10/15/2024–|Last updated: 10/15/202403:42 PM (Mecca time)
A study conducted by Bloomberg expected that the rate of inflation and growth in the United States would be approximately the same, whether Vice President Kamala Harris or former President Donald Trump wins the upcoming presidential elections, despite economists’ belief in better opportunities for the American economy in general if Harris wins.
Bloomberg said on Tuesday that according to the study it conducted from October 7 to 10, which included a poll of 29 economists, the personal consumption expenditures price index – which is the common measure of consumer inflation favored by the US Federal Reserve – is expected to rise. By 2.2% annually on average over the next four years under either candidate’s leadership.
Expectations were for GDP growth at an average annual growth rate of 2%, regardless of who wins the election.
Both rates are slightly higher than the Federal Reserve’s long-term estimates, which target a 2% rise in personal consumption spending inflation and a 1.8% improvement in gross domestic product.
Bloomberg said that this is part of the reason why interest rates remain relatively high under the leadership of either candidate, although economists see borrowing costs falling more under the Harris administration compared to the situation with Trump.
As the presidential election approaches next November, economic experts warn that the former president’s policies may lead to higher prices for consumers and reflect negatively on international trade without the United States reaping definite benefits from them.
The stated goal of Trump’s policies is to rely on tariffs to increase state revenues and use this as a card to pressure countries such as China, while encouraging companies to return their production centers to the United States.
“Other countries, after 75 years, will finally have to pay us back for everything we’ve done for the world,” Trump said during his television debate with his Democratic rival Kamala Harris last September.
He added during an election rally in Michigan recently, “Tax fees are, in my opinion, the most beautiful phrase.”
