Economists Slam Trump, Harris for Unanswered Questions About Deficit
Economists have criticized both former President Donald Trump and Vice President Kamala Harris for their lack of clear answers regarding the nation’s ballooning budget deficit. According to a recent report by Fox News Digital, neither candidate has released dedicated policy plans to address the deficit, which currently stands at $1.9 trillion in fiscal year 2024.
Trump’s economic proposals include extending tax cuts, reducing the corporate tax rate, and exempting tips, overtime pay, and social security benefits from taxable income. However, economists argue that these measures will not be enough to balance out the lost revenues from Trump’s tax cuts and other economic proposals. The Tax Foundation estimated that Trump’s deficit impact would be roughly a $4 trillion increase over ten years.
Vice President Harris has committed to fiscal responsibility but only suggests increasing taxes on the wealthy and corporations as a solution. However, her spending policies remain unspecified, leaving many questions about how they would stack up.
Economists like Kimberly Clausing from the Peterson Institute for International Economics have expressed concern over the lack of attention to fiscal responsibility in the campaign season. Clausing noted that candidates often prioritize what the population wants to listen to over addressing critical fiscal issues.
