflation has dropped below 3% for the first time since March 2021, offering a glimmer of hope for the Biden-Harris administration as they seek to shift public sentiment. President Biden, in an August 14 statement, emphasized the administration’s progress in fighting inflation and reducing costs for American households. However, despite easing inflationary pressures, many consumers continue to grapple with rising prices, higher borrowing costs, and a slowing labor market.

Since Biden took office in January 2021, prices have surged more than 20%, with gasoline prices rising by nearly 50% and food and housing costs increasing by 22% each, according to the U.S. Bureau of Labor Statistics. The U.S. job market also showed signs of weakening last month, as the Labor Department reported on August 2 that only 114,000 jobs were added, and the unemployment rate climbed to 4.3%, the highest level since October 2021. This unexpected news shook financial markets, causing major stock indexes to plummet before they eventually rebounded.

Signs of potential slowdowns in the manufacturing sector have also surfaced, with a Federal Reserve Bank of New York survey indicating weakening business activity in the state, including declining new orders and stagnating shipments.

Joined @andersoncooper on @AC360 to discuss the state of the Presidential race and the competing economic visions and record of Donald Trump and Kamala Harris pic.twitter.com/QDBey1cXyD

— Matt Mowers (@mowers) August 15, 2024

As voters prepare to head to the polls in November, the economy remains a top concern. A recent poll conducted by The Economist/YouGov from August 11-13 found that 74% of respondents consider jobs and the economy to be a “very important” issue, with inflation and prices rated as the most important issue by 24% of respondents.

Harris has focused her economic message on holding corporations accountable for price increases. On August 15, she joined President Biden in Maryland to highlight their administration’s achievements in lowering prescription drug costs. This event, held at Prince George’s County Community College, marked their first joint appearance since Biden withdrew from the presidential race and endorsed Harris in July.

Both Harris and Biden praised the administration’s deal with pharmaceutical companies to reduce the cost of 10 key prescription drugs used for treating conditions such as heart failure, diabetes, and arthritis. Biden criticized Republican economic policies, arguing that they would raise costs for middle-class families while providing tax breaks to billionaires and large corporations.

Harris is expected to further her economic plan during an August 16 speech in North Carolina, where she will call on Congress to pass a federal ban on price gouging and emphasize her commitment to making prescription drugs more affordable for all Americans.

Trump’s campaign, on the other hand, has centered on tackling high prices and boosting energy production. During an August 15 press conference at his Bedminster, New Jersey club, Trump highlighted the rising costs of everyday groceries, criticizing Harris’s plan to regulate price gouging as potentially leading to food shortages and higher long-term prices.

Trump and his running mate, Senator JD Vance, also focused on energy production as a key solution to the affordability crisis. Trump argued that increasing oil and natural gas drilling would “immediately bring prices down,” while Vance emphasized the economic benefits of expanded energy production, including lower manufacturing costs and reduced heating expenses for households.

Trump calls Kamala Harris’ economic policy plan the “Maduro plan” as in the Venezuelan socialist tyrant.

She just proposed widespread price controls, which destroyed the Venezuelan economy and forced 8 million of us to flee our country.pic.twitter.com/8aIQ2iPLu6

— Daniel Di Martino 🇺🇸🇻🇪 (@DanielDiMartino) August 15, 2024

The Trump campaign has criticized the Biden-Harris administration for prioritizing policies that limit energy production, such as restrictions on drilling and fracking. Trump pointed to recent data showing that U.S. crude oil production reached a record 13,300 barrels last week, surpassing the previous high under his administration in February 2020. He also criticized Harris for her tie-breaking vote on the American Rescue Plan Act, a $1.9 trillion stimulus bill linked to inflationary pressures.

As the race tightens, the differing economic strategies of Harris and Trump will be a focal point for voters concerned about financial security, inflation, and the broader economic outlook.