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Trump vs. Harris Economic Plans: Taxes, Affordable Housing, and Inflation

Sep 9, 2024

Economist Joel Naroff joins to unpack the contrasting economic plans of Trump and Harris. He delves into Harris's push for 3 million affordable housing units and her tax strategies aimed at high earners. In contrast, Trump favors tax cuts, potentially easing burdens for Social Security recipients but risking budget deficits. They also discuss how election seasons influence economic choices and the implications of tariff policies on local manufacturing. It's a thought-provoking conversation on what these plans could mean for investors and the economy.

32:47

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Episode guests

Joel Naroff

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Quick takeaways

Harris aims to combat inflation and boost affordable housing through extensive initiatives, including support for first-time homebuyers and increasing housing supply.

Trump's economic plan emphasizes tax cuts for individuals and corporations, raising concerns over potential impacts on budget deficits and national debt.

Deep dives

Election Cycle Economic Trends

The discussion highlights the unpredictable nature of economic transitions during election years. Historically, transitions such as from Obama to Trump resulted in stable growth, while crises like the financial collapse under George W. Bush or the recent COVID-19 pandemic made comparisons difficult. Current speculation suggests that the economic situation may lean closer to the Obama-to-Trump transition if either candidate wins, assuming no unprecedented crises occur. Overall, understanding these historical contexts can provide valuable insights into potential future economic outcomes.

Intro

2min

Economic Trends in Presidential Elections

6min

Exploring Affordable Housing Initiatives in Economic Policies

4min

Housing Policy and Economic Strategies

9min

Analyzing Trump's Proposed Tax Cuts and Economic Policies

4min

Tax Cuts and Social Security Implications

5min

Economic Implications of Presidential Candidates: Debt, Deficits, and Inflation

2min

How will the Trump and Harris economic plans affect your investing? One candidate is looking to increase affordable housing and give homebuyers a break on their first property. The other plans to keep taxes low so you can save more money. Both are concerned about inflation and rising costs, but will either of their plans correct the national budget deficit we constantly find ourselves in? We’re digging into the 2024 election economics on this BiggerNews episode with economist Joel Naroff.

First, we’re discussing what happens economically during elections as Americans brace for a new president. Then, we dive into Harris’ economic plan and stance on inflation, cost of living, and affordable housing. She also has her eye on raising taxes for high-income earners, but will she bring things back to the pre-Trump era?

Next, the Trump economic plan. Just like in his presidency, Trump plans to reduce taxes even more, which could help those on social security and those who make their income from tips. The question is, will this loss of tax revenue put too much of a dent in our government’s budget and push us further into a deficit? Could Trump’s pro-tariff stance help stimulate local manufacturing and increase tax revenue from imported goods? We’re answering it all on this BiggerNews!

In This Episode We Cover

Trump vs. Harris’ economic plans explained and how they may affect investors

More affordable housing and Harris’ call to build millions of more housing units

Trump’s plan to push foreign goods out of the US with higher import tariffs

Rolling back Trump’s tax cuts and how Harris could increase taxes on corporations and high-earners

Social security income and the benefit (but high cost) of lowering taxes on it

How both of these plans could affect the national budget deficit

And So Much More!

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