What Is On The Ballot For November 5th & How Can It Impact Your Wallet?
In recent years, Americans have grappled with economic challenges on multiple fronts—from rising inflation and federal debt to the ongoing immigration crisis and pressures on Social Security. These issues have taken center stage in the upcoming 2024 presidential race, where Kamala Harris and Donald Trump present starkly different approaches to tackling the nation’s most pressing financial and social concerns. Harris emphasizes expanding social welfare, environmental reform, and higher taxes on the wealthy to fund government initiatives, following closely in the footsteps of her predecessor, President Biden. Conversely, Trump advocates for a smaller government, with strategies like deregulation, tax cuts, and a focus on domestic industry as he aims to revitalize economic growth and reduce public spending. The Financial Guys dive deep into each candidate’s policy proposals across pivotal issues, revealing the contrasting visions they hold for America’s future economic stability and security.
Issues At Hand:
The Inflation Issue—Over the last four years, inflation has been burdening many Americans’ wallets. Harris’ policy is focused on increasing government oversight and social welfare programs, thus increasing government spending. Trump proposes deregulation, reducing federal spending, and imposing tariffs to bolster domestic manufacturing
Immigration and the cost to the economy – As Americans have seen in the last four years, the open border policies of the Biden Administration have been detrimental to the US economy, costing taxpayers over $100 BILLION to support the unvetted migrants. Kamala Harris is focused on maintaining the policies of her predecessor and furthering the economic strain on Americans. Alternatively, Donald Trump promises a substantial increase in deportations, with the reinstatement of programs like “Remain in Mexico” and other restrictions aimed at limiting asylum claims and deterring migration, which he argues would reduce public spending on services used by undocumented immigrants.
Federal Debt and the Growing Deficit—Kamala plans to increase taxes on corporations and high-income earners to offset government spending on social programs like welfare. This policy could have significant repercussions, like forcing more corporations overseas to avoid the higher taxes, thus losing more revenue. Trump, by contrast, is promoting across-the-board tax cuts and increased defense and border security spending. His proposal relies heavily on tariffs as a means of generating revenue.
Social Security- Following Biden’s lead, Harris plans to raise taxes on the wealthiest Americans to maintain Social Security. This approach involves ensuring that high-income individuals pay more into the Social Security system by subjecting their incomes above certain thresholds to additional payroll taxes. Harris believes that adjusting contributions from wealthier Americans will secure the program’s solvency without affecting middle and lower-income earners. On the other hand, Trump is opposed to increasing taxes as a solution. Instead, he advocates for boosting economic growth as a means to indirectly fund Social Security. His view is that a stronger economy would increase wages, subsequently raising the payroll tax revenue that funds the program. Trump also pledges not to cut Social Security benefits or raise the retirement age, suggesting that economic expansion alone could maintain the program’s financial stability.
Green New Deal & Carbon Taxes- Kamala’s climate agenda includes transitioning to 100% clean energy within a decade and achieving carbon neutrality by 2045, with a significant governmental investment in electric vehicles and green infrastructure. Harris’s stance on climate could entail major costs as industries shift away from fossil fuels, increasing some energy costs for consumers in the immediate future. Donald Trump, in opposition, focuses on increasing fossil fuel production to keep energy prices low, favoring a market-driven approach that involves expanded oil and gas drilling. He opposes the Green New Deal, describing it as costly and harmful to the economy. Trump rolled back environmental regulations during his previous term and pulled the U.S. out of the Paris Agreement. His approach prioritizes immediate energy affordability and jobs in traditional energy sectors.
For More Of The Financial Guys:
For more Financial Guys commentary on the upcoming election, download The Financial Guys App: Listen Here
