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In their first debate for the 2024 election, Vice President Kamala Harris criticized former President Donald Trump for severe unemployment during his tenure, as well as his economic policies and handling of the COVID-19 pandemic.
What Happened: “Donald Trump left us the worst unemployment since the Great Depression,” Harris stated. She also blamed Trump for the worst public health crisis in a century and the most severe attack on democracy since the Civil War.
The candidates discussed their plans to tackle the economy, a pressing issue for voters amid high inflation and gas prices. Trump proposed a tariff of at least 10% on imported goods, with some imports facing a 20% rate. He also suggested a 60% tariff on China.
Harris likened Trump’s tariff plan to a national sales tax on average Americans. Trump countered, saying Harris should have removed the tariffs if she disapproved, referencing the President Joe Biden administration’s decision to retain his previous tariffs on China.
The Vice President also took the opportunity to outline her own economic strategies. She acknowledged the pressing issue of housing costs and proposed offering $50,000 tax deductions for start-up small businesses, aiming to stimulate entrepreneurship and economic growth.
Why It Matters: To put these discussions in context, it’s worth examining the unemployment figures. According to the Bureau of Labor Statistics, unemployment during Trump’s presidency reached its peak in April 2020 at 14.8%, largely due to the impact of the COVID-19 pandemic.
However, it’s important to note that just a month before the pandemic took hold in the U.S., in February 2020, the unemployment rate stood at a much lower 3.5%. As of August, the unemployment rate was reported at 4.2%.
The debate sparked reactions from various public figures. Peter Schiff, a well-known gold advocate and Bitcoin (CRYPTO: BTC) critic, took to social media platform X to express his disappointment in the debate moderation. He criticized ABC for failing to address key economic issues such as the rising national debt, increasing debt servicing costs, entitlement spending, high inflation, and record-high consumer debt.
Gretchen Whitmer, the Governor of Michigan, weighed in on the discussion, claiming that under Trump’s previous administration, Michigan had lost 289,000 jobs. She warned against allowing Trump to “drag us backwards.”
Meanwhile, Betsey Stevenson, who served as a chief economist during the 44th U.S. President Barack Obama administration, pointed out that crime rates have decreased, a fact she suggested was “inconvenient for Trump.”
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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