Kamala Harris vs. Donald Trump: How Their Economic Plans Could Shape Our Future
The future is pretty uncertain right now, especially when it comes to the economy. Who leads our country in the coming years will play a huge role in shaping that future, so I thought I’d dive into what two major political figures, Kamala Harris and Donald Trump, would likely bring to the economic table.
Kamala Harris: What Could She Bring to the Economy?
Kamala Harris, as Vice President under Joe Biden, has supported a lot of policies aimed at helping the middle class, minorities, and underrepresented communities. If she were to become president, we’d probably see more of that. Harris supports things like increasing the minimum wage, expanding healthcare, and making college more affordable. In theory, these policies are supposed to reduce income inequality and give lower-income families a boost.
But some critics say these policies could hurt small businesses. Raising the minimum wage, for example, might put pressure on small companies who struggle to keep up with higher wages. While larger corporations may be able to afford it, smaller businesses could face challenges with these increased costs.
Harris is also in favor of more regulation on businesses, especially when it comes to environmental policies. Her plans include tackling climate change by transitioning to clean energy sources, which could lead to job creation in new industries like solar and wind energy. However, traditional industries like oil and gas could see job losses, which could have a big impact on states that rely on those industries.
Donald Trump: What Would He Bring to the Economy?
Donald Trump’s economic policies are more focused on deregulation, tax cuts, and boosting big industries. When he was president, Trump signed a major tax reform bill that lowered taxes for corporations and individuals. The idea was that lower taxes would encourage businesses to invest more, which could lead to job growth. Critics, however, argue that the benefits mostly went to the wealthiest Americans and big corporations, with less impact on working-class people.
Trump’s “America First” policy emphasized keeping jobs in the U.S., especially in industries like manufacturing. He used tariffs to pressure other countries (like China) to make trade deals that would benefit American businesses. While some of these moves protected certain U.S. industries, they also led to trade wars that hurt farmers and some other sectors.
Another big difference between Trump and Harris is their approach to regulations. Trump favored loosening regulations to make it easier for businesses to operate, especially in the energy sector. He supported coal, oil, and gas industries, and was against strict environmental regulations, saying they hurt American jobs.
So What’s the Difference?
Both Harris and Trump offer very different ideas for how to run the economy. Harris would likely focus on improving social programs, raising wages, and addressing climate change, which could create more jobs in new industries but could also increase costs for businesses. Trump, on the other hand, would probably continue to push for lower taxes and fewer regulations, which could lead to more business investment but might increase inequality and hurt the environment.
It’s hard to say which direction is better for the economy overall, because it depends on who you ask. People working in different sectors and earning different incomes would likely be affected in different ways. The real question is, what kind of future do we want to build, and who has the best plan to get us there?
Almost legal to vote,
Arjun Lakireddy
