A lot of issues will define the U.S. presidential election and the economy will certainly be one of them. And it is a topic where President Joe Biden and former President Donald Trump greatly differ.

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Donald Trump is preparing to take office after defeating Kamala Harris in the U.S. Presidential election.

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President Joe Biden and former President Donald Trump present significantly different approaches to managing the American economy. Economic issues, particularly inflation, housing, interest rates, and taxes, are major concerns for many American families.

Inflation remains a notable concern, despite its recent decline from peak levels. President Biden has campaigned publicly to pressure corporations to lower prices, and the White House has reported success with companies like Target and Walmart responding. On the other hand, former President Trump advocates for increased domestic energy production to reduce costs, linking energy prices directly to overall inflation.

Housing and interest rates are also focal points of their differing economic policies. President Biden proposes new government assistance programs to help homebuyers offset high interest rates. Contrarily, former President Trump has suggested the possibility of replacing Federal Reserve Chairman Jerome Powell with someone more willing to lower interest rates.

Taxes will be another significant issue, with the expiration of Trump-era tax cuts in 2025. Former President Trump supports extending these tax cuts, including maintaining the increased standard deduction. President Biden, however, proposes tax hikes for individuals earning $400,000 or more and wants to enhance the child tax credit, increasing it from the current $2,000 to closer to $3,700.



Biden versus Trump on the economy

If the American economy was a bag of groceries, there are a lot of policies and metrics that you could put in it and pull out of it. Inflation is certainly one, while down from its peak it remains a big issue for American families according to most polls. While presidents don't have a direct impact on what companies charge, their presidential policies can have sway. Too many corporations raise prices to pad their profits. President Biden has waged a public campaign to pressure companies to improve prices. The White House has already claimed some success, releasing this press release saying Target, Walmart and other grocery chains heed President Biden's call to lower prices. As for former President Trump, Scripps News Phoenix was able to ask former President Trump recently about his plan. We're going to start with drill, baby drill, we're going to get those prices way down. Trump calls for more energy production in the U.S. to bring down costs, energy prices Trump believes is a big cause of inflation. Another big economic issue, housing and interest rates. President Biden has called for new government assistance programs to help homebuyers offset high interest rates. Former President Trump has openly considered firing Federal Reserve Chairman Jerome Powell and replacing him with someone who will lower rates. Of course, you can't forget about taxes when discussing the economy. Tax cuts for pretty much everybody in the country will expire. Howard Gleckman studies tax policy with the Urban Institute. He says whoever is president next year will face an intense tax debate when the Trump era tax cuts from 2017 expire in 2025. Former President Trump has called for extending his tax cuts, which would keep the status quo in place, like the increased standard deduction. President Biden has called for tax hikes for those making $400,000 a year or more, as well as some tax changes, like increasing the amount of a child tax credit. Former President Trump's tax law made it currently $2,000 a year for most families. If the Tax Cuts and Jobs Act expires, it'll go back to $1,000. Biden is talking about bringing it back to closer to $3,700. Joe St. George, Scripps News, Washington.

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