- Oct 20, 2022
- 6,347
- Thread starter
- #6,541
Largely this is true but also Covid complicates people’s perceptions of wealth - this election, much of the drive behind voter choice is a change from the status quo - traditionally, it is the incumbent that has an advantage when it comes to a second term but the post-Pandemic period which led to economic collapse in the US economy (and a sharp recession/inflation) still lingers in people’s mind. Ironically, it was also a time where people had more disposable income because they were not spending and the US also implemented a robust financial aid programme (arguably causing short-term inflation) - people still see their lives as pre-Covid and post-Covid. Whatever financial collapse the US suffered following Covid was short-lived and the economy now stronger than it has been for decades - however, the ending of Covid-specific financial assistance has left too many people behind.
As for Trump being better for the economy going forward into a second term for him - his exorbitant trade tariff proposals (which is a cornerstone for his isolationist economic ‘reforms’ ) are likely to:
- impose higher costs for US import businesses
- those costs are likely to be passed on to consumers
- his readiness to go to war with Iran will cause higher oil prices
- his economic plans would add at least $7.5 trillion to the national debt, or 150 percent of GDP, twice the total that Kamala Harris’s economic plans would add (according to Bloomberg)
sources
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What Is the CARES Act?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was a $2 trillion package of emergency assistance approved in 2020 in response to COVID-19.
The post-pandemic economy
The pandemic’s later economic waves may be its biggest and most important.
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