Goldman Sachs Exchanges What will the US presidential election mean for the economy?
5 snips
Oct 29, 2024 
Jared Bernstein, the current Chairman of the Council of Economic Advisers under President Biden, and Kevin Hassett, the former Chairman under President Trump, engage in a lively debate on economic policy. They tackle the implications of corporate tax hikes, exploring how raising rates could impact growth and investment. Bernstein highlights the benefits of expanding child tax credits in reducing poverty, while both reflect on the challenges of tariffs in U.S.-China relations. Their insights reveal stark contrasts in vision while acknowledging common economic concerns.
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Inherited Economic Landscape (Bernstein)
- The next president will likely inherit a solid, expanding economy with decreasing inflation and steady growth.
- Challenges include housing, childcare, extreme weather, trade, and geopolitical issues.
Inherited Economic Landscape (Hassett)
- Recent economic improvements, particularly in unemployment, have been unexpectedly sharp.
- It's uncertain whether the next administration will inherit a strong economy or one on the brink of recession.
Hassett's Views on Tariffs on China
- Kevin Hassett supports stricter trade policies with China due to concerns about IP theft and strategic material production.
- He suggests expelling China from the WTO and implementing harsher trade policies.