Vote for Harris to support the middle class and to prevent the Trump recession
31 October 2024
I have been a small business owner for 40+ years and strongly support the Kamala Harris philosophy of government. Businesses should support a strong middle class through policies that Harris believes in: The Affordable Care Act, reasonable prescription drug prices, strong antitrust enforcement, homeowner down payment assistance, a $6,000 tax credit for newborns, gun safety legislation and other support for families. Businesses may pay higher taxes with Harris but we will benefit greatly through a stronger and more stable workforce, better governmental infrastructure and a thriving economy. The latest economic report for the Biden administration shows strong economic growth and a lessening of inflation with pro-middle class policies, which will likely continue under the Harris administration.
In fact, the Biden-Harris economy, which has produced record job growth of 15.7 million new jobs in less than four years, is now achieving the much desired “soft landing” — taming inflation while avoiding a recession and continuing growth. And wages have been growing faster than prices, so workers are feeling more positive about the economy.
All in all, despite COVID, the economy over the last four years has performed remarkably well.
But Donald Trump’s radical economic plan would endanger all the progress we have made. The former president proposes exorbitant tariffs on the imports of goods and services into the U.S. that would bring back high inflation. His so-called Maganomics would be a mega-disaster for American consumers and families.
Trump’s tariffs are “economic proposals that can actually cause inflation and put you into a recession – at the same time,” says David Kelly, chief global strategist at JPMorgan Asset Management, calling them a “perfect stagflation machine.”
Even the deeply conservative National Interest publication says “Trump’s tariffs would be a disaster for America, sparking 20 percent inflation or more for many goods and burdening average consumers with high costs. The conservative Peterson Institute for International Economics estimates Trump’s plans could cost the average household $2,600 a year, with low-income Americans suffering most.
The Financial Times points out that Trump’s proposals are similar to the protectionist Smoot Hawley Tariff Act passed by Congress in the 1930s that helped prolong the Great Depression. The Times calls the Trump’s plans “a poison pill for the American people, the US economy and the world.” The Hill
I believe the Trump administration’s policies will likely cause a recession (“making American poor again”) due to:
Massive deportation of immigrants, which will severely damage businesses that are already short of employees, as well as losing the economic stimulus that these immigrants and their families provide
Interfering with the independence of the Federal Reserve
Tariffs, as mentioned above (“the word’s most beautiful word”, according to Trump)
Marked political instability throughout the country as Trump attacks and prosecutes his political opponents
Trump’s focusing on using government to enrich himself, not supporting the American people
Elon Musk [Trump’s likely appointee] promised to cut $2 trillion from the government, even though current discretionary spending in the budget is $1.7 trillion, meaning he would eliminate virtually all discretionary spending, which includes transportation, education, housing and environmental programs.
To me, the choice is clear. Pro-democracy, pro-business Americans should vote for Harris and reject Trump.
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