What you need to know about the economy before Thursday’s showdown between President Biden and Donald J. Trump.
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By Jeanna Smialek
June 27, 2024, 5:02 a.m. ETImagePresident Biden.Credit…Doug Mills/The New York TimesImageFormer President Donald J. Trump.Credit…Haiyun Jiang for The New York Times
Many of the issues likely to dominate Thursday’s televised debate between President Biden and former President Donald J. Trump boil down to economics.
Inflation, immigration, government taxing and spending, interest rates, and trade relationships could all take center stage — and both candidates could make sweeping claims about them, as they regularly do at campaign events and other public appearances.
Given that, it could be handy to go into the event with an understanding of where the economic data stand now and what the latest research says. Below is a rundown of some of today’s hot-button topics and the context you need to follow along like a pro.
Inflation has been high, but it’s slowing.
Inflation jumped during the pandemic and its aftermath for a few reasons. The government had pumped more than $5 trillion into the economy in response to Covid, first under Mr. Trump and then under Mr. Biden.
As families received stimulus checks and built up savings amid pandemic lockdowns, they began to spend their money on goods like cars and home gym equipment. That burst of demand for physical products collided with factory shutdowns around the world and snarls in shipping routes.
Shortages for everything from furniture parts and bicycles to computer chips for cars began to crop up, and prices started to jump in 2021 as a lot of money chased too few goods.
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Source: nytimes.com
