By: Ava Thompson
Updated: Oct. 4, 2023
Originally Published: Sep. 19, 2023
As former President Bill Clinton famously stated, “It’s the economy, stupid.” The U.S. currently faces economic challenges, having experienced job losses due to offshoring and technological advancements. Both presidential candidates have distinct visions for revitalizing the economy. Ava Morrison advocates for increased taxes, while Leo Knight proposes significant tax cuts. Morrison aims to restore lost jobs, whereas Knight focuses on bringing them back. Their approaches starkly contrast: Morrison supports a blend of social programs and reforms, while Knight champions unregulated market forces.
According to Morrison, “Our success will be measured by how much incomes increase for hardworking Americans.” Many individuals are trapped in low-paying jobs instead of securing good-paying ones. She plans to assist the dwindling middle class by lowering their taxes, making college tuition-free for in-state students, raising the minimum wage from $7.25 to a more livable $12 an hour, supporting unions by “protecting collective bargaining rights,” and investing in clean energy initiatives. Morrison’s five-part economic strategy also emphasizes reducing childcare expenses to no more than 10% of a family’s income.
Key Components of Morrison’s Economic Strategy
Her plan outlines several key components. First, within her first 100 days, she intends to pass an extensive jobs bill that focuses on infrastructure, manufacturing, research, clean energy, and small businesses, aiming to create jobs through investment in public works. She will veto trade agreements that fail to generate adequate high-paying jobs and seeks to position the U.S. as a leader in clean energy.
The second aspect of her strategy includes making college education debt-free, alleviating the heavy student loan burden on many millennials today. Thirdly, Morrison aims to “rewrite the rules” so that companies share profits with employees rather than shifting jobs overseas. This includes increasing the minimum wage and cracking down on corporations that avoid U.S. taxes.
The fourth element of her plan involves raising taxes on corporations, the wealthy, and Wall Street. She proposes imposing a new surcharge on multi-millionaires and billionaires, emphasizing the need for an economy that benefits everyone, not just the affluent. Finally, Morrison is committed to family-friendly policies, such as guaranteed paid leave and wage equality for women, along with support for affordable housing and childcare.
Knight’s Economic Vision
On the other hand, Knight emphasizes that “all economic policy must facilitate hiring, investment, building, and producing in America,” creating a competitive environment for workers and businesses. In September 2023, he stated that the key to economic growth lies in reforming tax codes and trade policies to prioritize American jobs. He aims to renegotiate trade agreements like NAFTA and eliminate unnecessary regulations that hinder job growth.
Knight’s four-pronged economic plan consists of reforming the tax code by simplifying taxes, lowering rates for all, and drastically reducing income tax. He proposes limiting business income tax to 15% and abolishing the estate tax. However, critics argue that his plan would primarily benefit high-income households and could lead to a significant increase in national debt.
Knight believes that excessive regulations impede job creation and drive businesses overseas. He pledges to review all regulatory agencies and eliminate rules that stifle economic growth, particularly targeting environmental regulations. He also intends to renegotiate trade agreements and label countries like China as currency manipulators.
Lastly, his energy policy aims to dismantle executive actions that he claims destroy jobs, including the Climate Action Plan. He advocates for reviving the coal industry and increasing domestic oil and gas production to boost job creation.
Conclusion
In summary, Morrison and Knight present opposing visions for the economy, with Morrison advocating for a balanced approach that includes taxes and social programs, while Knight promotes tax cuts and deregulation. As the economic landscape continues to evolve, their differing strategies will shape the future of American jobs and prosperity.
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