Former President Trump and Vice President Harris led off the high-stakes presidential debate Tuesday with a dialogue in regards to the cost-of-living disaster and financial challenges Individuals are dealing with.
The primary faceoff between the 2, held in Philadelphia and hosted by Disney-owned ABC Information, kicked off with a query posed by moderator David Muir to Harris about whether or not Individuals are higher off than they have been 4 years in the past when it comes to the economic system and the price of dwelling beneath the Biden-Harris administration.
Ticker | Safety | Final | Change | Change % |
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DIS | THE WALT DISNEY CO. | 88.34 | +0.40 | +0.45% |
Vice President Harris stated her financial plan is “about lifting up the center class and dealing class of America” and needs to construct an “alternative economic system” earlier than discussing components of her financial platform.
“We all know that we’ve got a scarcity of houses and housing, and the price of housing is just too costly for a lot too many individuals,” Harris stated. “We all know that younger households want assist to lift their youngsters, and I intend on extending a tax minimize for these households of $6,000 — which is the biggest baby tax credit score that we’ve got given in a very long time — in order that these younger households can afford to purchase a crib, a automobile, however garments for his or her youngsters.”
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Harris famous her plan to offer a $50,000 tax deduction to these beginning companies and criticized Trump’s tax minimize plans and tariffs.
Former President Trump responded and stated inflation wasn’t an issue when he left workplace regardless of the tariffs, which he famous the Biden-Harris administration left in place, including inflation “has been a catastrophe for individuals” beneath his successor.
“We have had a horrible economic system as a result of inflation, which is actually often known as a rustic buster, it breaks up nations. We have now inflation like only a few individuals have ever seen earlier than, in all probability the worst in our nation’s historical past,” Trump stated. “We have been at 21%, however that is being beneficiant as a result of many issues are 50%, 60%, 70% and 80% greater than they have been just some years in the past.”
The price of issues like beef, eggs and auto insurance coverage have seen unstable double-digit will increase in latest months.
As of Might, the buyer worth index — a broad measure of the worth of on a regular basis items, together with gasoline, groceries and lease — was up greater than 19.4% from January 2021, when the Biden-Harris administration took workplace. 12 months-over-year inflation was at 1.4% in January 2021 and peaked at 9.1% in June 2022 however has since declined to 2.9% as of July 2024.
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Harris was given a possibility to reply and stated, “Donald Trump left us the worst unemployment because the Nice Despair. Donald Trump left us the worst public well being epidemic in a century.”
Through the COVID pandemic, the unemployment charge peaked at 14.8% in April 2020 as lockdown orders have been enacted on the state and native stage. The labor market progressively recovered, and the unemployment charge had fallen to six.4% in January 2021, when the Biden-Harris administration took workplace. It has since trended right down to 4.2% as of August 2024.
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Trump responded and stated the economic system was robust earlier than the onset of the COVID pandemic and that the economic system was recovering by the point the Biden-Harris administration took workplace.
“We had the best economic system. We bought hit with a pandemic. The pandemic was not since 1917 the place 100 million individuals died has there been something prefer it. We did an outstanding job with the pandemic,” Trump stated. “We handed them over a rustic the place the economic system and the inventory market was greater than it was earlier than the pandemic got here in. No person’s ever seen something prefer it.”
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The S&P 500 had reached 3,380 in February 2020 earlier than the onset of the pandemic and bottomed out at 2,304 in March. By January 2021, it rebounded to three,824 earlier than the Biden-Harris administration took workplace. It has since crossed above 5,000 amid expectations the Federal Reserve will minimize rates of interest this month.
Trump stated the roles created within the Biden-Harris administration have been “bounce-back jobs” that have been recovered after the pandemic, including that “I created them. They understand it, and so does everyone else.”