A top financial group recently raised alarms in regard to a possible second term in the White House for former President Donald Trump.
On Thursday, USA Today published a report detailing how economic policies and plans differ between Trump and President Joe Biden, ahead of an expected 2020 rematch in the upcoming presidential election later this year.
In the report, Mark Zandi, chief economist of Moody’s Analytics, told USA Today that “Biden’s policies are better for the economy.”
Zandi also noted that Biden’s economic policies “lead to more growth and less inflation.”
A study from Moody’s Analytics found that under Trump’s economic plans, the U.S. economy would grow by 1.3 percent annually, compared to the 2.1 percent growth predicted in a second Biden term. The study also found that interest rates would rise from the current rate of 3.3 percent to 3.6 percent under Trump’s policies.
In a statement to Newsweek, Biden-Harris 2024 spokesperson James Singer said, “Donald Trump’s economic agenda would line the pockets of the ultra-wealthy at the expense of middle-class Americans. He is corrupt and an economic disaster for the middle class.”
“American families can’t afford Trump’s broken economic promises, trickle-down agenda, and middle-class tax increases,” Singer told Newsweek.
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The report comes shortly after Trump floated an idea, during a private meeting with Republican lawmakers at the Capitol Hill Club in Washington, D.C., last week, introducing an “all-tariff policy” that would allow the federal government to eliminate income tax
Additionally, Trump said earlier this month that if he won the White House in November, one of the first things he would do would be to change federal law to not tax workers who earn part of their income through tips, during a speech in Las Vegas, Nevada.
“For those hotel workers and people that get tips, you’re going to be very happy because when I get to office, we are going to not charge taxes on tips, people making tips,” Trump said at the rally, adding, “We’re going to do that right away, first thing in office.”
“You do a great job of service, you take care of people, and I think it’s going to be something that really is deserved,” Trump added.
On the other hand, Ed Oswald, a tax specialist who co-authored From Ronald to Donald: How the Myth of Reagan Became the Cult of Trump, told Newsweek earlier this year that the richest Americans should expect multiple tax increases if Biden is elected to a second term in 2024.
“If Biden is elected, I would expect to see a range of tax increase proposals primarily aimed at wealthy individuals and corporations,” Oswald told Newsweek in March.
Earlier this week, a poll from Fox News found Biden holding a slight two-percentage point lead over Trump in the 2024 race. The poll also asked respondents about the current state of the economy, with 32 percent saying the economy is in “excellent” or “good” share. According to Fox News, this is the highest percentage on this metric through Biden’s current presidency.
Newsweek reached out to reps for Trump via email for comment.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
