There were a lot of claims made about the state of the economy under the Biden-Harris administration during Tuesday’s presidential debate.
The Dallas Express had this to report on the economic talking points issued by former President Donald Trump and Vice President Kamala Harris:
Harris’s opening remarks focused on building an “opportunity economy,” which she said included building new houses and cutting taxes for young families. She contrasted this with Trump’s alleged tax plan that she claimed would mostly benefit the already wealthy.
Trump rebutted her assertions by saying he would hit trade predators like China with tariffs and get inflation under control. He then turned his remarks to border security, using recent events in Colorado and Ohio to buttress his point. He argued that illegal immigration was hurting black workers “and also unions” by driving down wages.
Anyway, here is some of what Fox Business reported on the current situation with regards to consumer prices and their implications for the election in November:
The economy is the top issue for voters as Election Day on Nov. 5 draws near and Americans continue to deal with the economic impact of inflation on the cost of living.
The presidential debate led off with ABC News moderator David Muir asking Vice President Kamala Harris whether Americans are better off than they were four years ago when it comes to the economy. Harris opted against directly answering Muir’s question and instead discussed her background and elements of her economic plan.
Americans have struggled with the impact of inflation on their household budgets in recent years. Inflation surged to a 40-year high of 9.1% in June 2022 due to the impact of supply chain disruptions related to the COVID-19 pandemic and elevated government spending aimed at mitigating its impact.
Though the rate of inflation has subsided to 2.5% as of August 2024, Americans’ budgets are still stretched due to the price increases that have occurred in the last few years. Compared with four years ago, in August 2020, when the country was in the midst of the pandemic and before inflation accelerated, prices are up just shy of 21%, according to FOX Business calculations.