Published September 28. 2024 09:18AM
At the start of the debate between Vice President Harris and Donald Trump, David Muir asked Kamala Harris about the economy and if she thought people are better off today than four years ago.
Harris spoke about her economic ideas and left the question mostly unanswered. Perhaps she did that to differentiate herself from the current administration. It may have been wiser to acknowledge the Biden administration’s progress, since many mistakenly believe the economy is weaker than it was four years ago.
Despite the former president’s claims that he created the strongest economy ever, the U.S. Economy grew by more than 33% after his tenure to $28.65 Trillion. It’s notable that national debt is also at a record high, which provides constant fodder for political attacks against Harris.
However, the gap between GDP and national debt represents a significantly smaller percentage of annual GDP than it did when Trump left office. This is due to a $7.2 Trillion increase in GDP since 2021.
Harris’s comments about re-growing the economy left her open to criticism for not getting a job done that the Biden administration promised to do four years ago. Economically, the current administration did get the job done, they just didn’t take credit for it.
This is not to say Americans in poorer areas aren’t spending more of their income on necessities. They are! More than 20% more, even though inflation is waning. Real wages are growing in America, but people in depressed areas are typically last to benefit from income growth.
Many of these people live in swing states that will determine the next election, and the price of necessities is among their top concerns.
Ms. Harris may fare better if she endorses policies to tie minimum wage increases to inflation and make fuel and food assistance more accessible to low-income earners.
Steve Chuckra
USAF Retired, MBA
Lehighton