President Biden and former President Trump went head-to-head in a heated debate on the economy on Thursday evening, with the state of the national economy taking center stage. The mood on the economy has been low, leading to a passionate discussion between the two leaders.
In the opening minutes of the debate, a range of economic issues were discussed, including inflation, price levels, housing shortages, and Trump’s tax cuts. Biden criticized Trump for favoring the wealthy in his economic policies, arguing that large tax cuts and an increase in deficit during Trump’s term had led to an unsustainable economic situation. In contrast, Trump defended his tariff proposals as a way to boost the U.S. economy and compete more effectively with China.
The Committee for a Responsible Federal Budget conducted analyses of Trump’s economic policies and found that his decisions added over $8 trillion to the deficit, which was twice as much as what Biden’s fiscal policies would contribute. The debate highlighted how sharply divided Biden and Trump were on their visions for the future of America’s economy and their respective approaches to managing it.