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Goldman Sachs Exchanges
What will the US presidential election mean for the economy?
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.
16:51
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Quick takeaways
- The contrasting economic policies proposed by presidential candidates could lead to significant market shifts, affecting trade, taxation, and overall fiscal strategies.
- Economists highlight the importance of addressing housing, childcare, and inflationary pressures while advocating for sustainable fiscal practices in future administrations.
Deep dives
Economic Landscape and Challenges Ahead
The next U.S. president will inherit an economy characterized by a solid expansion, with inflation returning to target levels and low unemployment rates. Despite this positive backdrop, there are significant challenges such as issues in the housing and childcare markets, as well as the impacts of extreme weather. Upcoming administrations will need to address ongoing trade and geopolitical challenges that may affect economic stability. The contrasting perspectives from economists reveal debates on whether the current economic conditions show momentum or signs of a looming recession.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode