Name: Biden versus Trump on the economy
Uploaded: 2024-06-10T14:57:57.120Z
Duration: 2 min 2 s
Description: 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.

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.

Washington

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

U.S. Presidential Elect

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.

Whenever, wherever, however - that's the Venezuelan President's offer to sell more oil to the U.S., as he pleads for diplomacy, not conflict. It comes after Washington hit five more alleged drug boats with airstrikes and reportedly struck Venezuelan soil for the first time. Meanwhile, the U.S. Coast Guard is in hot pursuit of an oil tanker which is suddenly claiming to be Russian.

Caracas

Maduro open to talks with Trump over fight against drug trafficking

U.S. President Donald Trump threatened on Friday (January 2) to come to the aid of protesters in Iran if security forces fire on them, days into unrest that has left several dead and posed the biggest internal threat to Iranian authorities in years.

Trump threatens Iran over protest deaths as unrest flares

Israel says more than 30 aid groups have failed to comply with new rules to register their workers and will have access to Gaza suspended. The banned organizations say the rules will have horrific consequences during deadly floods as it tries to rebuild just months into a fragile ceasefire.

Jerusalem

Middle East Conflict

Israel’s ban on dozens of aid groups from Gaza begins

A U.S. intelligence assessment has determined that Ukraine is not responsible for what Russia claims was a drone strike targeting Vladimir Putin’s residence. Both Putin and Ukrainian President Volodymyr Zelenskyy gave year-end news conferences amid continuing discussions about a peace deal held up by key unsettled issues.

Moscow

CIA rejects Russia’s claim Ukraine tried to hit Putin’s residence

Zohran Mamdani was officially inaugurated as the mayor of New York City, becoming the first Muslim and first immigrant in half a century to hold the position. The public ceremony at City Hall featured Senator Bernie Sanders administering the oath of office, followed by a community celebration on Broadway.

New York

Mayor Zohran Mamdani inaugurated at New York’s City Hall

Taiwan’s president has struck a defiant tone after China launched fresh military drills near the island. In a New Year’s Day speech, Lai Ching-te said 2026 would be a critical year and vowed to defend Taiwan’s sovereignty.

Taipei City

Taiwan president signals tougher stance on Beijing

For several years, the French government has explored ways to limit teenagers’ access to social media due to its harmful impact on mental health, and new guidance from the European Commission could now make it easier for France to pass legislation on the matter.

Paris

France proposes social media ban, following Australian model

Israel will enforce a ban on 37 international NGOs in the Gaza Strip, citing failure to meet security and transparency standards.

Israel says it 'will enforce' ban on 37 NGOs in Gaza

Zohran Mamdani became mayor of New York City just after midnight on Thursday, marking a historic moment with a low-key swearing-in ceremony held deep beneath Manhattan. The Democrat, who at 34 is the city’s youngest mayor in generations, takes office as one of the most closely watched political figures in the U.S.

Mamdani becomes New York City mayor

Dozens of people have been killed and 100 injured, most of them seriously, after a fire tore through a crowded bar during a New Year's Eve party in the upscale ski resort of Crans-Montana, Swiss officials said.

Crans-Montana

Dozens killed, 100 injured in fire in Swiss ski resort bar

President Donald Trump said his administration was removing the National Guard from Chicago, Los Angeles and Portland, but he added in his social media post that federal forces will "come back" if crime rates go up.

Chicago

Trump: National Guard being removed from Chicago, LA and Portland

Finnish police have seized a cargo ship suspected of sabotaging an undersea telecom cable between Helsinki and Estonia on December 31. Authorities say the vessel was sailing from Russia to Israel when it was intercepted in the Gulf of Finland.

Helsinki

Finland seizes Russia-linked ship over suspected cable sabotage

Russia's defense ministry released video footage on Wednesday (December 31) of what it said was a downed drone at a briefing intended to show Ukraine tried this week to attack a presidential residence and challenge Kyiv's denials that such an attack took place.

Russia releases video footage to challenge Kyiv over alleged attack

Severe humanitarian needs in Gaza are worsening as dozens of aid groups are forced to halt operations under new Israeli restrictions.
Up to 48 organizations have stopped work, leaving fewer clinics, food distributions and shelters for civilians.

Israel to block dozens of aid groups working in war-battered Gaza

The world has begun saying goodbye to 2025, with South Pacific nations first to welcome 2026.

Council of the City of Sydney

Fireworks light up the globe as nations ring in 2026

CNN, citing sources, reported that the CIA had carried out a drone strike earlier this month on a port facility on the coast of Venezuela. U.S. President Donald Trump said the U.S. struck a facility where boats accused of carrying drugs "load up."

Trump says U.S. strike hit dock in Venezuela

President Trump says the U.S. "knocked out" a "big facility" last week linked to alleged drug boat operations. Unlike previous operations at sea, this strike occurred on Venezuelan territory, though the president did not disclose specific details about the timing, location, or the party responsible for the attack.

Trump says U.S. launched strike on boat dock inside Venezuela

Tatiana Schlossberg, the granddaughter of President John F. Kennedy and an environmental journalist, has died at the age of 35 following a battle with cancer, the JFK Library Foundation announced Tuesday.

Tatiana Schlossberg, JFK's granddaughter, dies at 35

The United Arab Emirates says it's withdrawing its remaining forces from Yemen. The move comes after Saudi Arabia bombed a port in Yemen, saying it targeted an arms shipment intended for a UAE-backed separatist force.

Al Mukalla

Saudi Arabia bombs port in Yemen

In an overnight strike, the Saudi military hit a Yemeni port saying they were neutralising a weapons shipments arriving from UAE. The UAE has denied the shipment contained weapons and claimed the vehicles were not intended for any groups. Both countries have supported the fighting sides in the over-decade long war in Yemen, but this strike has turned this rivalry into an open dispute.

The UAE denies shipping weapons to Yemen after overnight Saudi strike

The Kremlin said Tuesday it would toughen its negotiating position in talks on ending the war in Ukraine after accusing Kyiv of attacking a Russian presidential residence — an allegation that Kyiv said was baseless and intended to prolong the conflict.

Russia will toughen negotiating stance on war in Ukraine

China fired rockets into waters off northern and southern Taiwan on Tuesday (December 30) and deployed new amphibious assault ships alongside bomber aircraft and destroyers on the second day of its most extensive war games.

China fires rockets towards Taiwan in war games simulating blockade

President Donald Trump on Monday confirmed an alleged drug-related site was targeted during a recent strike, saying, "they load the boats up with drugs, so we hit all the boats and now we hit the area." Trump did not say when the strike happened or exactly where.

U.S. strike hits Venezuelan port facility

The search for Malaysia Airlines flight 370 that went missing in 2014 with 239 people on board is expected to resume Tuesday (December 30). The Malaysian government and a private marine robotics company say they will use advances in technology to aid in the search.

Kuala Lumpur

Search resumes for Malaysia Airlines flight that disappeared in 2014

The two countries have agreed to hold fire, freeze troop movements and allow civilians to return home under a new agreement.

Krong Poi Pet

Thailand-Cambodia ceasefire holds as 72-hour observation period ends

Head of Yemen's presidential council, which is supported by Saudi Arabia, says UAE-backed forces in the country should leave within 24 hours.

Yemen’s presidential council cancels UAE defence deal

U.S. President Donald Trump said the United States could support another major strike on Iran were it to resume rebuilding its ballistic missile or nuclear weapons programs and warned Hamas of severe consequences if it does not disarm.

Florida

Trump warns Iran of possible strike, urges Hamas to disarm

U.S. hit an area in Venezuela where boats are loaded with drugs, Trump says, as Pentagon carries out another deadly strike in the Pacific. This claim follows a series of U.S. strikes on boats in the Eastern Pacific, raising the total number of known strikes to 31 and resulting in over 100 deaths.

Trump claims attack on a dock in Venezuela, strikes kill two in Pacific

The Taiwanese government says it has placed its forces on alert as China intensifies its military presence in the Indo-Pacific Ocean and launches air, navy and rocket drills around the island.

Taiwan's forces on alert as China launches military drills

Ukrainian President Volodymyr Zelenskyy is denying Russian Foreign Minister Sergei Lavrov’s claim that Ukraine tried to attack President Vladimir Putin's residence in northern Russia.

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