In the first presidential debate of 2024 on Thursday, President Joe Biden and former President Donald Trump went face-to-face in Atlanta, Georgia, moderated by CNN.
The two candidates argued about every part from taxes to national debt, highlighting the key economic issues that matter most to entrepreneurs. Lisa’s business reported that U.S. stock futures rose on Friday after the debate.
The biggest query was the economy. March Gallup The poll found that inflation is a top concern for most Americans (55%), in addition to the economy (52%) and federal spending (51%).
Donald Trump (L) and Joe Biden (R). Photo: Justin Sullivan/Getty Images
Here are the candidates’ positions on key issues related to business and the economy.
Inflation
CNN anchor Jake Tapper began the debate with a query about inflation, noting that while inflation has declined recently, the prices of groceries, homes and other basic goods remain high.
“What do you say to voters who think they are worse off under your presidency than under Trump?” Tapper asked Biden to start out the debate.
Biden said he assumed leadership in a “dire” economic situation.
“The combination of what I have left and corporate greed is why we have this problem now,” he said.
Trump painted a different picture.
“We gave them a country where the stock market was actually higher than it was before the pandemic, and nobody thought that was even possible,” Trump said.
The Dow Jones index then reached –tall in November 2020, the day after the Trump administration agreed to transfer power to Biden.
Biden said his administration is working to handle the “shrinkage” and “greedflation.”
In May Dow ended session above 40k for the first time.
Tax cuts
Biden accused Trump of a ‘reward'[ing] the rich” in its economy, declaring that Trump has delivered “the largest tax cut in American history” and raised the national deficit greater than any other president in a single term.
Erica York of The Tax Foundation said: ABC news that the Trump tax cut Tax Cuts and Job Creation Act it was big, but not the biggest ever. The bill added $1 trillion 2 trillion dollars to public debt.
Trump said he actually gave voters the biggest tax and regulatory cuts in history.
“That’s why we had so much work,” he claimed.
In 2019, when Trump was in office, the country saw that reliable employment growth, with 2.1 million recent jobs, in response to Bureau of Labor Statistics.
However, in 2023, under the Biden administration, the country added more jobs, almost 2.7 million.
The public debt
Tapper said that under each the Trump and Biden administrations, national debt has reached record highs.
The Trump administration added $8.4 trillion in recent debt, and the Biden administration approved $4.3 trillion, According to to the Committee for a Responsible Federal Budget.
In the face of rising national debt: “Why should top earners and corporations pay even less in taxes than they currently do?” Tapper asked.
Trump said the tax cuts were value it because they allowed businesses to earn more revenue at lower taxes.
“Companies have brought trillions of dollars into our country,” Trump said.
According to economistsTax cuts have not translated into investment or the wage increases promised to most American employees.
Biden’s response focused on the variety of billionaires in America and the low 8 percent tax rate they pay.
Biden said that if billionaires paid 25% of taxes, the United States would have the opportunity to cancel the national debt inside a decade.
However, IRS Data from 2020 shows that the top 1% of taxpayers already pay 25.99% of income tax.
Tax rate 8%. comes From White House Report including unrealized gains or assets akin to shares and gold that have not yet been sold for money when calculating income.
Customs duties on imported goods
Trump explained why a 10% tariff on goods entering the US would profit the economy and not raise prices.
The tariffs will “force” importing countries “to pay us a lot of money, it will reduce our deficit tremendously and give us a lot of power for other purposes,” Trump said.
Mainstream economists Weighted on a 10% tariff and said it might essentially increase taxes on American households. The tariff will increase the price of food, medicines and cars.
Biden has warned that Trump will raise taxes on the middle class. He said a 10 percent tariff on foreign-made goods would affect the average American by $2,500 or more in higher prices.
Biden apparently mentioned a price hike calculated by the Center for American Progress earlier this month.
Read the transcript of the debate Here; or watch the whole thing Here.