Essential Voting Information

TL/DR –

The article discusses the current state of inflation in the U.S. and the plans of President Biden and former President Trump to address it. According to the Pew Research Center, nearly 75% of Americans are concerned about strengthening the economy due to inflation, particularly about the rising costs of food, consumer goods, and housing. Despite inflation having dropped by 6% since 2022, Biden’s Inflation Reduction Act has yet to curb prices, while Trump’s proposals of gas production and tariffs are seen by economists as having few inflation-reducing policies.

Inflation rates in US and the 2024 Presidential elections

According to the Pew Research Center, 72% of Americans are highly concerned about rising inflation rates affecting the economy, particularly the price of food, consumer goods and housing. Despite the inflation rate having dropped since 2022, and the U.S. recording the lowest inflation among nations in the G7, the economy continues to be a top concern.

Biden’s plan to combat inflation

President Joe Biden’s Inflation Reduction Act, enacted in 2022, aims to manage inflation rates. However, Biden admits that the law has not yet significantly lowered prices. The law aims to reduce electricity rates and gas prices by incentivizing renewable energy and electric vehicle usage. Biden’s recent budget proposal promises to reduce costs across various sectors, however, it is unlikely to pass the Republican-held House.

Trump’s stance on inflation

In contrast, former President Donald Trump’s plans to handle inflation include increased gas production and tariff hikes on goods from China. However, economists warn that these policies may lead to increased prices for consumers. Trump’s plans also include large-scale deportation of undocumented immigrants and business deregulation, but further details are not provided.

Other factors influencing inflation

Inflation is influenced by various factors beyond the president’s control such as the Federal Reserve’s policies, global events affecting oil and gas prices, and supply chain issues due to the Covid-19 pandemic. While inflation has been decreasing, high prices remain a concern for voters, prompting both Biden and Trump to prove their capabilities in handling inflation.

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