The Cult of the Middle Class vs. the Wealthy: The Economy Through the Eyes of Harris and Trump

There is less and less time left until the US elections. Americans will elect a president on November 5.

The official candidate of the Republican Party is

Donald Trump

. The official candidate for his vice president is JD Vance. On July 21, after a series of unfortunate public mishaps, Joe Biden withdrew from the presidential race.

The Democratic Party will most likely (the final decision will be made at the convention on August 19-22 in Chicago) “field” the current vice president Kamala Harris. Its vice presidential candidate will be – until recently unknown to the wider American public – Tim Walz.

US Elections: Harris and Trump’s Economic Visions

The economy is one of the more interesting topics for Americans. What do Trump and Harris have to offer?

During his first term, Donald Trump made several important decisions in this area, including significantly cutting taxes and deciding to wage trade wars, especially with China.

As the Republican candidate, Trump is reinforcing those policies, promising more of the same. He has also proposed mass deportations of undocumented immigrants, which most economists say would unbalance a labor market that has benefited from an increased supply of foreign-born workers.

Kamala Harris will likely be associated with Biden’s economic policies. But she has begun to introduce her own ideas, focusing on family-friendly policies like paid leave and child care support. Her goal is to address the issues facing working families rather than engage in detailed policy debates. Still, any legislative efforts she proposes would face significant opposition if Republicans retain control of the House or gain a majority in the Senate in November.

To benefit only the rich?

Trump has advocated for further tax cuts, particularly in favor of the wealthy and corporations. He has proposed lowering the corporate tax rate to 15% from the current 21% that was cut during his first term.

He said the move would boost economic growth and encourage businesses to invest in the country. But critics say such tax cuts primarily benefit the wealthy and contribute to the deficit.

Harris has expressed support for raising taxes on the wealthy and corporations to fund social programs and reduce income inequality. The vice president’s approach aims to provide aid to working families and invest in critical infrastructure and social services.

– Building the middle class will be a defining goal of my presidency – emphasized Kamala Harris.