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PBS News Hour - Segments

Examining how economic plans from Trump and Harris could affect inflation

PBS News Hour - Segments

PBS NewsHour

News, Daily News

4.11K Ratings

🗓️ 29 October 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

The economy and concerns around costs remain the top issue for many voters. Both candidates want to extend tax cuts, but they also have some big differences. Donald Trump wants to impose broad tariffs and deport undocumented workers, Kamala Harris has focused on creating tax credits and tackling price gouging. Geoff Bennett discussed how these plans could affect inflation with Nick Timiraos. PBS News is supported by - https://www.pbs.org/newshour/about/funders

Transcript

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0:00.0

Whether you talk to voters or look at polls, it's clear the economy and concerns about costs remain the top issue for many voters.

0:07.6

And our most recent PBS News NPR Marist poll, nearly 60% of voters said the economy was a crucial factor. the are some key differences. Former President Donald Trump wants to impose broad tariffs and

0:24.8

deport undocumented workers. Vice President Kamala Harris has focused on creating tax credits

0:30.4

and tackling price gouging. For more on how these plans could affect inflation,

0:35.0

we're joined now by Nick Timmeros,

0:37.0

the chief economics correspondent of the Wall Street Journal.

0:40.0

It's the focus of a piece he wrote this past week it's great to have you here

0:43.8

thanks for having me and I'll say the lead of your latest piece really caught my

0:47.4

attention a punishing two and a half year fight to bring inflation down

0:50.4

appears to be succeeding the election could change that.

0:54.3

Many economists believe that Donald Trump's economic plan is the riskier bet.

0:59.5

Why is that?

1:00.5

Well, it's because if you look at why inflation has come down over the last two years, a lot of it has been from the healing of the supply side of the economy.

1:08.5

What is that supply chains have improved?

1:11.5

The labor force has expanded, partly due to increased immigration,

1:15.6

and that's helped to take some of the edge off of the supply and demand imbalances that

1:19.5

we had when inflation was very high two years ago.

1:22.6

If you're doing things like composing tariffs

1:25.1

or increasing deportations,

1:27.5

you could hit the economy with new shocks

1:30.2

that create the risk that inflation might pick up again.

1:34.0

And of course Donald Trump says his plan isn't inflationary.

...

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