Real World Economics: Economics, Empathy, and the US Election
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The November 2024 US presidential election will significantly impact global democracies and geopolitical issues; economic fallout from US policy missteps could lead to trade wars, inflation, and unemployment; both Democratic and Republican policies may increase the federal deficit, with Kamala Harris's policies projected to raise it by $1.2 trillion by 2034 and Donald Trump's by $5.8 trillion; inflation peaked in June 2022 but has since fallen, leading to a Federal Reserve interest rate cut; Trump proposes a 10% tariff on all imports and a 60% tariff on Chinese goods, which could harm US competitiveness; outsourcing is framed as a labor-versus-capital issue, with Trump’s tax cuts for corporations counterproductive; Argentina's historical economic stagnation serves as a warning against Trump's policies; the need for empathetic leadership is emphasized, contrasting Trump’s rhetoric with the ideal of a caring president.

#UsElection #Economics #Inflation #Deficit #Trump #Harris #Policy #Outsourcing #Geopolitics #Leadership

https://theedgemalaysia.com/node/728461