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KQED's Forum
Election 2024: What Will Our Economy Look Like Under Trump or Harris?
Oct 17, 2024
Peter Coy, an economics writer for The New York Times, Kathryn Anne Edwards, a labor economist and consultant, and Casey Mulligan, a University of Chicago professor, delve into how the economy shapes presidential choices in 2024. They discuss Trump's proposed tax cuts and deregulations versus Harris's plans for affordable housing and increased corporate taxes. The conversation highlights the unusual low unemployment amid wage stagnation, inflation concerns, and the impact of tariffs on trade. They also examine regulations affecting low-income households and the critical role of immigrant labor.
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Quick takeaways
- Despite strong economic indicators, public perception remains negative due to a disconnect between data and personal experience.
- Real wage growth is crucial for economic stability, yet it has primarily benefited higher earners, leaving lower-income workers struggling.
Deep dives
The State of the Economy Heading into the Election
The economy is characterized as surprisingly strong despite some prevailing pessimism. Recent data indicates that inflation is down and the unemployment rate is exceptionally low, at around 4.1%. Even amid high-interest rates aimed at curbing inflation, consumption and investment have not significantly declined, showcasing an unexpected resilience in the economy. There is, however, a disconnect between economic indicators and public perception, as many Americans feel that the economy is not performing well.
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