Less than two weeks to November 5th, our national Election Day. It appears younger voters don’t care whether Trump’s former staff believe Trump is a dictator (in waiting). Most younger voters were too young to be impacted by Trump’s first term. And even though under Trump, the U.S. national debt increased by 39%, reached $27.75 trillion by the end of his term, and the U.S. debt-to-GDP ratio also hit a post-World War II high, young voters believe Trump will handle the economy better.
Trump’s economic numbers exposed a far more complicated reality. His tax cuts never delivered promised growth, budget deficits surged (and stayed relatively high under Biden), and tariffs and trade deals never brought back lost factory jobs. Both Trump and Biden suffered from COVID’s pandemic lockdown. The borrowing both presidents leveraged enabled the government to make direct payments to citizens and small businesses during the lockdown. These increased payments provided temporary feelings of being better off despite a recession.
Questions we should have asked.
- The CBO estimated that parts of Trump’s tax cuts expire in 2026. The expiration would add another $4.6 trillion to the national debt through 2034. How would your economic policies positively reduce the national debt without impacting the U.S. economy?
- With low inflation, Trump entered the White House due to the slow recovery from the Great Recession when financial markets collapsed and millions lost their homes to foreclosure. However, in the first three years of Trump’s presidency, inflation averaged 2.1%, roughly close to the Fed’s target. Likewise, the annual inflation rate reached 8% in 2022 under Biden but is now 3.4%. As president, how would your economic policies positively keep inflation low?
- According to the Bureau of Labor Statistics, the United States lost 2.7 million jobs during Trump’s presidency. Subratcting employment numbers during the pandemic, the U.S. added 6.7 million jobs. Biden added 15.4 million jobs, 5.1 million more than forecast. Both candidates have repeatedly promised to bring back factory jobs. Between 2017 and the middle of 2019, Trump added 461,000 manufacturing jobs. The pandemic killed job growth, and Trump’s administration posted a loss of 178,000 jobs. So far, Biden’s presidency has added 773,000 manufacturing jobs during Biden’s presidency. With global supply chain challenges and competitive pressures, can you provide a detailed plan for achieving sustainable, pandemic-resistant growth in manufacturing jobs beyond promises of ‘bringing them back’? What specific economic policies or reforms will each of you commit to implementing that would maintain or exceed these numbers, especially given the challenges of automation, offshoring, and inflation?
- During his presidency, Trump likely benefited from $13.6 million in payments from foreign governments. Six months after leaving the White House, Jared Kushner secured a $2 billion investment from a Saudi fund led by the crown prince, despite advisers’ concerns about the deal. Kushner, former White House adviser and Trump’s son-in-law, defended his business dealings with the crown prince, who also was implicated in the 2018 killing of journalist Jamal Khashoggi. In late 2018, the Chinese government granted 18 trademarks to companies linked to President Trump and his daughter Ivanka, with 16 given to Ivanka Trump Marks LLC in October (2018) alone. From 2013 through 2018, Hunter Biden and his company brought in about $11 million via his roles as an attorney and a board member with a Ukrainian firm accused of bribery and his work with a Chinese businessman. Hunter Biden pleaded guilty to income tax violations. Trump’s family has largely escaped. Both of you have faced scrutiny over business dealings involving your families and foreign governments. Given that conflicts of interest can undermine trust in public office, can you each specify the steps you would take to prevent similar situations in a future administration, including commitments on transparency, disclosure, and prohibitions on post-office foreign investments or payments? Can you outline specific policies or reforms you would support to ensure that personal or familial financial interests remain entirely separate from U.S. foreign policy?
While transparency is a cornerstone of public trust, many presidents must fully disclose financial dealings, leaving the public in the dark about potential conflicts of interest. Meanwhile, their children often benefit from exclusive financial opportunities unavailable to most, raising questions about privilege and power. Additionally, presidents and high-ranking officials prioritize strategic alliances over human rights, disregarding abuses abroad to maintain political or economic gain. Leaders must be accountable in an era that demands integrity, ensuring that their decisions and alliances reflect a commitment to ethical governance over personal or political enrichment.