What Trump and Harris’ economic proposals mean for inflation, jobs and the deficit
CNN
In poll after poll, Americans have indicated the economy is their top concern as they prepare to cast votes this election.
In poll after poll, Americans have indicated the economy is their top concern as they prepare to cast votes this election. Dealing with high inflation for years will do that to you. Although inflation has cooled significantly since it peaked at a 40-year high in 2022, Americans are paying around 20% more for goods and services now compared to before the pandemic, according to Consumer Price Index data. On the flip side, the job market, which had been the greatest source of strength in the US economy after the pandemic, has been flashing warning signs lately. The unemployment rate is hovering near three-year highs, and employers are cutting back on hiring, with the number of job openings across the economy recently falling to the lowest level since January 2021, according to the Labor Department. In response to the anxieties Americans have about the economy, Vice President Kamala Harris and former President Donald Trump have put vastly different policy proposals on the table, which they’re set to highlight during Tuesday night’s presidential debate. Their contrasting approaches could have far-reaching effects on the economy – and for you. Here’s a look at what could happen to inflation, jobs and the deficit if Trump or Harris win in November. Trump’s tariff policy would controversially charge dramatically higher import taxes on practically everything that comes into the country’s ports from overseas. That could raise revenue for the government — but it could also cause Americans to pay higher prices for goods and services. Goldman Sachs economists estimated that every one percentage point increase in the effective tariff rate could raise core inflation as measured by the Personal Consumption Expenditures price index by a tenth of a percentage point. And Trump is talking about 10% to 20% tariffs on most things except Chinese goods — which would get a 60% tariff.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
Chili’s is on fire.
The DeepSeek drama may have been briefly eclipsed by, you know, everything in Washington (which, if you can believe it, got even crazier Wednesday). But rest assured that over in Silicon Valley, there has been nonstop, Olympic-level pearl-clutching over this Chinese upstart that managed to singlehandedly wipe out hundreds of billions of dollars in market cap in just a few hours and put America’s mighty tech titans on their heels.
The Federal Reserve kicked off its second Trump era right where it left off: Doing exactly what it wanted to do, ignoring President Donald Trump’s demands that it lower rates.
Tesla posted a rare earnings miss for the last quarter of 2024, coupled with disappointing results amid weak sales and revenue leading to thinning profit margins.
Consumers and traders are waiting to learn if the Fed’s expected pause today is a one-meeting hold or the start of a longer stretch.
Elon Musk used his new government efficiency role to stop by the operations of his competitor Boeing to look into the long-delayed efforts to renovate two 747 jets into the next generation of Air Force One jets, Boeing CEO Kelly Ortberg said Tuesday.
Truth Social owner Trump Media & Technology Group announced Wednesday it plans to expand into financial services and potentially buy bitcoin and other cryptocurrencies.
Save the Music, the nonprofit foundation that grew in popularity on cable TV through in the late 1990s through the 2000s, is going indie.
Frontier Airlines is making another offer to merge with bankrupt Spirit Airlines, less than two years after a previous plan fell through.
Starbucks is set to eliminate a significant number of drinks and food options in the coming months as part of the company’s plan to simplify its offerings, reduce wait times and improve its customer experience.
Silicon Valley is coming to grips this week with the realization that creating an advanced artificial intelligence model may no longer be as specialized a task as was once believed.
Trump’s grant gambit threatens to wreck the goldilocks economy he inherited
In its first key decision of President Donald Trump’s second term, the Federal Reserve is widely expected to hit pause on rate cuts Wednesday.
Incidents damaging Europe’s undersea networks have become more frequent since Russia’s invasion of Ukraine in 2022, raising suspicions they are the result of sabotage.
Taiwan’s government will soon look at whether it needs to help its domestic industry over threats by President Donald Trump to put tariffs on semiconductors, Premier Cho Jung-tai said on Wednesday.
Karoline Leavitt’s first White House press briefing reaffirmed a truism about the Trump White House: His aides perform for an “audience of one.”
At her first White House briefing, Press Secretary Karoline Leavitt made an unusual claim about inflation that has stung American shoppers for years: Leavitt said egg prices have continued to surge because “the Biden administration and the department of agriculture directed the mass killing of more than 100 million chickens, which has led to a lack of chicken supply in this country, therefore lack of egg supply, which is leading to the shortage.”
Coffee prices hit a new high Monday, the day after President Donald Trump threatened – and then reversed course on – a 25% tariff on Colombia, during a spat about deportation flights from the US.