The household economic condition has emerged as a crucial concern amidst the US presidential election discussions on social media. The continued rise in the cost of living has left many households feeling financially strained. Although President Joe Biden refers to positive overall economic data, many families say they don’t see the benefits. As it stands, former President Donald Trump seems to benefit from this, his focus has traditionally been on the economic struggle of middle-class households, and he partially attributes this to international exploitation of the US.
In an effort to shape the economic battlefield over the past few days, both parties have been proactive. Vice President Kamala Harris targeted businesses capitalising excessively, especially within the grocery and prescription drug sectors. She vowed to tackle this issue, and to provide financial aid to rookie home buyers, families, and to accelerate house construction.
Promising financial perks and tax concessions for certain demographics, like the elderly, has also been part of Trump’s agenda. Notably, he suggests abolishing the income tax on tips, an idea that Harris has also endorsed. Trump’s running mate JD Vance didn’t hesitate to condemn the current government’s performance when it comes to inflation and pricing. Additionally, Trump pledges to impose tariffs on imports, primarily from China but also from other countries.
Yet, neither party has fully addressed queries regarding the feasibility of their plans considering the current state of American public finances. Their challenge will be to get congressional approval for new policy measures, regardless of its composition post-November. Trump’s tariff strategy may not decrease prices as he promises, but potentially might increase them when costs get passed to consumers. Consequently, it’s fair for Harris to label this as a “Trump tax”.
The ability for political figures to control living costs or to adequately reimburse individuals is generally quite restricted. Nevertheless, this doesn’t hinder them from making overblown assurances in the midst of election campaigns. It can certainly be said that Harris has brought a new edge to Democratic strategies on this subject, deviating from the Biden method that partially held the media responsible for not adequately acknowledging his government’s role in economic and employment recovery.
These subjects are indeed vital to the political landscape in several nations, with Ireland as no exception, particularly against the backdrop of the living cost crisis. This situation has amplified the debate around the distribution of economic growth benefits, a central aspect of the rising populist sentiment. The Irish general election will also be dominated by issues such as pricing, financial accessibility, housing shortages, and households’ economic future. Similar to the United States, Irish voters should scrutinise the pledges of politicians with a discerning eye.