Day 64: Harris vs Trump: Economy, Taxes, Poverty

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I’ve compared the three platforms in play for this 2024 Presidential Election. I used the Republican National Committee (RNC) 2024 Platform, Project 2025 Mandate for Leadership, and the Democratic National Committee (DNC) 2024 Harris Platform on critical domestic issues (there are links to all three on the sidebar of this blog.) These high-level summaries will hopefully help you:

  1. Validate your commitment to your candidate.
  2. Discover what you want to learn more about.
  3. See how closely the RNC platform dovetails with Project 2025.
  4. Arm you with information you can use when someone is concerned about a specific issue.

The Economy, Jobs, and Lowering Costs

First, the Republicans plan to let businesses do their thing without too much government interference. They believe the economy will grow faster by cutting taxes, especially for companies and wealthy people, and eliminating rules that slow down companies. They believe this will create more jobs because businesses will have more money to hire people.

On the other hand, the Democrats have a different approach. They believe the government should step in to help make sure everyone gets a fair shot. They want to create jobs by investing in building roads, bridges, and clean energy projects. They also want to raise taxes on the wealthy to pay for programs that help struggling people, like healthcare and education.

IssueRNC PositionProject 2025 PositionDNC Position
EconomyFocus on free markets and deregulation.
The RNC believes in reducing government interference in the economy to promote growth and encourage innovation.
Strengthen free-market policies and reduce federal control.
Project 2025 advocates for minimizing government intervention and enhancing market-driven solutions for economic prosperity.
Invest in America and the middle class.
The DNC emphasizes investing in infrastructure, education, and innovation to build a strong economy that benefits all Americans, not just the wealthy.
EmploymentPromote job creation through tax cuts and deregulation.
The RNC supports lowering taxes and reducing regulations to encourage businesses to hire more workers.
Encourage private-sector job creation.
Project 2025 focuses on reducing government-imposed barriers to employment and promoting workforce participation through private-sector growth.
Create jobs through government investment.
The DNC supports public investment in infrastructure, clean energy, and technology to create good-paying jobs nationwide.
Lowering Costs/InflationDefeat inflation and reduce prices rapidly.
The RNC believes that cutting government spending and making it easier to produce energy in the U.S. will help lower costs for everyone.
Control inflation through monetary policy.
Project 2025 emphasizes controlling the money supply and reducing government programs contributing to inflation.
Lower costs by regulating corporations and increasing wages.
The DNC aims to help families by raising wages, reducing healthcare costs, and regulating corporate price-gouging.

The two parties have very different ideas about inflation, which occurs when prices for things like food and gas go up. Republicans think the best way to keep prices down is to cut government spending and ensure the U.S. produces its energy, like oil and gas. They believe this will help lower costs for everyone.

Democrats believe the government should intervene to protect people from unfair price hikes. They support raising wages so people have more money to cover rising costs and regulating big companies to prevent them from charging too much.

Poverty and Taxes

The Republicans believe that cutting taxes, especially for the rich, and reducing government programs will benefit everyone because businesses will invest more and create more jobs. They think this will help reduce poverty.

The Democrats, however, see things differently. They think the government should help close the gap between the rich and the poor by increasing taxes on the wealthy and using that money to help people who are struggling. They believe this approach will help reduce poverty and give everyone a fair chance at success.

IssueRNC PositionProject 2025 PositionDNC Position
TaxesLower taxes for individuals and businesses.
The RNC advocates for tax cuts to stimulate economic growth and allow individuals to keep more income.
Simplify the tax code and reduce taxes.
Project 2025 promotes tax reforms that lower rates and simplify the tax code to encourage economic activity and investment.
Make the wealthy and corporations pay their fair share.
The DNC supports increasing taxes on the wealthy and large corporations to fund public services and reduce income inequality.
PovertyReduce poverty through economic growth.
The RNC believes reducing regulations and promoting job creation are the best ways to lift people out of poverty.
Address poverty with market-based solutions.
Project 2025 encourages self-sufficiency and reduces dependency on government assistance through economic growth and job creation.
Fight poverty with social safety nets and investments.
The DNC supports expanding social programs, increasing the minimum wage, and investing in education and healthcare to reduce poverty.

These two candidates offer voters a choice.

So, when you compare the two parties, the differences are straightforward. Republicans focus on cutting taxes, reducing government involvement, and letting businesses lead. Democrats, on the other hand, believe in using the government to help people, make things fairer, and ensure everyone can get ahead.

Both approaches reflect more profound beliefs about how the economy should work and what role the government should play. As you think about these ideas, consider what kind of future you want and which approach you think will get us there.

US News breaks down the issues, and here is my synopsis.

US News has done a great job summarizing the issue differences for this election. They have also created several decision guides for voters (mid-page). Everything here is based on those guides unless otherwise noted.

Kamala Harris emphasizes economic equality, advocating policies to reduce income inequality and lift families out of poverty. “Raising the minimum wage and expanding tax credits for low-income families are essential steps toward building a fairer economy,” Harris said during a campaign stop in Atlanta on Aug. 30, 2024.

Harris supports a progressive tax system in which higher earners contribute a larger share of their income to fund public services and infrastructure. She also plans to combat inflation by regulating prescription drug prices and increasing affordable housing, which she believes will lower costs for everyday Americans.

Donald Trump champions tax cuts and deregulation as the key to economic growth. “We need to make the 2017 tax cuts permanent and further reduce corporate taxes to ensure America remains competitive on the global stage,” Trump stated at a rally in Ohio on Aug. 29, 2024. He argues that these measures will stimulate job creation and benefit all Americans.

Trump opposes significant increases in the minimum wage, warning that such actions could lead to job losses and harm small businesses. To address inflation, Trump plans to reduce government spending and roll back regulations that he claims raise prices and stifle innovation.

Vote your values. Vote for our future. Vote.

These divergent economic strategies underscore the broader ideological divide between Harris and Trump. Harris focuses on equity and support for vulnerable populations, while Trump emphasizes economic growth and a minor government role. You can decide which path will best meet the nation’s financial challenges and create a sustainable future.


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