VP Harris and Former President Trump to Clash on Economic Issues in Philadelphia Debate
As Vice President Kamala Harris and former President Donald Trump face off in a pivotal debate in Philadelphia, both candidates are armed with robust talking points on the U.S. economy. This ABC News-hosted event comes after both figures have introduced new economic proposals and criticized each other’s impact on the economy.
Inflation and Prices
- Under Trump: January 2021’s CPI was 1.4%. Trump falsely claimed his administration left a 9% inflation rate.
- Under Biden: June 2022 saw a post-pandemic peak at 9.1%, the highest since 1981, contrary to Trump’s claims of a record high. The latest July figure shows a CPI of 2.9%, the lowest since March 2021. Prices rose cumulatively by 19.4% since Biden took office, while Trump’s term saw a 7.8% increase.
Jobs and Wages
- April 2020 hit a 14.8% unemployment rate under Trump due to COVID-19, the highest on record since 1948. By January 2021, the rate was 6.4%.
- Biden’s tenure saw a 17.6% hourly wage increase, yet inflation outpaced these gains, with 15.9 million jobs created.
- Under Trump: 2.7 million jobs were net lost primarily due to the pandemic, despite adding 6.7 million jobs pre-pandemic.
Deficits, Spending, and Debt
- Trump administration: $8.4 trillion was the net spending, dropping to $4.8 trillion excluding COVID-19 relief.
- Biden’s three-year spending totals $4.3 trillion, or $2.2 trillion without the American Rescue Plan.
- U.S. national debt surged by 39.1% under Trump and 30.6% so far under Biden.
GDP
- Trump’s first three years saw an average annual GDP growth of 2.7%.
- The Biden-Harris administration posted a stronger 3.4% average annual growth from 2021 to 2023.
Stock Market
- The S&P 500 saw an average return of 12.3% during the initial Biden years, compared to 16.3% during Trump’s first three years.
Stay tuned to this debate, as Harris and Trump present their economic visions and defend their records, shaping the narrative around the U.S. economy moving forward.
Original Story https://www.cnbc.com/2024/09/10/trump-harris-debate-election-economy-gdp-jobs-inflation.html
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