There is an ongoing conversation about who will be best for the global economy between Kamala Harris and Donald Trump. The US economy is heading toward a recession, which might happen whether Americans like it or not.
The Biden administration most likely brought this phenomenon on themselves with their several economic policies, and if things do not turn around by the end of the year, the future of the US economy may be in jeopardy.
Kamala Harris set to continue Bidenomics
Reports show that Donald Trump inherited a strong economy from President Obama and managed it poorly. Then, Biden and Kamala picked over that economy and made it even worse. The data has led dollar investors to wonder what the next four years will look like under Kamala or Trump.
Real GDP grew slower under Trump than under any other president since World War II. He is the only president since then to have presided over a decline in the number of workers with jobs.
In 2016, the United States (US) had the world’s largest economy; by 2020, China was more than 10% larger.
Some pollsters and analysts believe that the US Presidential Election 2024 has the potential to send the US economy into a recession, given the current uncertainty surrounding the polls due to the strong battle between Kamala Harris and Donald Trump.
Furthermore, the situation could worsen if the Fed does not deliver the necessary rate cuts. Several analysts say that a minimum rate drop of 25 basis points could be enough to put recession fears at bay for this time period.
Kamala Harris is in office as it is, and the economics of the United States have produced the highest number of homeless Americans than ever before. As it stands, policies are more favorable to immigrants than to American citizens.
On the other hand, the Biden administration has been plagued with wars, bills towards war, and budget approvals to aid the war in Ukraine and Israel. Kamala’s policies are a continuation of what Biden has done. How will her win save the dollar and global economies?
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