I have some really important and useful info to share today (complete with infographics!) about the economic proposals of both main presidential candidates. But first, something timely and special – registration for my exclusive group and book club is open, something that only happens three times a year!
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And now, on to today’s topic: Harris v Trump on the economy.
On paper, the economy looks strong. Unemployment is low, inflation is slowing, and the GDP continues to grow.
But over and over, people tell me that they don’t “feel” like the economy is going well — and your feelings about the economy overall are certainly affected by your personal circumstances. If you’re looking for a job, having trouble paying for groceries, or can’t find a house to buy, your perception is likely to be that the economy as a whole is poor, even if the data suggests otherwise.
Most voters say the economy will be a major factor for them in this election. In a new poll out this weekend, the economy was issue number one.
A few days ago, Harris released her economic plan, and while Trump hasn’t officially put his on paper yet, we have lots of details from him and the Republican National Committee on how he plans to tackle the economy.
Let’s compare what we have.
Can they do it?
With one exception, every single one of these items is going to require the cooperation of Congress. Because taxation is a power specifically given to the legislative branch, what a president can do is advocate for their desired position. Both candidates’ ability to get things done will depend largely on their working relationship with members of Congress, and what the balance of power looks like in both the House and the Senate.
The one exception is the pledge to not raise taxes on people making under $400,000: Harris could veto a bill that raised taxes on that group.
Can they do it?
Both of Harris’s plans would require the approval of Congress.
Trump cannot unilaterally open federal land for development, but there is a process with the Bureau of Land Management, who oversees much of the federal government’s land holdings. Once the feasibility is studied and public comments are considered, parcels of land can be put up for auction to private developers, who can then build on it. Joe Biden proposed this and went through the process in Nevada.
Can they do it?
Check out my analysis on this here.
Can they do it?
One of the Harris proposals has already been authorized by Congress (like negotiating the cost of some prescription drugs). Enforcing a max out-of-pocket could potentially be feasible using the Centers for Medicare and Medicaid Services and the regulatory process, and the same goes for incentivizing states to forgive medical debt, although a more robust and permanent action would come from Congress.
It’s difficult to evaluate exactly what the Trump plan is, although the executive branch can increase transparency if they wish to. Without more details about what things like “expand access” means, I can’t evaluate the feasibility of this plan.
Can they do it?
Harris’s plan is already largely in place, although no humans have yet been to Mars. NASA already plans to return to the moon, so much of this is already set policy. The same is true for Trump’s plan to send astronauts to the moon and Mars.
In terms of creating a “robust manufacturing industry near earth orbit,” this could be something Elon Musk asked to have inserted, as it directly benefits him and his company, SpaceX.
There is a new industry in its infancy, which is making things, like pharmaceutical drugs, in space and exposing them to low- or zero-gravity environments. The reason the federal government would need to help with this is because of regulatory issues related to blasting into space and orbiting the earth. If Trump were elected, the executive branch could help clear the regulatory way to make this industry and related industries feasible.
Was this helpful? Should I continue to explore more of their platforms? Let me know here. I also created these graphics that you are free to save and share.