ELECTION DAY! Analyzing our candidates!!

By: Ananya Kunnath

Competing Economic Visions

As the election draws near, a recurring statement representing both sides of the voters emerges. One that discusses economic preference to a party and their promised policies. For many Americans, the choice often hinges on which party they believe can better secure economic stability and growth. Both the Democratic and Republican parties bring distinct approaches, rooted in different economic philosophies, to address key issues such as tax policy, job creation, and the national debt.

Democratic Economic Vision: Policies Under Kamala Harris

The Democratic Party, represented by Vice President Kamala Harris, advocates for an economy that narrows income inequality, boosts social welfare, and invests in renewable energy and infrastructure. Building on Biden administration policies, Harris aims to uplift middle- and lower-income families through a fairer economic model. However, some concerns have emerged, particularly around tax increases for upper-income earners. Critics argue that raising taxes on the wealthy and corporations could slow economic growth and reduce job creation, but Harris contends these policies will foster a balanced economy benefiting all Americans. Here’s a closer look at the Democratic economic vision. We can see 4 evident sections of such.

Tax Policies: Harris aims to advocate for a progressive tax system that raises taxes on the wealthy while offering relief to lower-income families. Harris has consistently supported the concept of "tax fairness" by closing loopholes and increasing rates on the highest income brackets and corporations, especially those profiting during periods of economic hardship. This strategy is intended to fund social welfare programs and healthcare.
Job Creation and Infrastructure: The Democratic economic plan includes substantial investments in infrastructure, targeting roads, bridges, and internet access in underserved areas. Harris, in particular, advocates for green jobs through investment in clean energy and climate resiliency, expecting this to create thousands of jobs. This “green economy” focus aims to create sustainable economic growth and improve environmental outcomes.
Education and Healthcare: The Democratic vision includes expanded access to education—such as universal pre-K and college debt relief—and healthcare reforms aimed at reducing household expenses. By lowering prescription drug costs and strengthening the Affordable Care Act, Harris hopes to increase disposable income for middle- and low-income families, thus driving consumer spending - a key driver of economic growth.

Concerns and Critics:

While Harris’s economic plan has drawn criticism, especially regarding tax increases on upper-income earners, the Democratic Party argues that these policies are essential for fostering a fair and sustainable economy. By increasing taxes on the wealthiest, Democrats believe they can ensure the funds needed to invest in critical areas without raising taxes on low- and middle-income Americans. Supporters of this approach contend that fairer taxation and greater investment in public infrastructure, education, and healthcare will lead to broad-based economic gains, as more Americans will have the resources and opportunities to participate fully in the economy. In contrast to the more laissez-faire approach of the Republican Party, Harris’s economic vision aims to strike a balance between market growth and public welfare, striving for long-term prosperity that benefits the nation as a whole.

Republican Economic Vision: Policies Under Donald Trump

Donald Trump’s economic vision for the Republican Party emphasizes limited government intervention, tax cuts for high-income individuals and corporations, and reduced regulation. Grounded in supply-side economics, Trump’s approach aims to create a business-friendly environment that Republicans believe will foster a competitive private sector and boost economic growth.

Tax Policy: Trump’s Tax Cuts and Jobs Act reduced the corporate tax rate from 35% to 21% and lowered individual tax rates, intending to stimulate investment, increase job opportunities, and boost consumer spending. While supporters argue that these cuts drive economic activity, critics claim they primarily benefit the wealthy and add to the national deficit.
Deregulation: A pillar of Trump’s platform, deregulation reduces the regulatory burden on businesses. By rolling back environmental, financial, and labor regulations—especially in energy and manufacturing—Trump believes companies can operate more efficiently and increase job creation. Critics warn this could lead to environmental risks and worker exploitation, but supporters see it as crucial for maintaining competitiveness.
Energy Independence: Trump’s policies support energy independence, focusing on domestic oil, coal, and natural gas. His administration expanded drilling on federal lands and approved pipeline projects, arguing this would protect jobs and reduce reliance on foreign oil. While opponents contend this slows progress toward clean energy, Trump asserts that energy independence shields the U.S. from volatile international markets

The Biggest Pillar: Tariffs, Trade, and Manufacturing Former President Donald Trump’s “America First” trade policy has centered on bolstering American manufacturing through aggressive tariffs on imports, especially from China. Recently, Trump proposed imposing a 60% tariff on goods from China and a 20% tariff on imports from other countries, aiming to protect domestic industries and reduce reliance on foreign goods. However, these tariffs come with substantial economic risks. Research by Dr. Aurélien Saussay, in his report The Economic Impacts of Trump’s Tariff Proposals on Europe, indicates that such high tariffs could lead to a decrease in gross domestic product (GDP) by 0.64% in the U.S., 0.68% in China, and a smaller reduction of 0.11% in the European Union. While these percentages might seem modest, the effects on American consumers could be more immediate and profound, as tariffs raise the prices of goods imported from abroad. This increase in prices is expected to drive inflation, as the cost of usually affordable imported items rises, impacting American households directly. Research from the Tax Policy Center, shows that a more aggressive Trump tariff would lower household incomes by nearly $3,000. As inflation grows, the Federal Reserve may be forced to raise interest rates to cool down the economy, which could make borrowing more expensive. High interest rates reduce consumer buying power, as households face increased costs on loans and mortgages, and, ultimately, this suppression in spending power could slow the economy and potentially lead it toward a recession. Recently, fears of a looming recession, partly triggered by tariff concerns, have led to market volatility and a global sell-off, underscoring the risks tied to aggressive trade protectionism. While tariffs may provide short-term protection for certain domestic industries, their long-term economic impact could weigh heavily on the broader U.S. economy, affecting businesses, workers, and consumers alike.

All in all the economic effects of this election are drastic, it’s critical to inform and be informed in order to place ballots critical to our future. Vote today. For more voting information, make sure to check your local information sites and voting locations.

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