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During last night’s debate, Harris called out Trump for a new analysis from the Wharton School – his alma mater – estimating that the Trump campaign tax and spending proposals would increase primary deficits by $5.8 trillion over 10 years
Today’s strong CPI report continues to show annual inflation at an over three-year low as the Biden-Harris administration continues to work tirelessly to lower costs, bolster the economy, and turn the page on inflation. Under their leadership, annual inflation is down to 2.5% — the lowest in more than three years – wages have risen faster than prices 18 months in a row, Americans are seeing gas prices are down almost 60 cents from last year, and nearly 16 million jobs have been created, with 44 months of consecutive job growth.
From taking on corporate greed, Big Pharma, and price gouging to slashing junk fees – the Biden-Harris administration has taken unprecedented action to make life more affordable for hardworking Americans. In stark contrast with Vice President Harris’ robust plans to hold price gougers accountable and lower costs for both families and small businesses, Donald Trump and MAGA Republicans continue to push their Project 2025 agenda that would raise costs by nearly $4,000 a year for typical middle-class families and cost America 3.2 million jobs, after Trump left office with the worst jobs record since Herbert Hoover.
Moody’s Analytics projected that Trump’s economic plan would cause inflation to rise, costs to soar, and trigger a recession — and even Trump’s own alma mater, the Wharton School at the University of Pennsylvania, issued a report estimating that the Trump campaign tax and spending proposals would increase primary deficits by $5.8 trillion over the next 10 years.
The Biden-Harris administration’s tireless work to to lower inflation and drive down costs for hardworking is paying off for Americans.
Heather Long, Washington Post: “JUST IN: More good news on inflation. The US inflation rate cooled to 2.5% (y/y) in August, the lowest since February 2021. This gives the Fed and everyone else more confidence the inflation battle has been won.
“Lower gas prices, lower electricity costs and lower used car prices helped bring down inflation in August. The monthly price growth was just 0.2% (as expected)
‘Core’ inflation remained at 3.2% —> lowest since April 2021”
Axios: “New CPI report shows another month of cooling inflation”
NEW: During last night’s debate, Trump took the bait after Harris brought up that the Penn-Wharton Budget Model projects Trump’s disastrous MAGAnomics agenda would increase the national deficit by an additional $5.8 trillion over the next 10 years while he gives tax cuts to his ultra-wealthy friends, leaving behind hardworking families.
CNN: “The Penn-Wharton Budget Model, which doesn’t take into account new proposals Trump made last week as well as ending taxes on tips, estimates that his proposals could cause the deficit to increase by an additional $5.8 trillion over the next 10 years…
“Meanwhile, the tax proposals Harris has put forth so far mostly involve imposing higher taxes, which would have a positive impact on the deficit. For instance, she’s endorsed raising the top individual income tax rate to 44.6% and the top long-term capital gains tax rate to 28% versus the current 20%. And on the corporate side, she’s in favor of raising the tax rate to 28%.”
CBS News: “Trump’s plan would result in tax cuts for all, but the results for Americans vastly differ from Harris’ proposal, according to an analysis by the Penn Wharton Budget Model. Under Trump, everyone would receive a tax cut, but the lowest earners — those making under $19,600 — would just see a $320 difference in take-home pay, while under Harris, that same income group would have another $2,355 after taxes. The very highest earners under Trump would receive a tax break of $376,910, according to the Penn Wharton analysis.”
Reuters: “These changes would likely add $3.6 trillion to $6.6 trillion to primary U.S. deficits over 10 years, according to published individual and comprehensive estimates from four budget forecasters reviewed by Reuters: the Penn-Wharton Budget Model, the Committee for a Responsible Federal Budget (CRFB), the Tax Foundation and Oxford Economics.”
REMINDER: Trump’s economic agenda would jack up prices for hardworking families – costing typical middle-class families nearly $4,000 a year – trigger a recession by mid-2025, and send inflation skyrocketing.
CBS News: “Trump has pledged to end the “inflation nightmare.” But his policies, which include adding tariffs to all imported goods, would likely fuel inflation and reverse some of the progress of the last two years, some economists say.”
Center for American Progress: “A typical family would, therefore, pay between $2,500 to $3,900 from Trump’s import taxes, depending on the precise tax rate between 10 percent and 20 percent that various countries’ goods could be taxed at.”
Axios: “Trump’s inflation bomb: How his second-term plans could make it worse”
Axios: “Trump plans would add $5.8 trillion to national debt”
Wall Street Journal: “Economists Say Inflation Would Be Worse Under Trump Than Biden”
USA Today: “According to a Moody’s study, Trump’s plan would trigger a recession by mid-2025 and an economy that grows an average 1.3% annually during his four-year term vs. 2.1% under Biden. (The latter is in line with average growth in the decade before the pandemic.)”
Vanity Fair: “Donald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term: Report”
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