The US election: The Economic Policy Debate and What lies ahead

In 2024, the US election will be a political contest that is not only about the change of power, but also has a profound impact on the US and even the global economy. The two major party candidates, Republican Donald Trump and Democrat Kamala Harris, engaged in a fierce battle with each other as they laid out their distinct propositions on economic policy.

Tax policy has always been a key issue in the economic field. Trump has advocated large tax cuts, arguing that lowering corporate and personal income taxes would spur economic growth. He believes that by reducing the tax burden, businesses can have more money to invest and expand, creating more jobs. At the same time, Trump's tax cuts are also aimed at attracting overseas companies to return to the United States and revitalizing American manufacturing. In his view, lower taxes will stimulate market vitality and promote economic prosperity.

Harris has different considerations about tax policy. She may favor higher taxes on high-income groups and large corporations to raise money for social welfare programs and infrastructure. Harris believes that by increasing the tax burden on the wealthy, wealth can be redistributed, narrowing the wealth gap and providing more support to low - and middle-income families. She is likely to advocate higher capital gains and corporate income taxes to ensure that the rich and big corporations contribute more to society.

There are also clear differences between Trump and Harris on regulatory policy. Trump has always advocated reducing government regulation, believing that too much regulation will constrain the development of enterprises and increase their costs. He advocates deregulation of sectors such as energy and finance to boost economic growth. Trump believes that the government should reduce interference in business and let the market work freely to make the economy more efficient.

Harris is likely to favor more regulation to protect consumers and the environment. She is likely to advocate stronger regulation of the financial sector to prevent a recurrence of the financial crisis. At the same time, Harris is likely to push for greater environmental regulation and a shift toward sustainable development in the United States. She believes that the government has the responsibility to ensure that companies comply with laws and regulations in the course of their operations and protect the public interest.

Immigration policy was also a bone of contention. Trump has been adopting a tough immigration policy, advocating stronger border controls to reduce the inflow of illegal immigrants. He believes that illegal immigrants will take jobs from native Americans and increase the burden on society. Trump is likely to continue pushing for measures such as a border wall to stop illegal immigrants from entering the United States.

Harris is likely to take a relatively moderate approach to immigration. She is likely to advocate a path to legalization for illegal immigrants while strengthening support for legal immigrants. Harris believes immigrants make important contributions to the U.S. economy and should be given more opportunities and support. She is likely to push for reform of the immigration system to improve immigrant integration and inject new vitality into the U.S. economy.

Despite their differences on tax, regulatory and immigration policy, both Trump and Harris have promised some economic intervention. This reflects their shared understanding of the current challenges facing the US economy. The US economy occupies an important position in the global economic landscape and faces many challenges, such as slowing economic growth, widening gap between the rich and the poor, and increasing social inequality. Both candidates recognize the need to take steps to address these challenges in order to achieve stable economic growth and social justice.

However, different economic policy propositions will bring different economic consequences. Trump's tax cuts and deregulation policies may stimulate economic growth in the short term, but they could also lead to increased fiscal deficits and a widening gap between rich and poor. Harris's policy of tax increases and increased regulation may help to achieve social equity, but it may also have some inhibiting effect on business investment and economic growth.

The outcome of the election will be crucial to the future direction of the US economy. Different policy choices will determine the direction and speed of the U.S. economy. Whoever is elected will need to strike a balance between promoting economic growth, achieving social equity and protecting the environment. At the same time, the US economy is also affected by the global economic situation, trade policy, scientific and technological innovation and other factors, and it needs to take into account various factors to formulate economic policies that meet the national interests of the US.

In short, the economic policy battle of the 2024 US election is an important contest about the future direction of the US economy. The different propositions of Trump and Harris reflect different political ideas and economic values. Voters will make a tough choice in this election, and their choice will have a profound impact on the U.S. economy.