The 2024 United States presidential election is shaping up to be a pivotal moment in American politics, with candidates presenting diverse visions for the country's future. This article examines the positions of Donald Trump, Kamala Harris, and Robert F. Kennedy Jr. While these candidates represent different political ideologies and backgrounds, their economic policies and plans for working with the Federal Reserve will be the primary focus of this analysis. Additionally, we will explore their stances on other crucial issues that are likely to influence voters' decisions.


Economic Policies


Donald Trump has outlined an economic strategy that largely aligns with his previous term's approach. Trump's plan centers on lowering taxes and boosting domestic production, two pillars that he believes will strengthen the American economy. One of his key proposals is the implementation of universal baseline tariffs. This policy aims to "reward domestic production" by imposing taxes on foreign companies. The rationale behind this approach is to incentivize American businesses to produce goods within the country, potentially creating more jobs and reducing reliance on imports. However, critics argue that such tariffs could lead to increased consumer prices and potential retaliation from trading partners.


Another significant aspect of Trump's economic plan is his call for lower interest rates. This stance suggests a preference for a more accommodative monetary policy, which could stimulate economic growth but may also risk increasing inflation. Trump's focus on reducing the cost of prescription drugs and health insurance premiums also forms part of his economic strategy, aiming to alleviate financial burdens on American households.


Reflecting on Trump's previous term provides context for his current proposals. Before the COVID-19 pandemic, the unemployment rate reached a low of 3.5%, with 6.4 million jobs added during his presidency. However, it's important to note that the federal debt held by the public increased significantly, rising from $14.4 trillion to $21.6 trillion. This increase was influenced by tax cuts, particularly to the corporate tax rate, which were a cornerstone of Trump's economic policy.


While Trump has not explicitly stated his plans for working with the Federal Reserve, his advocacy for lower interest rates suggests he may favor a more interventionist approach to monetary policy. This could potentially lead to tensions with the Fed, which values its independence in setting monetary policy.


In contrast to Trump's approach, Kamala Harris's economic policies align closely with the current Biden administration's strategies. As the incumbent Vice President, Harris has been a key figure in promoting and implementing the administration's economic agenda.


A central piece of this agenda was the American Rescue Plan, a $2 trillion stimulus package that Harris supported. This comprehensive plan provided direct payments to Americans, increased unemployment benefits, and expanded the child tax credit. These measures were designed to offer immediate relief to families and individuals affected by the economic downturn caused by the COVID-19 pandemic.


Harris has also been a strong proponent of the Inflation Reduction Act, which made significant investments in clean energy. This legislation is estimated to have created 117,000 jobs, demonstrating the administration's commitment to addressing climate change while simultaneously stimulating economic growth.


During her time as a senator, Harris proposed tax credits of up to $6,000 for middle- and low-income households. This policy aligns with the broader Democratic strategy of providing targeted relief to working families. Additionally, Harris has been a vocal advocate for student debt forgiveness and expanding access to higher education. She supports free college for middle-class students at four-year public schools and all students at two-year institutions, viewing education as a crucial component of long-term economic growth and individual prosperity.


While Harris has not explicitly outlined her plans for working with the Federal Reserve, her focus on reducing inflation suggests she may support the Fed's current approach of using interest rates as a tool to manage inflation. This alignment with the Fed's strategies could lead to a more cooperative relationship between the administration and the central bank.


Robert F. Kennedy Jr., running as an independent candidate, presents a different economic vision that focuses on redirecting government spending. His most notable proposal involves cutting military spending by half and reallocating those funds to government-subsidized child care and Social Security. This dramatic shift in budget priorities reflects Kennedy's belief that domestic social programs should take precedence over military expenditures.


Kennedy argues that the money spent on wars in Iraq, Afghanistan, Syria, and Libya could have been used to make Social Security solvent for another 30 years. This perspective highlights his emphasis on domestic issues over international military engagements. However, it's worth noting that such a significant reduction in military spending would likely face substantial opposition and could have far-reaching implications for U.S. foreign policy and global influence.


Unlike Trump and Harris, Kennedy has not provided specific plans for working with the Federal Reserve based on the available information. This lack of detail on monetary policy could be a point of interest for voters concerned about economic stability and inflation management.


Social Security


Beyond economic policies, the candidates have taken positions on various other important issues that are likely to shape the election discourse. Social Security, a cornerstone of American social policy, is one such issue that has received attention from all three candidates.


Donald Trump's stance on Social Security has been inconsistent. Initially, he told Republicans not to cut "a single penny" from Medicare or Social Security, positioning himself as a protector of these programs. However, he later made comments suggesting openness to cuts, which his team subsequently walked back. Trump has encouraged Republicans to focus funding cuts on areas of "waste, fraud and abuse" and programs dealing with foreign aid, immigration, climate change, and LGBTQ rights. This approach allows him to maintain his stance on protecting Social Security while still advocating for overall government spending reductions.


Kamala Harris, as part of the Biden administration, has called for "protecting and strengthening" Social Security in the 2024 budget proposal. However, the administration has offered few specifics on reforms. During the 2020 campaign, Harris supported the Social Security Expansion Act as a U.S. senator and proposed raising taxes on those making more than $400,000 to shore up Social Security. However, this idea has largely been dropped since taking office, possibly due to the political challenges of implementing such a policy.


Robert F. Kennedy Jr.'s approach to Social Security aligns with his overall economic strategy of redirecting funds from military spending. By proposing to cut military expenditures and allocate those funds to Social Security, Kennedy presents a unique solution to the program's long-term funding challenges. However, the feasibility and potential consequences of such a dramatic reallocation of resources would likely be a subject of intense debate.


Climate Crisis


The ongoing climate catastrophe is another critical issue that differentiates the candidates. Donald Trump has pledged to end the "Green New Deal" policies, signaling a continuation of his previous administration's skepticism towards climate change initiatives. This stance aligns with his focus on traditional energy sources and skepticism of renewable energy investments.


In contrast, Kamala Harris strongly supports the Inflation Reduction Act, which includes significant investments in clean energy. This position reflects the Biden administration's commitment to addressing climate change as both an environmental and economic issue, viewing investments in renewable energy as a pathway to job creation and long-term economic sustainability.


Given Kennedy's history of environmental advocacy, having worked for a long-time as an environmental lawyer frequently pursuing polluters and founding a global movement to protect waterways, Kennedy also seeks to roll back parts of the Inflation Reduction Act, particularly those funding carbon capture projects favored by the fossil fuel industry. He argues that Biden has been manipulated by oil companies and criticizes the size of the clean energy subsidies in the act. He advocates for making industries pay for environmental damage, or "internalizing the cost" of running polluting power plants, though he prefers using the free market rather than government regulators to reduce carbon emissions. He has been light on details about how he would implement this market-driven approach.


Healthcare


Healthcare is another area where the candidates diverge. Donald Trump has promised to reduce the cost of prescription drugs and health insurance premiums, although specific plans to achieve these goals have not been detailed. This promise echoes his previous attempts to reform healthcare during his presidency, which faced significant challenges in implementation.


Kamala Harris, through her support of the American Rescue Plan, has backed the expansion of healthcare access. This aligns with the Democratic Party's broader goals of increasing healthcare coverage and reducing costs for Americans. However, specific plans for further healthcare reform under a potential Harris administration have not been extensively outlined.


Robert F. Kennedy Jr.'s healthcare policies have not been fully articulated. He has been a prominent critic of lack of research and testing on COVID vaccines, for which he has branded by mainstream media, although many of his concerns turned out to be correct. He is actually a centrist on healthcare and his policies would likely focus on the intersection of environmental factors and public health, but this remains speculative without concrete policy proposals.


Education


Kamala Harris has been a strong advocate for student debt forgiveness and expanding access to higher education. Her support for free college for middle-class students at four-year public schools and all students at two-year institutions reflects a belief in education as a means of economic mobility and long-term national prosperity. This position aligns with broader Democratic efforts to address the rising costs of higher education and the burden of student debt.


International Policy


Foreign policy is an area where Robert F. Kennedy Jr. has staked out a distinctive position. His proposal to reduce spending on military campaigns and regime-change wars represents a significant departure from the foreign policy consensus that has dominated both major parties in recent decades. This stance aligns with his overall economic strategy of redirecting military spending to domestic programs, but it would likely face significant opposition from those who view a strong military presence as essential to U.S. national security and global influence.


As the campaign progresses, the dynamics of the race continue to evolve. Current polling suggests that Trump has a slim lead over Harris, but the accuracy of the polls can easily be called into question as a strongly sequestered media landscape has increasingly produced results that favor the biases of media outlets over the past few election cycles. Numbers can shift rapidly as events unfold and voters become more engaged with the candidates and their policies.