At the start of their crucial debate, President Joe Biden and former President Donald Trump argued about their economic policies, each trying to convince undecided voters that their plan is the best way to tackle rising prices.
During the CNN Presidential Debate on Thursday night, President Joe Biden and former President Donald Trump discussed which administration should be blamed for the current high inflation affecting the U.S. economy and pinpointed when the issues began.
In response to a question from moderator Jake Tapper that opened the debate, Biden pointed to the challenges he inherited when he took office, as FOX Business reported.
He described an economy that was deteriorating and a pandemic that was mishandled by the previous administration, leading to significant loss of life. Biden attributed the ongoing economic troubles to the dire situation he was handed and corporate greed.
Trump also criticized Biden's handling of the economy, arguing that the current inflation severely harms the country.
Trump Credits His Policies for Prosperity
During a recent speech, Trump reminisced about the robust economic period that marked the beginning of his term in 2017, which he credited to policies set during the Obama administration. According to USA Today, many Americans now miss his era due to its lower cost of living.
Trump criticized President Joe Biden's management of the COVID-19 crisis, claiming it led to the current inflation issues. He asserted that he had handed over a nation with minimal inflation, suggesting that the situation would have remained favorable if Biden had maintained the status quo.
Additionally, Trump attributed the economic success during his presidency to the tax cuts he implemented for large corporations and high-income earners.
He described these cuts as pivotal in boosting what he considered the strongest economy seen just before and even following the COVID-19 pandemic, claiming that these measures allowed the U.S. to fare better than many other countries during the crisis.
Trump concluded by expressing concern that inflation is now severely impacting the nation.
Meanwhile, Yahoo News stated that economists suggest that macroeconomic trends beyond the direct control of presidents largely drive inflation. They point to two recent events-the coronavirus pandemic and Russia's war in Ukraine-as primary causes for the recent price surge.
Biden Faces Challenges Selling Economic Plan Amid Inflation
USA Today revealed that Biden faces challenges convincing inflation-weary consumers that his "Bidenomics" plan is beneficial despite a generally strong economy under his leadership.
Recent surveys indicate that consumers are more concerned with significant price increases over the last three years than with the recent slowdown in inflation.
In a recent speech, Biden emphasized his commitment to middle-class and working-class families, recalling his upbringing in Scranton, Pennsylvania. He highlighted his administration's efforts to combat "greedflation" - excessive corporate profits from higher prices - and "shrinkflation," where smaller products are sold at unchanged prices.
His administration has also focused on reducing prescription drug prices and curbing excessive banking and credit card fees, including eliminating hidden "junk fees" associated with services like hotel bookings and cable bills.
Biden admitted that prices rose sharply during his first year, attributing part of the problem to the economic situation he inherited from the Trump administration, which was in a downturn despite beginning to recover from the COVID-19 pandemic.
He acknowledged the significant challenges and noted that there's still considerable work to be done to stabilize the economy.
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