The Big History Podcast - The Making of Modern America
What events shook the 21st and 20th Century to make America what it is today? In this podcast we cover current politics, music, culture, history. From the Civil Rights Movement and Woodstock to 21st century culture, we examine what makes America what it is today?
The Big History Podcast - The Making of Modern America
Kamala Harris vs Donald Trump: Where Do They Stand on the Economic Issues? - A Battle for America's Financial Future
Discover how the "opportunity economy" and "Project 2025" are set to redefine America's financial future. We're breaking down Kamala Harris's ambitious plan to uplift the middle class with significant tax breaks, investments in clean energy, and a bold $6,000 tax cut for families with new babies. But here's where it gets interesting—she's proposing to fund these initiatives by raising taxes on the wealthiest individuals and corporations, including a dramatic increase in taxes on stock buybacks. Is this Robin Hood-esque strategy a game-changer or merely a temporary solution? Join us as we dissect the possibilities and challenges ahead.
On the other side, we delve into Donald Trump's Project 2025, a plan that leans into classic Republican ideals of tax cuts and minimal government intervention. With Harris and Trump offering starkly contrasting economic blueprints, we're here to help you navigate through the noise and understand how these proposals could shape our economy. From the feasibility of Harris's policies in a divided Congress to the implications of Trump's traditional approach, this episode is your go-to guide for what's at stake as we gear up for the election. Don't miss out on this crucial discussion that could influence our nation's economic direction.
OK, so let's dive into this election year's hottest topic. Everybody's talking about the economy, right, and you want to know what Harris and Trump are bringing to the table this time around. Well, you sent in a ton of stuff for us to look at, so let's get right to it and break down their economic game plans.
Speaker 2:It's pretty wild actually seeing such different approaches to this huge issue that affects well everyone.
Speaker 1:For sure, for sure. So Kamala Harris first. Her big idea is this opportunity economy Sounds promising, but what's it really about Basically? She's really pushing to help the middle class. We're talking targeted tax breaks, putting money into things like clean energy, that kind of thing. Oh, when she wants to tackle how expensive everything's getting to the cost of living. And she came out strong, promising families with new babies, a $6,000 tax cut. That's kind of tempting for voters with kids, right?
Speaker 2:Yeah, it definitely got people's attention. That policy is basically taking the child tax credit and making it way bigger. Now they've tried this before with, you know, mixed results. The thinking is give families cash right away and they'll spend it, which boosts the economy, but whether that really works long term, well, that's up for debate.
Speaker 1:So it's more complicated than just a campaign promise, huh.
Speaker 2:Yeah, exactly, critics are saying hold on, how are we going to pay for this in the long run? Will it really help the families who need it most, and this is the big one? Will that $6,000 actually make a difference when everything else costs?
Speaker 1:more too. So the $6,000 sounds good, but we got to look at the whole picture.
Speaker 2:Exactly.
Speaker 1:It's like this All right, lay it on me.
Speaker 2:It's like giving someone a boost right, helps for a little bit but doesn't fix the real problems like how much child care and health care and all that stuff costs.
Speaker 1:Yeah, putting a Band-Aid on a broken leg kind of thing and leg kind of thing.
Speaker 2:Pretty much, and that's where this whole funding question gets really interesting. See, harris is banking on raising taxes on the wealthy and corporations to make these programs work.
Speaker 1:Ah, the Robin Hood strategy Take from the rich, give to well everyone else. But what does raising taxes on the wealthy actually mean here?
Speaker 2:One big thing is a wealth tax specifically on billionaires. So basically every year they pay a certain percentage of whatever they have over a certain amount.
Speaker 1:I'm no billionaire, but taxing them directly.
Speaker 2:Oh, that's going to be a lot of money, right.
Speaker 1:Oh yeah, on paper it's huge. But here's the thing Taxing wealth is super complicated. Billionaires have these whole teams of financial whizzes figuring out how to pay the least amount possible, you know. And then there's the whole debate about if this actually discourages investment, which could hurt the economy. So it could backfire.
Speaker 2:Exactly, and it's not just billionaires and her crosshairs. Harris is also taking aim at big corporations, specifically this thing called stock buybacks.
Speaker 1:Stock buybacks yeah, that's where companies buy their own stock, right, but how does that affect? You know, regular people.
Speaker 2:Okay. So it's kind of like this when companies buy back their own stock, the price usually goes up, which sounds good, but it mainly helps already wealthy folks and the company. Bigwigs Harris says that money could be used way better, like investing in new stuff, paying workers more, creating jobs.
Speaker 1:Instead of just making the rich richer, spread the wealth around.
Speaker 2:You got it, and to make that happen, she wants to make those buybacks way more expensive by quadrupling the tax on them. The hope is companies will start thinking long term, helping everyone, not just a select few.
Speaker 1:Makes sense. But let's be real for a sec. Can she actually get any of this through Congress? It seems like a tough sell with how things are right now.
Speaker 2:Yeah, that's the big question, isn't it Getting things done in Washington? Whole other ballgame. But before we get too deep into that, let's pivot over to Trump, his Project 2025 plan. It's different, right Like very different from Harris.
Speaker 1:Oh yeah, you could say that again If Harris is like Robin Hood, trump's sticking with that classic. You know Republican playbook tax cuts, less government, that whole thing.
Speaker 2:And we're talking big cuts too. He wants to drop the corporate tax rate to 15 percent. Even I have to say that's low, like really low. Why would he want to cut corporate taxes that much? What's the logic there? Ok, so the thinking goes like this it's called trickle down economics, right? The idea is, if you make it easier on businesses less taxes they'll take that money and reinvest it, Expand, hire more people, pay them more and then, in theory, everyone benefits. It's supposed to trickle down.
Speaker 1:So what's good for big business is good for the little guy. That's the hope at least.
Speaker 2:Exactly, but of course, does that actually happen? Economists have been arguing about that one for decades. Critics say these cuts mostly help the wealthy in corporations, not so much the average worker. Plus there's that whole national debt thing.
Speaker 1:Right, because less taxes coming in usually means more borrowing, right, yeah? And while we're on the topic of things that could hit people's wallets directly, we got to talk about this Trump tax.
Speaker 2:Ah, yes, the national sales tax. To be fair, though, Trump tax is more of a nickname that critics use.
Speaker 1:Fair point. But, name aside, harris's campaign is really hitting this hard. They're saying it'll cost families an extra thirty nine hundred dollars per year, maybe even bump up rents by twelve hundred dollars. Those aren't small numbers. What's the reality?
Speaker 2:check on those claims. Well, you know, campaigns tend to exaggerate a little bit. That said, when economists try to model this stuff a national sales tax, especially one on things we import yeah, it could mean higher prices, but figuring out exactly how much is tough depends on a lot of things like how they actually set up the tax, how it all works in practice.
Speaker 1:But not as simple as saying this tax equals this much extra you'll pay.
Speaker 2:Nope, much more complicated than that.
Speaker 1:And this circles back to Harris's whole focus on affordable housing. It's almost like she's directly countering this Trump tax with some of her ideas.
Speaker 2:Could be a smart move. Strategically Point out the downsides of a sales tax, how it could make housing even less affordable, and then, bam, you offer up your policies as the solution Appeals to people struggling with rent mortgages.
Speaker 1:All that it's like a chess match, these campaigns, always trying to outmaneuver each other, but at the end of the day, for most of us it comes down to whose vision for the economy is actually going to work. Whose plan makes the most sense?
Speaker 2:That's the million dollar question. Right, but we have to remember everything we're talking about. It's projections, estimates. Nobody has a crystal ball how these policies play out in the real world. It's messy. Things happen that nobody can predict.
Speaker 1:Global economy, surprise events, who knows what could throw things off.
Speaker 2:Exactly. So what do you do? Stay informed, look past the slogans and dig into the details. What are they really promising, how are they actually going to get it done and, maybe most importantly, who benefits most from their plans?
Speaker 1:Don't just listen to the words right. Look at their track records what they've actually done. Actions speak louder, especially in politics.
Speaker 2:Couldn't agree more and remember this isn't just about numbers and graphs. It's about people's lives, how they make a living, their whole future. So, as we get closer to November, stay informed, stay engaged and keep asking those tough questions.
Speaker 1:Great advice and on that note we'll wrap up this deep dive into the 2024 economic landscape. Hope you all learned something today, or at least have something to think about as we head to the polls. I'm your host. Thanks for joining us on the deep dive and until next time, keep those insightful questions coming.