What's happened
As the U.S. approaches the November elections, economic forecasts are clouded by uncertainty. Goldman Sachs predicts potential GDP impacts depending on the election outcome, while both presidential candidates propose plans that could significantly affect the national deficit and inflation rates.
Why it matters
What the papers say
According to Courtenay Brown from Axios, the economic outlook is heavily influenced by the upcoming elections, with both candidates' plans potentially adding to the national debt. Goldman Sachs highlights that a Trump victory could negatively impact 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 limited under a divided government. The BBC notes that both administrations have claimed economic successes, but inflation remains a contentious issue, with prices rising significantly during Biden's term. This ongoing debate underscores the complexity of evaluating economic performance across different administrations.
How we got here
The U.S. economy is facing challenges as the deficit is projected to reach $2 trillion this year. With the upcoming elections, both presidential candidates are proposing plans that could add trillions to the national debt, raising concerns about fiscal policy and economic stability.
Common question
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