What's happened
As the U.S. approaches the November elections, economic forecasts are clouded by uncertainty. Goldman Sachs predicts potential GDP impacts based on election outcomes, while both presidential candidates propose plans that could significantly affect the national deficit, projected to reach $2 trillion this year.
Why it matters
What the papers say
According to Courtenay Brown from Axios, the economic outlook is heavily influenced by the upcoming elections, with Goldman Sachs noting that a Trump victory could hinder GDP growth due to proposed tariffs and immigration policies. Conversely, if Vice President Kamala Harris wins, a slight GDP boost is anticipated, although changes would be minimal. Brown highlights that both candidates' plans could add trillions to the national debt, raising concerns about the projected $2 trillion deficit this year. BBC News reports that while both administrations have seen economic successes, inflation has been a significant issue, particularly under Biden, where prices peaked at 9.1% in June 2022. This ongoing debate about economic performance under different administrations underscores the complexity of the current economic landscape.
How we got here
The U.S. economy is facing challenges as the presidential election approaches. The deficit is expected to hit $2 trillion in 2024, with both candidates proposing policies that could exacerbate this issue. Economic growth has been steady, but uncertainty looms over future investments.
Common question
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