The upcoming 2024 presidential race between Donald Trump and Kamala Harris has economists leaning toward Harris’s economic strategies. A recent Wall Street Journal opinion piece by Obama-era economist Jason Furman suggests that Harris’s economic proposals are seen as less risky for the economy compared to Trump’s. This is despite both candidates holding undergraduate degrees in economics.
What Happened: Trump’s proposed tariffs, including a 10% tariff on all U.S. imports and a 60% tariff on Chinese goods, are viewed as a significant economic threat by Furman.
These tariffs would cover $4 trillion of imports, a substantial increase from President Joe Biden’s tariffs which covered $18 billion.
Conversely, Harris has shown a more restrained approach towards tariffs and has proposed expanding the Child Tax Credit and extending the expiring tax cuts for those earning below $400,000.
Trump’s proposed budget measures could add more than $5 trillion to the deficit, while Harris’s proposals could lead to a $1.5 trillion deficit increase.
“Trump often listened to sensible advisers and walked away from some terrible economic policies as president,” wrote Furman.
“Some of his defenders believe he will do so again—and I hope they’re right. For my money, though, I recommend taking him at his word and voting accordingly.”
Why It Matters: Former President Trump earned a Bachelor of Science in economics from the Wharton School at the University of Pennsylvania, while Vice President Harris graduated from Howard University in Washington, D.C., with a degree in political science and economics.
Trump’s tariff proposals have been criticized by economists, including Furman in the past. He questioned the logic behind the tariffs, highlighting the potential economic repercussions and the cost of retaliatory measures from other countries.
Harris’s economic focus on American families has been contrasted against Trump’s alleged emphasis on corporate tax cuts in her recent ad campaign. Harris’s campaign spokesperson, Charles Kretchmer Lutvak, stated that the election boils down to which candidate is focused on the American people.
However, Harris’s proposals have also sparked debate. Former Trump administration economist Kevin Hassett expressed strong opposition to Harris’s proposals, calling them “chilling” and likening them to “communism plain and simple.”
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
