Trump Versus Harris Economy
I BELIEVE:
—- (1) our recent YEARS OF INFLATION WERE MADE INEVITABLE BY THE TRUMP/PENCE ADMISTRATION tax cuts and pandemic assistance programs.
—- (2) The BIDEN/HARRIS ADMINISTRATION ADDED TO THE SIZE OF THAT INFLATION with pandemic assistance programs of their own.
—- (3) RECOVERY FROM THE INFLATION WAS NOT INEVITABLE BUT WAS ACCOMPLISHED MASTERFULLY BY THE BIDEN/HARRIS ADMINISTRATION.
—- (4) LEADING ECONOMIC EXPERTS (INCLUDING NOBEL PRIZE-WINNING ECONOMISTS) ARE RIGHT IN THEIR ASSESSMENT THAT THE HARRIS/WALZ ECONOMIC PROPOSALS WILL BETTER SERVE THE USA THAN THOSE BY TRUMP/VANCE.
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A CLOSER LOOK
The Democratic Obama Administration passed on to Donald Trump a nation in excellent economic condition. Trump kept the public feeling good about the economy by cutting income taxes and spending trillions of dollars for COVID-19 pandemic assistance.
There are, however, negative consequences from putting all those tax dollars and pandemic assistance money into the hands of consumers.
(1) The government did not have the income to cover the expenditures. The Trump administration thereby added seven trillion dollars to our national debt. That is over $51,100 per person living in the USA. (What would the total be for just your immediate family?). That is a debt we citizens must repay, along with the accumulating interest.
(2) All this money flowing into the economy stimulated a growing demand for goods and services on which to spend the money. The demand continued to increase while COVID-19 restrictions caused a decline in the production and delivery of those goods and services.
“INCREASING DEMAND
FOR A DECREASING SUPPLY“
is the perfect recipe for inflation.
The trump policies that made us all feel so good also made significant inflation inevitable for the next administration, whether Republican or Democratic.
That inevitable inflation arrived as predicted and worsened as the COVID-19 pandemic worsened, and the new (Democratic) administration invested trillions of dollars more in pandemic assistance.
Inflation soared to 9%.
That was painful!
It was not as painful, however, as my life and millions of other lives would be now had Trump and Biden not invested heavily in fighting COVID-19 and in assisting me, my family, and many millions of others.
INFLATION was INEVITABLE!
RECOVERY was NOT!
Sliding into inflation was easy. Recovering from it was a monumental challenge. The Biden/Harris administration pulled off that recovery masterfully. Inflation is down to less than 3% and is on track to reach the goal of 2% in the coming months without causing a recession. Employment is exceptionally high. Unemployment is exceptionally low. The stock market has reached all-time highs.
This accomplishment by the Biden/Harris administration convinces me that a Harris/Walz administration will carry forward the expertise necessary to outperform what a Trump/Vance administration would provide. That conviction is reinforced by the opinions of leading (and Nobel Prize-winning) economists who say that Harris’s proposed economic policies will be significantly better for the US economy.
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Graham Rouse
Editor: ROUSEings.com
© GM Rouse 2024. All rights reserved.
