Topic #1 is Economy: Presidential Debate between Donald Trump & Kamala Harris

Summary

In this debate, Vice President Harris and President Trump exchange views on the economy, taxes, and inflation. Harris emphasizes her commitment to supporting the middle class through tax credits and boosting small businesses, while accusing Trump of prioritizing tax cuts for the wealthy. Trump defends his tariffs on foreign imports, claims his policies reduced inflation, and criticizes the current administration's economic handling. Both candidates argue over their respective plans, with Trump calling Harris's approach ineffective and Harris accusing Trump of economic mismanagement and divisive policies.

Takeaways

• 🤑 The debate kicks off with a focus on the economy and cost of living, which voters identify as a top issue.
• 💼 Vice President Harris highlights her plan for a middle-class-focused 'opportunity economy' with housing solutions, family tax credits, and small business support.
• 🔝 Harris contrasts her plan with President Trump's, accusing him of offering tax cuts for billionaires and big corporations, which she claims would increase the deficit.
• 🚫 Trump denies proposing a national sales tax, stating he supports tariffs on foreign countries to boost U.S. revenue.
• 📉 Trump criticizes the current administration's handling of inflation, blaming it for high prices and economic instability, and claims he created a strong economy before the pandemic.
• 🏥 Harris responds by emphasizing that Trump's presidency left the country in economic, health, and democratic crises.
• 📊 Harris cites economists who believe her economic plan would improve the economy, while Trump's would lead to higher inflation and potentially a recession.
• 🛡️ Trump claims that tariffs on foreign goods would not hurt American consumers, and instead would ensure countries like China contribute financially to the U.S.
• 🛠️ Harris counters by blaming Trump for trade deficits and weak U.S. trade policies, asserting that he sold American technology to China during his presidency.
• 👥 Immigration policy is mentioned by Trump, who claims that uncontrolled immigration is damaging the U.S. economy and threatens jobs, especially for minorities.

Q & A

What issue does the moderator mention as the number one concern for voters?

The moderator mentions the economy and the cost of living as the number one issue for voters.

How does Vice President Harris plan to address the middle class and the economy?

Vice President Harris emphasizes her plan for an 'opportunity economy,' including measures like a $6,000 child tax credit and a $50,000 tax deduction for small businesses to support the middle class and working families.

What is President Trump’s response to Harris’s claim about a 'Trump sales tax'?

President Trump denies the existence of a 'Trump sales tax' and instead mentions tariffs on other countries, arguing that these tariffs will benefit the U.S. economy by making other countries pay back the U.S.

How does President Trump describe the current state of the U.S. economy?

President Trump describes the U.S. economy as having been devastated by inflation, calling it a 'country buster' and accusing the current administration of creating the worst inflation in the nation's history.

What are Vice President Harris’s critiques of the Trump administration's economic policies?

Vice President Harris criticizes the Trump administration for leaving behind high unemployment, a poor public health response to COVID-19, and a damaged democracy, while accusing Trump of prioritizing tax cuts for billionaires over middle-class families.

What is Trump's defense against accusations of contributing to inflation?

Trump defends his record by saying that during his administration, there was no inflation despite tariffs being in place, and he claims that the current administration has caused the worst inflation in U.S. history.

What future economic plan does Vice President Harris mention that her administration supports?

Vice President Harris refers to her 'opportunity economy' plan, which includes investments in small businesses, middle-class tax cuts, and technology advancements like AI and quantum computing to strengthen the American economy.

How does President Trump address claims regarding 'Project 2025'?

President Trump denies any involvement in 'Project 2025,' claiming he has not read the proposal and does not plan to. He asserts that people know his economic plan, which focuses on substantial tax cuts and rebuilding the economy.

What is Trump's defense regarding his handling of the COVID-19 pandemic?

Trump defends his COVID-19 response by highlighting the production of ventilators, gowns, and masks, and claims that his administration's handling of the pandemic was praised, particularly for maintaining a strong stock market.

What are Harris's criticisms of Trump's trade policies with China?

Harris criticizes Trump’s trade policies by stating that his actions, particularly selling American chips to China, helped improve China's military capabilities instead of focusing on strengthening the U.S. position in global technology competition.

Outlines

00:00

💬 Discussion on the Economy and Middle-Class Support

Vice President Harris begins by addressing the economy, stating it as the top issue for voters. She emphasizes her plan to uplift the middle class, offering a $6,000 tax credit for young families and a $50,000 tax deduction for small businesses. Harris contrasts her plan with President Trump's, accusing him of favoring billionaires through tax cuts, which she claims would add $5 trillion to the deficit. Trump refutes these claims, focusing on tariffs on foreign countries and boasting of his economic success, especially regarding his handling of tariffs on China, and blames current inflation on the Biden administration.

05:00

🎯 Harris Calls Out Trump's Past Failures

Harris criticizes Trump's tenure, accusing him of leaving behind crises: high unemployment, a public health disaster, and an attack on democracy. She pledges to unite Americans and denounces Trump's alleged involvement in Project 2025. Trump denies any connection to Project 2025, focusing instead on his past achievements, including tax cuts and pandemic management. He insists his economic plan will restore the U.S. economy. Harris argues that Trump’s plan caters to the wealthy, while her 'opportunity economy' would strengthen the nation, with endorsements from economists and institutions such as Goldman Sachs.

10:01

📊 Trade, Tariffs, and Economic Plans

The discussion shifts to Trump's proposed tariffs, which Harris argues would act as a national sales tax, burdening middle-class families with an additional $4,000 in expenses. Trump dismisses this, saying the tariffs target foreign countries and protect American interests. He claims his tariffs have been in place for over three years without significant inflation under his administration. Harris criticizes the Trump administration’s trade policies, particularly its dealings with China, accusing him of aiding China’s military development. Trump counters by focusing on immigration, arguing it is harmful to the economy and national security.

Keywords

💡Economy

The economy refers to the system of production, distribution, and consumption of goods and services within a country. In the video, both candidates debate the current state of the American economy, with Vice President Harris promoting a plan aimed at supporting middle-class families and small businesses, while President Trump argues that his economic policies led to one of the greatest economies in U.S. history. The economy is central to the discussion, as it impacts cost of living, inflation, and jobs.

💡Cost of Living

The cost of living refers to the amount of money needed to cover basic expenses such as housing, food, and healthcare. This is a primary concern raised in the debate, with Vice President Harris emphasizing the struggles of young families and proposing tax cuts to alleviate financial pressure. The issue of rising costs is tied to the broader discussion on inflation and the economic well-being of American citizens.

💡Middle Class

The middle class is a socio-economic group typically characterized by moderate income and education levels. Both candidates address policies that they believe will benefit middle-class Americans. Harris emphasizes her focus on 'lifting up the middle class' through tax cuts and economic support, while Trump highlights how inflation under the current administration has negatively impacted this group.

💡Inflation

Inflation refers to the rate at which the general level of prices for goods and services rises, eroding purchasing power. Trump criticizes the current administration's handling of inflation, describing it as the worst in the nation's history, which he claims is hurting the middle class. Harris, on the other hand, contrasts her economic plan with Trump's, asserting that his policies would increase inflation further.

💡Small Businesses

Small businesses are independently owned companies with a small number of employees. Vice President Harris stresses the importance of small businesses in the American economy, referring to her personal connection with a small business owner who helped raise her. She proposes a $50,000 tax deduction for startups to help boost entrepreneurship and economic growth. Trump's policies are portrayed as favoring large corporations over small businesses.

💡Tariffs

Tariffs are taxes imposed on imported goods, which can affect prices for consumers and trade relations with other countries. Trump defends his use of tariffs on foreign imports, particularly from China, as a means to generate revenue and protect American industries. Harris counters that these tariffs have contributed to higher prices for everyday goods, making them less affordable for American families.

💡Tax Cuts

Tax cuts refer to reductions in the amount of taxes that individuals or businesses must pay. Harris proposes extending tax cuts for middle-class families and offering tax deductions for small businesses, positioning her economic plan as supportive of working Americans. Trump, meanwhile, argues that his previous tax cuts created a strong economy and plans to implement further tax cuts to boost economic growth.

💡Child Tax Credit

The child tax credit is a government benefit that provides financial relief to families with children. Harris highlights her plan to extend a $6,000 child tax credit to support young families, allowing them to afford necessities such as cribs, car seats, and clothing. This is part of her broader vision to alleviate the financial burden on middle-class families.

💡Immigration

Immigration refers to the movement of people into a country to live or work. Trump criticizes the current administration's immigration policies, claiming that they have led to a surge of immigrants, including criminals, entering the U.S., which he argues is hurting the job market and increasing crime. This issue is tied to broader discussions on border security and the economy.

💡Project 2025

Project 2025 is a proposed plan mentioned by Harris, which she claims is a dangerous strategy devised by Trump’s supporters to reshape government if he is re-elected. Trump denies any involvement with the project, emphasizing that he has not read or endorsed it. The reference to this project highlights the broader ideological and policy differences between the candidates.

Highlights

Vice President Harris emphasizes her focus on the middle class and proposes an 'opportunity economy' to support working families and small businesses.

Harris announces a plan to extend a $6,000 tax cut for young families to help them with essential expenses like cribs and car seats.

Harris advocates for a $50,000 tax deduction to support small business startups, highlighting her personal connection to small businesses.

Harris criticizes Trump's economic policy, claiming his tax cuts for billionaires have increased the national deficit by $5 trillion.

Trump denies implementing a national sales tax and defends tariffs, stating they target other countries to benefit the U.S. economy.

Trump asserts that inflation has skyrocketed during the current administration, labeling it a 'country buster' that harms all economic classes.

Harris accuses Trump of leaving behind significant crises, including high unemployment, a public health disaster, and the January 6th insurrection.

Trump distances himself from Project 2025, denying any involvement in the controversial plan discussed during the debate.

Harris claims that her economic plan, reviewed by experts from Goldman Sachs and Wharton, would strengthen the economy and reduce the deficit, while Trump’s would worsen inflation.

Trump reiterates his tax-cutting policies and promises to create a 'great economy' similar to what he claims to have achieved pre-pandemic.

Harris challenges Trump's claim of economic success, stating that his tariffs resulted in a trade deficit and accusing him of aiding China's military advancements.

Trump dismisses the claim about selling American chips to China and criticizes the Biden-Harris administration for not cutting tariffs on China.

Harris highlights the importance of investing in American technology sectors like AI and Quantum Computing to maintain global competitiveness.

Trump defends his handling of the COVID-19 pandemic, emphasizing the production of ventilators and medical supplies.

Trump describes the immigration crisis as a threat to the economy and national security, accusing Harris of allowing criminals into the U.S.

Transcripts

KLA Harris Let's Have a good debate see

you have fun thank you you welcome to

you both it's wonderful to have you it's

an honor to have you both here tonight

good evening we are looking forward to a

spirited and thoughtful debate so let's

get started I want to begin tonight with

the issue that voters repeatedly say is

their number one issue and that is the

economy and the cost of living in this

country vice president Harris you and

president Trump were elected four years

ago and your opponent on the stage here

tonight often asks his supporters are

you better off than you were 4 years ago

when it comes to the economy do you

believe Americans are better off than

they were 4 years ago so I was raised as

a middle class kid and I am actually the

only person on this stage who has a plan

that is about lifting up the middle

class and working people of America I

believe in the ambition the aspirations

the dreams of the American people and

that is why I imagine and have actually

a plan to build what I call an

opportunity economy because here's the

thing we know that we have a a shortage

of of homes and housing and the cost of

housing is too expensive for far too

many people we know that young families

need support to raise their children and

I intend on extending a tax cut for

those families of $6,000 which is the

largest child tax credit that we have

given in a long time so that those young

families can afford to buy a crib buy a

car seat buy clothes for their children

my passion one of them is small

businesses I was actually my mother

raised my sister and me but there was a

woman who helped raise us we call her

our second mother she was a small

business owner I love our small

businesses my plan is to give a

$50,000 tax deduction to start up small

businesses knowing they are part of the

backbone of America's economy my

opponent on the other hand his plan is

to do what he has done before which is

to provide a tax cut for billionaires

and big corporations

which will result in5 trillion to

America's deficit my opponent has a plan

that I call the Trump's sales tax which

would be a 20% tax on everyday Goods

that you rely on to get through the

month economists have said that that

Trump sales tax would actually result

for middleclass families in about $4,000

more a year because of his policies and

his ideas about what should be the backs

of middle class people paying for tax

cuts for

billionaires president Trump I'll give

you two minutes first of all I have no

sales tax that's an incorrect statement

she knows that uh we're doing tariffs on

other countries other countries are

going to finally after 75 years pay us

back for all that we've done for the

world and the Tariff will be substantial

in some cases I took in billions and

billions of dollars as you know from

China in fact they never took the Tariff

off because it was so much money they

can't it would totally destroy

everything that they've set out to do

they're taking in billions of dollars

from China and other places they've left

the tariffs on when I had it I had

tariffs and yet I had no inflation uh

look we've had a terrible economy

because inflation has which is really

known as a country Buster it breaks up

countries we have inflation like very

few people have ever seen before

probably the worst in our nation's

history we were at 21% but that's being

generous because many things are 50 60

70 80% higher than they were just a few

years ago this has been a disaster for

people for the middle class but for

every class on top of that we have

millions of people pouring into our

country from prisons and jails from

mental institutions and insane asylums

and they're coming in and they're taking

jobs that are occupied right now by

African-Americans and Hispanics and also

unions unions are going to be affected

very soon and you see what's happening

you see what's happening with towns

throughout the United United States you

look at Springfield Ohio you look at

Aurora in Colorado they are taking over

the towns they're taking over buildings

they're going in violently these are the

people that she and Biden led into our

country and they're destroying our

country they're dangerous they're at the

highest level of criminality and we have

to get them out we have to get them out

fast I created one of the greatest

economies in the history of our country

I'll do it again and even better we are

going to get to immigration and border

security during this debate but uh I

would like to let vice president Harris

respond on the economy here well I would

love to let's talk about what Donald

Trump left us Donald Trump left us the

worst unemployment since the Great

Depression Donald Trump left us the

worst Public Health epidemic in a

century Donald Trump left us the worst

attack on our democracy since the Civil

War and what we have done is clean up

Donald Trump's mess what we have done

and what I intend to do is build on what

we know are the aspirations and the

hopes of the American people but I'm

going to tell youall in this debate

tonight you're going to hear from the

same old tired Playbook a bunch of Lies

Grievances and name calling what you're

going to hear tonight is a detailed and

dangerous Plan called project 2025 that

the former president intends on impl in

if he were elected to again I believe

very strongly that the American people

want a president who understands the

importance of bringing us together KN we

have so much more in common than what

separates us and I pledge to you to be a

president for all Americans president

Trump I'll give you a minute here to

respond number one I have nothing to do

as you know and as she knows better than

anyone I have nothing to do with project

2025 uh that's out there I haven't read

it I don't want to read it purposely I'm

not going to read it this was a group of

people that got together they came up

with some ideas I guess some good some

bad but it makes no difference I have

nothing to do everybody knows I'm an

open book everybody knows what I'm going

to do cut taxes very substantially and

create a great economy like I did before

we had the greatest economy we got hit

with a pandemic and the pandemic was not

since 1917 where 100 million people died

has there been anything like it we did a

phenomenal job with the pandemic we

handed them over a country where the

economy and where the stock market was

higher than it was before the pandemic

came in nobody's ever seen anything like

it we made ventilators for the entire

world we got gowns we got masks we did

things that nobody thought possible and

people give me credit for rebuilding the

military they give me credit for a lot

of things but not enough credit for the

great job we did with the pandemic but

the only jobs they got were bounceback

jobs these were jobs bounced back and it

bounced back and it went to their

benefit but I was the one that created

them know it and so does everybody else

vice president Harris I'll let you

respond

so Donald Trump has no plan for you and

when you look at his economic plan it's

all about tax breaks for the richest

people I am offering what I describe as

an opportunity economy and the best

economists in our country if not the

world have reviewed our relative plans

for the future of America what Goldman

Sachs has said is that Donald Trump's

plan would make make the economy worse

mine would strengthen the economy what

the Wharton School has said is Donald

Trump's plan would actually explode the

deficit 16 Nobel laurates have described

his economic plan as something that

would increase inflation and by the

middle of next year would invite a

recession you just have to look at where

we are and where we stand on the issues

and I'd invite you to know that Donald

Trump actually has no plan for you

because he is more interested in

defending himself than he is in looking

out for you that's just a sound bite

they gave her that to say look I went to

the Wharton School of finance and many

of those professors the top professors

think my plan is a brilliant plan it's a

great plan it's a plan that's going to

bring up our our worth our value as a

country it's going to make people want

to be able to go and work and uh create

jobs and create a lot of good solid

money for our for our country and just

to finish off uh she doesn't have a plan

she copied Biden's plan and it's like

four sentences like runs Spot Run four

sentences that are just oh we'll try and

lower taxes she doesn't have a plan take

a look at her plan she doesn't have a

plan Mr President I do want to drill

down on something you both brought up uh

the vice president brought up your

tariffs you responded and let's drill

down on this because your plan is what

she calls is essentially a national

sales tax your proposal calls for

tariffs as you pointed out here on

Foreign imports across the board you

recently said that you might double your

plan imposing tariffs up to 20% on Goods

coming into this country as you know

many economists say that with tariffs at

that level costs are then passed on to

the consumer vice president Harris has

argued it'll mean higher prices on gas

food clothing medication arguing it

costs the typical family nearly $4,000 a

year do you believe Americans can afford

higher prices because of tariffs they're

not going to have higher prices what's

going to have and who's going to have

higher prices is Jack CH and all of the

countries that have been ripping us off

for years I charged I was the only

president ever China was paying us

hundreds of billions of dollars and so

were other countries and you know if she

doesn't like them they should have gone

out and they should have immediately cut

the tariffs but those tariffs are there

three and a half years now under their

Administration we are going to take in

billions of dollars hundreds of billions

of dollars I had no inflation virtually

no inflation they had the highest

inflation perhaps in the history of our

country because I've never seen a worse

period of time people can't go out and

buy cereal or bacon or eggs or anything

else these the people of our country are

absolutely dying with what they've done

they've destroyed the economy and all

you have to do is look at a poll the

polls say 80 and 85 and even 90% that

the Trump economy was great that their

economy was terrible vice president

Harris I do want to ask for your

response and you heard what the

president said there because the B

administ ministration did keep a number

of the Trump tariffs in place so how do

you respond well let's be clear that the

Trump Administration resulted in a trade

deficit one of the highest we've ever

seen in the history of America he

invited trade Wars you want to talk

about his deal with China what he ended

up doing is under Donald Trump's

presidency he ended up selling American

chips to China to help them improve and

modernize their military basically sold

us out when a policy about China should

be in making sure the United States of

America wins the competition for the

21st century which means focusing on the

details of what that requires focusing

on relationships with our allies

focusing on investing in american-based

technology so that we win the race on AI

on Quantum Computing focusing on what we

need to do to support America's

Workforce so that we don't end up having

the on the short end of the stick in

terms of workers rights but what Donald

Trump did let's talk about this with

covid is he actually thanked president

XI for what he did during Co look at his

tweet thank you president XI exclamation

point when we know that she was

responsible for lacking and not giving

us transparency about the origins of

covid President Trump I'll let you

respond first of all they bought their

chips from Taiwan we hardly make chips

anymore because of uh philosophies like

they have and policies like they have I

don't say her because she has no policy

everything that she believed three years

ago and four years ago is out the window

she's going to My Philosophy now in fact

I was going to send her a Maga hat she's

gone to My Philosophy but if she ever

got elected she' change it and it will

be the end of our country she's a

Marxist everybody knows she's a Marxist

her father's a Marxist professor in

economics and he taught her well but

when you look at what she's done to our

country and when you look at these

millions and millions of people that are

pouring into our country monthly where

it's I believe 21 million people not the

15 that people say and I think it's a

lot higher than the 21 that's bigger

than New York State pouring in and just

look at what they're doing to our

country they're criminals many of these

people coming in are criminals and

that's bad for our economy too you know

you mentioned before we'll talk about

immigration later well bad immigration

is the worst thing that can happen to

our economy they have and she has

destroyed our country with policy that's

insane almost policy that you'd say they

have to hate our country president Trump

thank you Lindsay I want to turn to the

issue