Regardless of who wins the US election, according to the latest analysis the new president will preside over more debt, relative to the size of the economy, than any American leader since the end of World War II.
With less than a month to go before the US election, the costs of the presidential candidates’ platforms are being totted up – and it’s not pretty reading.
The CRFB has factored in its estimates of the costs of the major items in the rival candidates’ platforms. It says that its “central estimate” for Harris’ campaign promises is that they would add $US3.5 trillion to US deficits and debt relative to their current trajectory.Meanwhile, Trump’s platform is something of a moving feast, given that he tends to add a new tax cut at every campaign stop, but the CRFB’s central estimate for his plans is that they would add $US7.
Tariffs are Trump’s “magic pudding”. He regards them as an endless source of revenue that he believes will be paid by America’s trade partners rather than, as almost everyone else understands, US companies and consumers. In other words, Trump’s policies would be regressive, adding to the income and wealth inequality in an economy that already has the greatest wealth inequality of any advanced economy.
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