In a closely watched debate, U.S. Vice President and Democratic presidential candidate Kamala Harris emerged victorious over former President Donald Trump, the Republican presidential candidate, in their first televised debate. The debate, held on September 10 in Philadelphia, focused on the economy, a key issue in the upcoming presidential election.
Economic Priorities and Policy Proposals
The economy remains a primary concern for American voters, with a majority of respondents in polls indicating that the U.S. economy is still weak, with high inflation and difficult living conditions for ordinary citizens. The Federal Reserve is under pressure to lower interest rates, but concrete policies have yet to materialize.
Harris emphasized the Opportunity Economy, focusing on support for small businesses and tax cuts. Trump, on the other hand, highlighted his trade record and promised to increase tariffs significantly if re-elected. He criticized Harris for lacking a clear policy plan and accused her of merely copying President Joe Biden’s approach.
Political Strategies and Voter Appeal
Traditionally, the Democratic Party has favored the middle class and minority groups, while the Republican Party has favored big businesses and wealthy individuals. However, this year, Harris has shifted her strategy, moderately aligning herself with the capital class, resulting in impressive fundraising records. Trump has also been learning to appeal to ordinary voters through policy design.
Key Policy Proposals
Trump may restart his economic policies from his first term, focusing on tax cuts, especially for big businesses and high-income earners, and reducing government spending to stimulate investment and economic growth. Harris, on the other hand, is likely to increase government spending on education and public health and use a fairer tax system to increase government revenue.
Specific policy proposals include Trump’s proposal to establish a government efficiency committee led by tech magnate Elon Musk, cutting the corporate tax rate from the current 21% to 15%, and creating a sovereign wealth fund. Harris has proposed raising the startup tax credit from $5,000 to $50,000 and keeping the capital gains tax rate at 28% (plus additional taxes of 33%). She has also pledged to secure 25 million new small business applications during her first term as president.
Industry Impacts
If Trump wins, industries such as manufacturing, energy and chemicals, and defense may benefit. If Harris wins, industries such as clean energy and environmental technology, education and high-tech labor training, and housing and urban development may benefit. The tech industry is expected to receive support from both candidates, with Harris emphasizing innovation and development, particularly in data privacy and cybersecurity. Trump has been critical of large tech companies on issues such as data privacy and content management but may still benefit from relaxed regulations in advertising revenue and platform expansion.
Immigration and Abortion Rights
The debate also touched on immigration and abortion rights. Trump blamed the Democratic Party for allowing a large influx of immigrants, leading to social order disruptions. Harris dismissed his accusations, pointing out Trump’s convictions and his involvement in the Capitol riot. Trump claimed the charges were politically motivated and denied any association with the Capitol riot.
On the issue of immigration, Harris has faced criticism for her handling of the immigration crisis at the U.S. southern border as Vice President. She has been urged to develop and implement a long-term strategy to address the root causes of illegal immigration. Trump has implemented hard-line policies such as the Remain in Mexico policy and the Remain in Mexico policy, which has led to the separation of children from their parents who entered the United States illegally.
Regarding abortion rights, Harris has consistently supported women’s right to control their own bodies. Trump has refused to rule out signing a national abortion ban and has advocated for returning the administrative decision-making power to the states.
Conclusion
The debate showcased the contrasting strategies of both candidates, with Harris emphasizing economic policies and social issues, while Trump focused on his trade record and immigration stance. The debate provided a glimpse into the economic and social policies that could shape the United States’ future.
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