Former President Donald Trump said Americans would be better off financially if he were elected president in November.
“Vote Trump and your incomes will rise, your savings will grow. Young people will be able to afford a house. And we will bring back the American dream, better and stronger than ever,” Trump said.
The Republican held a campaign event this Wednesday (14), in Asheville, North Carolina and presented a series of proposals for the United States economy, but also took advantage of the moment with supporters to attack his opponent – Kamala Harris.
He focused much of his speech on the rising costs of goods and services and the effects of inflation, something that many Americans consider to be the main issue in this year’s elections.
Trump has also opposed clean energy such as wind power and promised to push the U.S. back toward fossil fuels and oil exploration. The Republican and his allies wrongly say that increasing drilling would lower the costs of gas and other goods.
Fighting inflation
Donald Trump said he will fight inflation by “ending Kamala’s new green scheme”, referring to the proposal to combat climate change called the Green New Deal.
He said he will use the unspent funds on infrastructure and government.
The Green New Deal is a green energy program championed by some Democrats, such as Congresswoman Alexandria Ocasio-Cortez. Among the proposals is “to meet 100% of energy demand in the United States through clean, renewable, zero-emission energy sources.”
“Let’s stop wasteful spending and big government special interest giveaways and finally stand up for the American taxpayer,” Trump said.
Price reduction
The former president and candidate said he would “rapidly lower prices and make America affordable again” if he were elected to a second term.
Trump, however, did not specify how he would do this.
Consumer price inflation, or the rate of change in prices, is expected in a healthy, growing economy. The Federal Reserve, which is tasked with stabilizing prices, aims for a 2% annual inflation rate over the long term.
This is seen as a manageable pace of price increases that encourages people to spend their money. On the other hand, if prices are falling immediately, known as deflation, this can disincentivize people from spending, which makes up the vast majority of the US economy.
Deflation usually occurs during a severe economic recession, a symptom of a struggling economy.
Cut energy costs in half
Former President Donald Trump said his administration would cut energy and electricity prices by “at least half.”
He said if he is elected, he expects this to take up to a maximum of 18 months.
Trump attacks Kamala
Former President Donald Trump attacked Vice President Kamala Harris, who will announce her economic agenda at an event on Friday (16).
“Kamala Harris will not end the economic crisis. It will only get worse,” Trump said.
He suggested that Kamala’s proposal would be a copy of his plan, since both candidates want to eliminate taxes on tips for service sector workers.
“When Kamala exposes her fake economic plan this week, it will probably be a copy of my plan, because that’s basically what she does,” he said.
He accused Kamala of failing to combat inflation and lowering prices while serving as vice president.
“Kamala declared that combating inflation will be a priority of the ‘Day’. Think about it, for her, but Kamala’s first day was three and a half years ago. Why didn’t she do it?” he said.
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