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The U.S. economy is riding a high wave just days before the November 5 election, with inflation cooling, job growth strong, and home sales on the rise. Americans are spending again, and consumer confidence is at levels not seen since the early days of the pandemic. But the strong economy isn’t just a comfort blanket. Whoever wins the presidency will face sky-high expectations to maintain this momentum without triggering another financial crisis. And, yes, the markets are feeling the pressure too. Since Joe Biden took office, the S&P 500 has surged over 50%, including a 24% climb this year alone. This economic boom is fueling fierce debates between Kamala Harris and former President Donald Trump as they pitch themselves as the best leaders to steer the future of U.S. growth. The public is skeptical. An October YouGov poll showed 44% of U.S. adults believe a “total economic collapse” is at least somewhat likely. This is where the race gets serious. Americans want economic stability and want it now, and both candidates have their work cut out for them if they want to win over the wary voter. Harris and Trump’s economic visions Harris and Trump, both determined to secure the presidency, have contrasting economic blueprints. Trump leans into America-first policies. He wants tariffs on all imports, deeper corporate tax cuts, and an immigration crackdown. Economists, however, are waving red flags on these policies. Trump’s proposed universal tariffs, which he claims will be paid by “foreign countries,” would actually fall on American consumers and importers, driving up prices on goods nationwide. Even Howard Lutnick, Trump’s own transition co-chair, admitted on CNBC that tariffs would mean higher costs for Americans. Trump’s tariff ideas aren’t just small fees. At various points, he’s proposed slapping a 10% to 60% tariff on all imports, with…

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Filed under: News - @ November 2, 2024 7:28 pm