As inflation continues to impact Americans’ daily expenses—from groceries to gas—Vice President Kamala Harris and former President Donald Trump have made combating rising prices central to their campaigns.
Since the pandemic, inflation has increased over 22%, marking one of the worst cost-of-living crises since WWII. Here’s how each candidate plans to address inflation and rising costs.
Trump’s Plan to Defeat Inflation
At a campaign stop in Asheville, North Carolina, Trump promised immediate actions to bring prices down, blaming the Biden-Harris administration for inflation’s surge. Trump’s five-point approach includes:
- Increasing U.S. Energy Production: By lifting domestic restrictions, he aims to boost oil and gas output, reducing energy prices.
- Cutting Federal Spending: Trump pledges to slash federal spending to stabilize the economy, though some experts warn rapid growth could increase inflation.
- Ending Foreign Wars: By avoiding international conflicts that disrupt supplies, he hopes to keep costs of essential goods like oil lower.
- Reducing Regulations: Trump’s team claims cutting red tape could save households $11,000 annually, though details on specific regulations are scarce.
- Securing Borders to Lower Costs: By curbing immigration, Trump argues that housing, healthcare, and education costs will decline.
READ: Final NYT/Siena Poll Shows Harris And Trump Locked In Tight Race Just Days Before Election
Harris’ Plans to Lower Costs for Working Families
At a Univision town hall, Harris presented a detailed plan to tackle inflation and support the middle class. Her initiatives include:
- Banning Price Gouging on Groceries: Harris aims to prevent corporations from excessively hiking food prices during emergencies.
- Reducing Healthcare Costs: She seeks to make Affordable Care Act subsidies permanent and reduce drug prices.
- Investing in Clean Energy: Harris would expand clean energy projects and tax credits from the Inflation Reduction Act to reduce energy reliance on foreign countries.
- Eliminating Hidden “Junk Fees”: Harris vows to eliminate fees that cost households an estimated $650 annually.
- Expanding Housing Supply: Her plan aims to create 3 million new housing units in her first year in office, lowering home and rental prices.
Experts have mixed opinions on both candidates’ strategies. Trump’s plan prioritizes deregulation and immigration policies but is light on specific economic measures. His proposal for expanded tariffs has received criticism for potentially raising consumer prices.
In contrast, Harris’ plan includes detailed, specific measures, though they may not directly address inflation’s primary causes and could further inflation and increase housing costs.
In a Wall Street Journal survey, 68% of economists indicated Trump’s policies could increase inflation. In comparison, only 12% felt Harris’ plan would have a similar effect, with the remainder predicting little impact from either plan. Harris has been the Vice President for the last three and a half years, and some question why she hadn’t implemented these strategies while in office.
READ: Fed Poised For Second Rate Cut This Year Amid Cooling Inflation
“From the day I take the oath of office, we will rapidly drive prices down,” Trump said in the Aug. 14 speech. “We’re going to make America affordable again.”
Ultimately, both candidates aim to stimulate the economy, yet their paths diverge sharply on how to achieve affordability for American families.
As inflation continues to dominate voters’ concerns, the efficacy of each candidate’s approach will be a deciding factor for many in the upcoming election.
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