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Election 2020: How Trump and Biden Compare on the Economy | WSJ - YouTube
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- [Presenter] You're
going to have a chance
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to shape the American economy's future
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if you're going to the polls in November,
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that's because your two choices
for President Donald Trump
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and former Vice President Joe Biden
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have much different visions
about the path to prosperity.
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Mr. Trump wants to double down
on tax cuts and deregulation.
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- Our movement is pro-jobs,
pro-worker, pro-police
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and 100% pro-American.
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- [Presenter] Joe Biden
has a different view,
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he says he wants to raise
taxes on higher earners
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and also restore relationships
with economic allies.
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- Awful lot of hard work
and people bust the mech,
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all they ask for is a shot.
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- [Presenter] Either one of them also
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has to manage the country's
attempt to rebound
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from its sharpest economic
contraction on record.
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Here's how the two men
stack up on economic policy.
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The president and former vice president
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are most far apart on taxes.
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Well, they both say they
won't raise tax rates
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for middle income households.
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Joe Biden does wanna raise
taxes from the wealthy.
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The Tax Policy Center says,
the top 1% of households
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would see their after
tax income dropped 17%
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under Mr. Biden's plan
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but workers on the low
end of the pay scale
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could see new tax credits
under Mr. Biden's plan
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and that could lessen their burden.
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- We don't need a tax
code that rewards wealth
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more than it rewards work.
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- And for President Trump,
the approach less is more.
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- [Presenter] His 2017
tax cuts for now are set
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to expire in 2025.
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If he's reelected, President Trump says
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he wants to make them permanent.
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The president has also ordered
the Treasury Department
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to defer a collection of
social security taxes this year
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if he's reelected, he wants to make
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those deferrals permanent too.
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- No matter who wins this election,
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the US is in a new era of
economic tension with China
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but the similarities
on trade between Biden
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and Trump end there.
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- [Presenter] President
Trump imposed tariffs
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on goods imported from
China, they're range
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from 7.5% to 25% and more
than $350 billion worth
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of products that Americans consume.
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President Trump reached a ceasefire
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with China earlier this year.
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- Ultimately, it's a great
deal for both countries
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and it's gonna also lead
to even a more stable peace
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throughout the world.
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- [Presenter] The Corona
virus has added a new chill
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to the bond between the
world's two largest economies.
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It's going to make it
hard to reach new deals
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with America's big economic rival.
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- The United States wants an open
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and constructive relationship with China
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but achieving that
relationship requires us
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to vigorously defend
our national interests.
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- [Presenter] Mr. Trump has
also challenged American allies
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like Canada, Mexico and Germany.
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Biden won't move fast to
take those China tariffs away
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but he does want to repair
alliances with other countries.
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- Last week, I shared
the outlines in my plan
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to build back better, that plan rejects
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the defeatist view that
automation and globalization mean
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we can't ensure our
future is made in America.
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- On energy and the environment,
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the incumbent and his challenger
are also worlds apart.
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And that reflects a much
different set of concerns
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within their own parties.
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- [Presenter] During his first term,
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President Trump pulled
out of the Paris Agreement
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to reduce emissions and
combat climate change.
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Instead, the president
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has prioritized domestic fuel production
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and sped up or approvals of new pipelines
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and other energy infrastructure.
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His policies are meant to support jobs
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in energy producing regions
like the Appalachians
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and West Texas, places hurt
by the recent recession.
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- We are telling the
Washington politicians trying
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to abolish American energy,
don't mess with Texas.
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- [Presenter] If reluctant,
the president wants
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to roll back regulations further.
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Biden on the other hand, wants
to rejoin the Paris Agreement
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and make new commitments to
reduce US carbon emissions,
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that includes regulations
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to cut commercial building
emissions by 2030.
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Biden also has a $2 trillion spending plan
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to invest in areas like
solar and wind power.
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- When it comes to government spending,
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if you look at Joe Biden's plans
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or Donald Trump's track record,
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you come out with the same conclusion,
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it's go big or go home.
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- [Presenter] The Biden plan would result
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in $5.4 trillion of additional
spending over 10 years,
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that's a fraction of the
amount the progressive wing
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of the Democratic Party wanted
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but it's still twice as large
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as what Hillary Clinton proposed in 2016.
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Biden's platform calls for increases
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in spending on education,
infrastructure and housing
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in addition to the environment.
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- I truly believe we have
a tremendous opportunity
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to turn this moment of crisis
in a moment of progress.
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The spending priorities
aren't unusual for a Democrat
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but conservative Republicans
might need to make peace
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with Mr. Trump's own spending habits.
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Under his leadership,
Federal spending jumped 15%
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in his first three years in office.
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A lot of that was on
defense but not all of it.
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And that was before the
Corona virus crisis.
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This year spending is projected
to go to $6.6 trillion,
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that's more than double the level
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of federal spending in 2008.
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With new taxes, federal revenues
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haven't kept pace with
the bills coming due
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under President Trump.
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The government has been funding
those revenue shortfalls
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with more and more debt.
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Additional government borrowing
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in President Trump's first term is set
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to exceed $6.5 trillion.
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That's as much money as the US borrowed
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between its founding in 1789
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and the recession of 2008.
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- Under either candidate,
there's simply no end in sight
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but there's good news because
interest rates are so low,
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it's actually very cheap
to borrow at this moment.
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- Those interest rates
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and other government financial policies
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are managed by this
institution, the Federal reserve
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and one of the most
important relationships
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that any president has
is what the Fed's chair.
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Among 12 Fed decision makers,
the president appoints
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the chair and six other governors.
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Their powers are vast especially
in times of emergency.
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During crises, the Fed lends
money to make sure banks
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and markets don't collapse.
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President Trump appointed
Jerome Powell to be Fed chair
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and the President
criticized the Fed leader
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for not holding interest
rates down to promote growth.
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- It's a negative interest who
ever heard of such a thing.
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Give me some of that.
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Give me some of that money,
I want some of that money.
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Our federal reserve does it, let us do it.
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If Trump wins, he'll have to decide
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whether to get Powell and
other term starting in 2022.
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- We need to stay in our lane,
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we do have this grant of independence.
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And I think to keep that
we need to stay with
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what you've given us to do,
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which is maximum limits stable
prices, supervise the banks.
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- [Presenter] Mr. Powell
did move aggressively
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to cushion the economy
during the coronavirus crisis
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and that one praise from President Trump.
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But the Fed chair has also
asserted his independence
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from a president who
greatly values loyalty.
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Biden will have the same choice to make
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about giving Powell another
term if he's elected.
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President Obama and President
Clinton, both Democrats,
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each reapped Republican
chairman for the job
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after they became president
in the name of stability
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for markets in the economy.
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Would Mr. Biden follow their lead
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and which of these choices is best
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for your own economic interests?
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You've got until November 3rd to decide.
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