With the election fast approaching, students may be curious about where parties stand on the issues that matter to them. To that end, one of the consistent concerns of American voters has been the state of the economy. From the recent shutdown of ports on the East Coast caused by union strikes to fears of a recession as the Federal Reserve tries to create a soft landing after high inflation, perhaps it was no surprise that over 60% of students that completed the BergVotes form selected the economy as their primary concern. So, how are candidates planning to address voter concerns?
The White House doesn’t have much of a direct effect on the economy because it doesn’t control monetary policy. Whether it’s their inability to control the amount of money in the economy, which primarily affects inflation, or their lack of influence over interest rates, which affects economic activity, consumption, business investment, etc; at most, presidents may try to persuade the Federal Reserve with public statements. This is purposeful, as the U.S. has intentionally tried to prevent the politicization of the central bank and keep it independent, although that may now be at risk with Trump signaling interest in influencing the Fed.
The current Biden-Harris administration has struggled while overseeing historically high inflation, with total inflation growing to 17.1% since President Biden took office. So, with snags in global supply chains and increased federal spending, what are some of the specific economic policies on the ballot this November?
The Democratic Party (Harris-Walz):
As the current incumbent of the White House, Vice President Harris has had to walk a tight line between defending her record under President Biden and advocating for new policies. She has done so with a major focus on long-term economic stability through investments in infrastructure, clean energy and manufacturing. Key aspects include:
- Continuation of Biden’s policies: This includes the Inflation Reduction Act and the American Rescue Plan, which aim to reduce inflation, improve infrastructure and promote green energy. She intends to add to some measures, such as increasing the New Small Business Tax break and reducing the costs of more essential medicines.
- Tax Reforms: Harris has proposed tax increases for high-income individuals, including raising capital gains taxes and expanding the Net Investment Income Tax for wealthier Americans while creating a $25,000 tax credit for first-time homebuyers and ensuring no tax hikes on individuals making less than $400,000.
- Investment in Clean Energy: The administration remains committed to leading in renewable energy, continuing the initiatives from the Inflation Reduction Act to support “future-oriented” energy production.
The Republican Party (Trump-Vance)
Meanwhile, Former President Trump’s campaign has proposed new economic policies and deregulation that would create an environment to bring back manufacturing that has moved overseas through the following:
- Cutting Taxes and Federal Spending: Trump proposes to extend the Tax Cuts and Jobs Act, which would primarily reduce taxes for workers and businesses. He also hopes to cut federal spending and deregulate industries to stimulate economic growth.
- Tariffs and Energy Independence: Trump has advocated for imposing higher tariffs on imported goods, especially from China, to protect U.S.-based manufacturing. Further, he has pledged to make America the dominant global energy producer vis-a-vis his “drill baby drill” policy that promises to focus on streamlining, permitting and cutting regulations.
- Inflation Control: A constant critique of his with the current administration, Trump plans to reduce inflation by curbing federal regulations, oversight and reducing reliance on foreign energy sources.
The Green Party (Stein-Ware)
Stein’s economic platform focuses on social justice and sustainability with particular emphasis on:
- Economic Justice: She has prioritized raising the minimum wage, strengthening workers’ rights, and addressing income inequality through wealth taxes and progressive taxation.
- Universal Programs: The Greens support Medicare for All and tuition-free public education, aiming to provide universal healthcare and reduce student debt.
- Green New Deal: The party advocates for massive investment in renewable energy, green jobs, and a transition away from fossil fuels to transition to 100% clean energy by 2030. This includes strict regulations to address climate change and carbon emissions.
Libertarian Party (Oliver-Maat)
The Libertarians continue to advocate for a free-market economy with minimal government intervention. Key elements of their platform to achieve the same include:
- Deregulation: They argue that current economic problems stem from “crony capitalism” and support removing barriers that they believe stifle innovation and job creation.
- Tax Reduction: Libertarians have also proposed significant tax cuts and the elimination of many government-imposed regulations to encourage individual and business growth.
- Limited Government: They emphasize self-reliance and advocate for reducing or eliminating welfare programs, believing that the free market should drive solutions.
All parties have bold plans to implement if elected. Yet, specific methods remain difficult to obtain, and it is not immediately clear how candidates would budget for these changes. This is crucial, with independent research by the nonpartisan Committee for a Responsible Federal Budget suggesting that a Harris presidency could increase the national debt over 10 years by $3.5 trillion. Meanwhile, the same analysis says former President Trump’s policies could go further and heap another $7.5 trillion onto the debt.
“As the current incumbent of the White House, Vice President Harris has had to walk a tight line between defending her record under President Biden and advocating for new policies.”
Whether it’s the amount spent on student loans, the job opportunities available to new graduates, or the total cost at the local grocery store, the economy continues to directly affect the lives of students, staff, and faculty alike. With less than a month left until the election, it is vital for students to keep up to date with the news to understand how these policies could shape their lives. By staying informed, students can better advocate for their interests and make educated decisions when voting.
To learn more about the different issues on the ballot, scan this QR code to fill out our form, and for the next few weeks, BergVotes will work together to bring that information to you in a clear, concise, and non-partisan way until election day. This is all in the hope that by Nov. 5, you’ll have all the information you need to cast an informed vote. Feel free to email us about your queries or get involved at bergvotes@gmail.com!
