The national mood on the economy has been low, leading to a heated discussion between President Biden and former President Trump in a debate on Thursday evening. In the opening minutes of the debate, a wide range of economic issues were brought up, including inflation, price levels, housing shortages, the impact of Trump’s tax cuts, employment rates, and the recovery from the pandemic-induced recession.
Trump defended his tariff proposals as a way to improve the U.S. economy and compete more effectively with China. Meanwhile, Biden criticized Trump for favoring the wealthy in his economic policies, pointing to the large tax cuts and increase in deficit during Trump’s term in office. Analyses of Trump’s economic policies by the Committee for a Responsible Federal Budget found that his decisions added over $8 trillion to the deficit, twice the amount that Biden’s fiscal policies would contribute.
The debate highlighted the sharp divide between the two leaders on economic matters and their visions for the future of the country’s economy. While Biden proposed increased government spending and investment in infrastructure as a way to boost economic growth and create jobs, Trump argued that these measures would lead to higher taxes and debt levels. The conversation also touched on issues such as immigration policy and healthcare reform.