The national mood on the economy was low, leading to a heated debate between President Biden and former President Trump on Thursday evening. The two leaders went head-to-head, with the state of the economy taking center stage.
In the opening minutes of the debate, a wide range of economic issues were brought up, including inflation, price levels, housing shortages, and the impact of Trump’s tax cuts.
Biden criticized Trump for favoring the wealthy in his economic policies. He pointed to the large tax cuts and increase in deficit during Trump’s term in office. On the other hand, Trump defended his tariff proposals as a way to improve the U.S. economy and compete more effectively with China.
Analyses of Trump’s economic policies by the Committee for a Responsible Federal Budget found that his decisions added over $8 trillion to the deficit, twice the amount that Biden’s fiscal policies would contribute. The debate highlighted the sharp divide between the two leaders on economic matters and their visions for the future of the country’s economy.