A variety of issues will shape the 2024 presidential election, with the economy being a significant factor where President Joe Biden and former President Donald Trump have differing viewpoints.
If the American economy were compared to a bag of groceries, there are numerous policies and metrics that could be analyzed, with inflation being a major concern.
Although inflation has decreased from its 40-year high in 2022, it remains a pressing issue for many families. While presidents do not directly control company pricing, their policies can influence economic trends.
Money
Americans struggling to afford groceries due to increasing prices
5:21 PM, Apr 12, 2024
President Biden has been advocating for companies to reduce prices, claiming success with retailers like Target and Walmart complying with his requests. On the other hand, former President Trump aims to enhance energy production in the U.S. as a means to lower costs.
U.S. News
US inflation holds on as Federal Reserve decides to keep rates at current levels
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Another significant economic topic leading into the election is housing and interest rates. President Biden proposes new government programs to assist home buyers facing high rates, while former President Trump ponders replacing the Federal Reserve Chairman to lower rates.
Furthermore, the tax debate is crucial in economic discussions. According to tax policy expert Howard Gleckman, the expiration of Trump-era tax cuts in 2025 will bring about intense discussions. Trump supports extending the tax cuts, while Biden advocates for tax increases for high earners and expanding the child tax credit.
Gleckman explains, “If the tax cuts and jobs act expires, it will go back to $1,000 [per year]. Biden is talking about bringing it back to closer to $3,700.”
