{UAH} HARRIS AND TRUMP OFFER A CLEAR CONTRAST ON THE ECONOMY

Friends

 

Eve time we walk through American campaigns, Democrats promise to tax the rich, in fact on the rallies that torch the streets, their supporters in this city have a new term these days “Eat the rich” then they promise to cut taxes of those that build homes and here is the sentence that Kamala Harris used in the speech yesterday and I quote

 

“The approach seeks large tax increases on corporations and high earners, to fund assistance for low-income and middle-class workers who are struggling to build wealth for themselves and their children. At the same time, it provides big tax breaks to companies engaged in what Ms. Harris and other progressives see as delivering great economic benefit — like manufacturing technologies needed to fight global warming, or building affordable housing.”

 

Let us look closely at building affordable housing, the material that Americans need the most to build houses is Canadian lumber. Barrack Obama left a tax on Canadian Lumber of 27%, Trump dropped it to 9% and the Fraudulent raised it to 32% where we are today. Canada is the single largest supplier of lumber to United States, and that is the tax we pay to sell Lumber to Americans to build homes in their country.  Did Kamala Harris know that figure being raised always by Democrats? Is she this time going to become Jesus and lower it?

 

Indeed the  man was right if you elect Kamala Harris your head needs to be checked.

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Harris and Trump Offer a Clear Contrast on the Economy

Both candidates embrace expansions of government power to steer economic outcomes — but in vastly different areas.

Vice President Kamala Harris and former President Donald J. Trump outlined contrasting economic approaches in speeches this week.Credit...Eric Lee/The New York Times, Haiyun Jiang for The New York Times

Vice President Kamala Harris and former President Donald J. Trump flew to North Carolina this week to deliver what were billed as major speeches on the economy. Neither laid out a comprehensive policy plan — not Ms. Harris in her half-hour focus on housing, groceries and prescription drugs, nor Mr. Trump in 80 minutes of sprinkling various proposals among musings about dangerous immigrants.

But in their own ways, both candidates sent voters clear and important messages about their economic visions. Each embraced a vision of a powerful federal government, using its muscle to intervene in markets in pursuit of a stronger and more prosperous economy.

They just disagreed, almost entirely, on when and how that power should be used.

In Raleigh on Friday, Ms. Harris began to put her own stamp on the brand of progressive economics that has come to dominate Democratic politics over the last decade. That economic thinking embraces the idea that the federal government must act aggressively to foster competition and correct distortions in private markets.

The approach seeks large tax increases on corporations and high earners, to fund assistance for low-income and middle-class workers who are struggling to build wealth for themselves and their children. At the same time, it provides big tax breaks to companies engaged in what Ms. Harris and other progressives see as delivering great economic benefit — like manufacturing technologies needed to fight global warming, or building affordable housing.

That philosophy animated the policy agenda that Ms. Harris unveiled on Friday. She pledged to send up to $25,000 in down-payment assistance to every first-time home buyer over four years, while directing $40 billion to construction companies that build starter homes. She said she would permanently reinstate an expanded child tax credit that President Biden temporarily established with his 2021 stimulus law, while offering even more assistance to parents of newborns.

She called for a federal ban on corporate price gouging on groceries and for new federal enforcement tools to punish companies that unfairly push up food prices. “My plan will include new penalties for opportunistic companies that exploit crises and break the rules,” she said, adding: “We will help the food industry become more competitive, because I believe competition is the lifeblood of our economy.”

Questions remain over the rest of Ms. Harris’s agenda, including which tax increases she would favor to offset those tax cuts and spending programs. The nonpartisan Committee for a Responsible Federal Budget, which is focused on deficit reduction, estimated on Friday that the plans she unveiled would raise the federal deficit by $1.7 trillion over the next decade, if not paid for.

But the main thrust of Ms. Harris’s vision is clear: a mixture of government intervention and government assistance, all meant to help Americans climb their way into the middle class.

As Gene Sperling, a former economic aide to three Democratic presidents who is a senior economic adviser to Ms. Harris, put it: “Her focus on an opportunity economy and her stress on homeownership show she is focused like a laser on both lowering costs to help families make ends meet and being able to get ahead by owning a home or starting a small business.”

Mr. Trump’s pitch is simpler: He says that he made America rich the first time he was in the White House, and that he would do it again. He also blames Ms. Harris and Mr. Biden for a surge in inflation under their administration.

“I gave Harris and Biden an economic miracle, and they quickly turned it into an economic nightmare,” he said in Asheville on Wednesday, omitting the job and income losses of the 2020 pandemic recession on his watch.

Like Ms. Harris, though, Mr. Trump offered a string of pledges on how he would wield government power to intervene in markets and help consumers. He said he would direct his cabinet to somehow bring down the cost of car insurance in the first 100 days of his presidency, or possibly even the first week. He said he would cut energy prices in half.

He said he would deport millions of immigrants to bring housing prices down.

Mr. Trump also ratcheted up a promise to impose new taxes on imported goods — from every country the United States trades with — in a bid to force more companies to make products in America. Previously, Mr. Trump said he would tax imports at a 10 percent rate; in Asheville, he said the rate could be as high as 20 percent. Those tariffs are paid by U.S. importers, not foreign countries. Economic research suggests they would, to some degree, raise prices and serve as a tax on consumers.

This, too, is a clear vision of federal power reshaping the economy. It is a foundation of Mr. Trump’s economic agenda and, in many cases, a break from the conservative economic orthodoxy that long dominated the Republican Party.

But Mr. Trump has not abandoned all of that tradition. He pledged to continue cutting taxes, including extending cuts for individuals that he signed in a 2017 tax overhaul and eliminating federal income taxes on Social Security benefits and tip income. He also promised to roll back federal regulations of business, including environmental regulations and restrictions on oil drilling on some public lands.

An analysis based on reports from the Committee for a Responsible Federal Budget suggests that Mr. Trump’s tax cuts could add $7 trillion to the deficit over a decade, only some of which would be offset by tariffs or a repeal of tax breaks signed by Mr. Biden. Economists warn that higher deficits could stoke more inflation. Trump aides say his agenda will lower prices.

“If you were to cut taxes, deregulate the economy, produce more energy — all of those policies are deflationary, not inflationary,” Stephen Moore, a co-founder of the conservative Committee to Unleash Prosperity and a policy adviser to Mr. Trump, told reporters on Friday.

In North Carolina, Mr. Trump and Ms. Harris each sought to cast the other’s philosophy of federal power as a threat to the economy and working families.

Mr. Trump warned that Ms. Harris would cause a 1929-style stock crash if elected. Ms. Harris said Mr. Trump’s tariffs would amount to “a Trump tax on gas, a Trump tax on food, a Trump tax on clothing, a Trump tax on over-the-counter medication.”

There was little overlap in the speeches. Ms. Harris pledged a small amount of deregulation, saying she would cut “red tape” to speed housing construction. Both candidates spoke highly of Medicare.

Ms. Harris had said in recent days that, like Mr. Trump, she supports exempting some tipped income from federal taxes. In Raleigh, she did not mention that particular source of agreement.

Michael Gold contributed reporting.

Jim Tankersley writes about economic policy at the White House and how it affects the country and the world. He has covered the topic for more than a dozen years in Washington, with a focus on the middle class. More about Jim Tankersley

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