Friday Edition: Trump vs. Kamala's Economy

Kamala Harris will make her first significant economic policy announcement of the campaign season today, meaning we can finally compare her economic vision to Donald Trump’s. (WaPo)

The latest: Responding to voter concerns over inflation, the vice president is expected to propose an unprecedented federal ban on price gouging in the food and grocery industries.

Related: The grocery industry had a 1.18% net profit margin last year, per a NYU Stern School of Business survey from January.

Contrast: Where Harris’ agenda appears to be a continuation of President Biden’s campaign against corporate greed and “billionaires,” Trump seems more focused on tax cuts, deregulation and tariffs.

• At a rally in North Carolina this week, Trump vowed to repeal the Inflation Reduction Act, impose tariffs of 10%-20% on imports, slash energy prices by rolling back restrictions on oil production, extend his tax cuts and scrap Social Security taxes.

Americans as a group are becoming much less willing to stand out. (Collabra)

A new study published by Michigan State University researchers: Between 2000 to 2020, researchers found a noticeable decline in our need for uniqueness.

• According to the study of 1.3 million respondents, the most significant shift was a big drop in the willingness to publicly defend one’s beliefs.

• The study also found that participants became more concerned about others' opinions, more likely to self-censor and less inclined to break rules.

The study’s authors:

Bubba’s Two Cents

I think we shouldn’t understate the role political tribalism and social media have played in making all of us more gun-shy about saying what we really think.

Donald Trump and Kamala Harris’ agendas both call for a good amount of government intervention and spending, but is that what voters want?

The latest: A recent Data for Progress survey of voters in battleground states found broad support for expanding Medicare (84%), increasing taxes on corporations (82%), rent control (75%), boosting the minimum wage (70%) and the Child Tax Credit (71%).

Related: Other polls have found nationwide support for similar policies.

• 84% of Americans support paid maternity leave, 75% support government funding for childcare, 60% back an increased minimum wage and 57% support free state/public college, per a 2019 CNBC poll.

• A 2022 Navigator Research poll found that 80% of Americans (and 70% of Republicans) support the creation of a federal paid family and medical leave program.

• Nearly 80% of Americans oppose cuts to Social Security and 67% are against raising monthly Medicare premiums, according to an AP-NORC poll released last year.

The candidates: Harris has targeted corporations with bans on price-gouging in food and grocery industries and pushed for paid family leave.

• Trump has vowed to keep Social Security, Medicare and even the Affordable Care Act intact during a potential second term

• Both candidates have expressed support for expanding the Child Tax Credit and doing away with taxes on tips.

Bubba’s Two Cents

I generally lean toward a limited government mindset, but I have to admit, when I see data like the above it makes me wonder whether the old guard GOP view on economics is out of step with the majority of the country.

Now, there are nuances to this right-wing “big government” wave — for instance, while Trump is more open to tariffs and government spending for workers and families than traditional Republicans, he also wants to cut down on federal agencies’ size and influence.

But overall, it definitely feels like a shift is happening/has happened. Case in point: Glenn Hubbard, a prominent economist and former Romney campaign adviser, wrote in a Wall Street Journal essay last month that the “economic populists have a point.”

A new survey reveals which traits Americans are most likely to see in the two parties’ presidential candidates. (YouGov)

A new The Economist/YouGov poll: Americans are more likely to call Trump corrupt but patriotic, while Harris is more often seen as intelligent, dedicated and qualified.

Related: A Gallup poll from April found President Biden was seen as more likable (57%) and honest/trustworthy (46%) than Trump.

• Meanwhile, Trump was viewed as a stronger leader (57%) and better at managing the government (49%).