The November 2024 presidential elections in the United States are expected to bring about a new era of economic boom, according to some experts. Currently, the stock market is experiencing growth due to optimism surrounding the potential outcome of the election. However, critics argue that this optimism is solely based on speculation rather than solid economic indicators.
President Donald Trump, who is campaigning on his economic track record, claims that he will rescue the economy from what he believes are disastrous spending policies implemented by President Joe Biden. Although the White House and many economists highlight positive indicators such as historically low unemployment rates and cooling inflation, polls indicate that only 31 percent of Americans approve of Biden's handling of the economy, while 56 percent disapprove.
Furthermore, a mere 13 percent of Americans report having experienced an improvement in their financial situation since Biden took office. These numbers reveal a lack of confidence in the current economic landscape among the American population.
Twitter Post On Economy showing strength, inflation down, progress made on child tax credit
In response to these concerns, Jared Bernstein, Chair of the White House Council of Economic Advisors, emphasizes the importance of executing President Biden's vision to lower costs while maintaining a strong economy. Bernstein acknowledges that while inflation has decreased by two-thirds since its peak, there is still room for improvement. The administration aims to reduce junk fees and continue fostering a tightly structured job market to address these issues.
However, it is noteworthy that despite gloomy predictions of a recession by economists, the economy has displayed strength and growth. Real wages have increased, providing families with enhanced buying power. This progress is reflected in some recent polls and sentiment indicators, signaling a positive trend.
Turning to the bipartisan efforts in Congress, lawmakers have released a $78 billion tax package focused on enhancing the child tax credit and potentially lifting approximately 500,000 children out of poverty. While the package falls short of the White House's initial expectations, President Biden remains proud of the positive impact the child tax credit has had in reducing child poverty. The administration supports expanding the credit and aims to restore it to its previous levels.
Although specific details of the tax package are yet to be disclosed, it is noteworthy that it is a paid-for proposal, which is significant given the current economic climate. Providing assistance to hundreds of thousands of children and reaching a total of 16 million children with a fairer child tax credit is viewed favorably by the administration.
As the election approaches, the ongoing challenge for the White House is to continue building on the progress achieved while addressing the lingering issues of high prices and economic pains faced by the American public. The outcome of the election will potentially shape the future of the US economy, providing either a continuation of the current economic path or a new direction under new leadership.
