Trump and Harris unveil economic plans for voters this election

As the election approaches, economic proposals from Trump and Harris are under scrutiny, with the economy being a primary concern for voters. Trump's immigration policies, including potential deportations, could lead to an inflation shock, raising prices for goods and services. In contrast, Harris's approach does not include mass deportations, which could maintain a steadier supply of workers. Her proposals, such as a first-time homeowner tax credit and an expanded child tax credit, aim to increase consumer spending but may also drive up prices. The current budget deficit stands at $1.5 trillion, and both candidates' tax policies could significantly impact this figure. Trump's proposals are estimated to increase the deficit by an additional $5.8 trillion over the next decade, while Harris's plans could add $1.2 trillion. The implications of these deficits could lead to higher interest rates for government borrowing, affecting the overall economy. Goldman Sachs predicts that if Trump wins with a divided government, the supply of workers from immigration could decrease by 10,000 per month, and if Republicans sweep, it could drop by 30,000. This reduction in the workforce could exacerbate economic challenges, particularly in labor-intensive sectors. Ultimately, the contrasting economic strategies of Trump and Harris could have significant ramifications for American consumers and the economy at large, influencing everything from inflation rates to housing availability and government debt management.