A Clear Winner! – Guest Author Nirmalya Chatterjee
Vice President Kamala Harris came very prepared for Tuesday night’s debate. She baited Trump on several occasions and landed some clear punches. Trump appeared disoriented, confused and made some weird statements. Harris was cool, confident and generally relaxed. Trump was frustrated, unfocused and kept repeating his lies.
Immigration was an important issue for the Republicans. Harris blamed Trump for ‘killing’ the all-important bipartisan immigration/border bill that Congress wanted to pass. Trump did not deny it. He claimed that crime rates are going down in the countries where the immigrants are coming from and going up in the US. There is no evidence of that. In fact, the crime rate in the US is down. The clincher of this topic was when Trump claimed that immigrants are ‘stealing & eating’ pets in Springfield, Ohio. It was a bizarre claim and totally untrue according to the Springfield officials.
Biden administration’s hurried and poorly executed withdrawal from Afghanistan created a horror story for the US. Harris cleverly turned it around and blamed Trump for negotiating a deal with the Taliban, the terrorists, at Camp David for exiting Afghanistan.
On the important question of abortion, Harris was all over Trump as was expected. Trump appeared nervous and did not have a clear point of view. He made the claim that in some states, women are undergoing abortion at full term – a completely absurd claim. He should have known better.
Harris baited Trump on defense and foreign affairs discussions. She reminded the viewers that several members of Trump’s cabinet said Trump had no respect for the military and he was a ‘disgrace’ as the Commander in Chief. Trump claimed he fired them while the Democrats don’t fire anybody. Harris accused Trump that he cozies up with the notorious dictators like Putin, Kim Jong Un & Viktor Orban. Harris claimed that these people want Trump to win. No rebuttal from Trump.
Economy is the most important concern in most people’s mind. I think Harris should have been more specific about her plan. She did mention about middle-class tax cuts, fifty-thousand-dollar tax credit for starting a small business and six thousand dollars child tax credit. Trump offered hardly any specifics on his plan except to mention he will raise import tariffs which most experts believe ultimately get passed on to the American consumers. Harris claimed that according to sixteen Nobel laureates, Trump’s plan will raise cost for families by four thousand dollars annually.
Democrats are very happy with Harris’ performance. Republicans are disappointed with Trump’s. They are also unhappy with the moderators. A CNN poll reported that 63% of the viewers thought that Harris won the debate. This is a significant reversal from June debate between Trump and Biden when 67% of the watchers said they thought Trump won the debate. The CNN poll also found that only 4% of the voters who watched the debate said that the debate made them change their minds on who they will vote for. Election is still almost two months way. Both candidates will do more work to persuade the voters. How the voters will waiver with their choice down the road remains to be seen. But it appears that despite strong performance by Harris, the race remains tight.
Nirmalya Chatterjee has been a senior executive of several Fortune 500 companies. He was the Chairman of the Hindu Temple of Las Vegas. He is currently the Chief Financial Officer of a Las Vegas based company.
The views, thoughts, and opinions expressed in the above article solely belong to author Nirmalya Chatterjee, and are not an endorsement by vegasdesi.com. The editor is pleased to provide vegasdesi.com as a platform for the community members to engage in intellectual debates, opinions, constructive criticisms, and discussions.
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While Kamala Harris presented several ambitious proposals during the debate, it’s important to ask why she and the Biden administration haven’t fully implemented them in their current term. If middle-class tax cuts, a $50,000 tax credit for starting small businesses, and a $6,000 child tax credit were central to their economic vision, why haven’t these been prioritized or enacted? The administration has had years in office, but inflation has risen, and many Americans feel that the cost of living has increased under their leadership. SIMPLY PUT, THE PROMISES SOUND GOOD, BUT THE TRACK RECORD DOESN’T ALIGN WITH THOSE GOALS.
AS FOR TRUMP, HIS TRACK RECORD ON THE ECONOMY DURING HIS FIRST TERM SPEAKS VOLUMES. Under his administration, the economy saw record-low unemployment rates, wage growth across different demographics, and stock market highs. Trump’s emphasis on deregulation and tax cuts, especially the Tax Cuts and Jobs Act of 2017, boosted business investments and consumer confidence. His focus on lowering taxes and reducing government interference gave businesses more room to grow, benefiting both employers and workers.
Trump’s proposal to raise import tariffs, while criticized by some, is part of his larger vision to bring manufacturing jobs back to the U.S. and reduce reliance on foreign goods. Despite the criticism, his trade policies were aimed at protecting American industries and workers from unfair competition, which helped certain sectors thrive during his tenure.
While Harris laid out broad policies, Trump’s approach to the economy has consistently focused on growth, job creation, and reducing barriers for businesses. TRUMP’s FIRST TERM DELEIVERED TANGIBLE RESULTS, and many believe his economic policies are better suited to drive recovery and growth.
Dear Hindustani,
With all due respect, the economic and financial data do not support your assertions. For example, following is the annual inflation data of the last four years:
2021 : 7.0%
2022 : 6.5%
2023 : 3.4%
2024 : 2.5%
(Source: usinflationcalculator.com)
As you can see, the inflation rate was the highest in the year immediately after former President Trump left office. To be fair, the primary cause for the high inflation was the global supply chain disruption due to the pandemic. However, as you can also see, the annual inflation has steadily come down during the Biden/Harris administration.
The national debt increased by $8.1 trillion during former President Trump’s time in office. It is the largest four-year increase in federal deficit in the nation’s history. About 40% of the debt was due to the pandemic related stimulus. The remaining about of $5 trillion was related to Mr Trump’s tax cuts. (source: US News). These tax cuts essentially benefited the high end earners and the corporations. It will take the nation many many years to pay off these massive debts.
The other important source of deficits is the steady growth in welfare spending. No President or political party talks about how to control this spending growth since the time of President Bill Clinton who actively worked with the Republican majority in congress to sign the ‘Welfare to Work’ bill in 1996.
Thank you.
Thank you for your thoughtful response. I would like to address the points you raised while providing additional context and data to support President Trump and the Republican approach to economic policy.
Inflation and Economic Performance Under Trump:
While it’s true that inflation rates surged after President Trump left office, we must consider the broader context of the global COVID-19 pandemic and its aftermath. The 7% inflation rate in 2021 was largely the result of the pandemic-induced disruptions, not policies enacted during Trump’s tenure. The Biden administration’s policies, including significant federal spending through the American Rescue Plan in 2021, added stimulus to an already recovering economy, contributing to inflationary pressures. While inflation has decreased in 2023 and 2024, it’s important to note that inflation still remains higher than pre-pandemic levels.
During Trump’s administration (2017–2020), the U.S. economy saw notable growth, with annual GDP growth averaging around 2.5% before the pandemic hit in early 2020. In fact, in 2018, GDP grew by 2.9%, which was a significant improvement compared to the Obama-era recovery. Unemployment rates also hit a 50-year low at 3.5% in 2019, and wages, particularly for low-income workers, grew faster than they had in years, thanks to deregulation and tax policies that incentivized business investment.
National Debt and Deficit Under Trump:
It is true that the national debt increased by $8.1 trillion during Trump’s tenure. However, it’s essential to differentiate between pandemic-related emergency spending and other fiscal policies. As you mentioned, around 40% of the increase was due to COVID-related stimulus packages, including the CARES Act, which was broadly supported by both parties to address an unprecedented global crisis. This spending was crucial in preventing an economic collapse and aiding millions of Americans through unemployment benefits and business support programs.
Regarding the tax cuts, the Tax Cuts and Jobs Act (TCJA) of 2017 played a significant role in boosting the economy by lowering corporate taxes from 35% to 21%, making the U.S. more competitive globally. This led to increased investment, job creation, and higher wages. While some critics argue that the tax cuts primarily benefited high earners, the reality is that businesses passed on benefits to employees in the form of bonuses and wage increases. For example, companies like Walmart, AT&T, and Southwest Airlines gave substantial bonuses to their employees following the passage of the TCJA.
Furthermore, while debt did increase, it is important to compare the economic impact of these policies. Before the pandemic, Trump’s pro-growth policies contributed to rising wages, especially among lower-income earners, and record-high stock market performance, benefiting millions of Americans with retirement accounts and investments.
Welfare Spending and the Role of Republicans:
You are correct in noting that welfare spending has been a significant driver of federal deficits over the years. This issue has persisted across administrations of both parties. However, Republicans have long advocated for reforms to control welfare spending and reduce dependency on government programs. President Trump’s administration made strides in promoting work requirements for welfare programs like SNAP (Supplemental Nutrition Assistance Program), aligning with the “Welfare to Work” reforms of the 1990s.
For instance, in 2019, the Trump administration introduced a rule that tightened work requirements for able-bodied adults without dependents, which was projected to save billions of dollars and encourage more individuals to join the workforce. This move was intended to address the long-term challenge of rising entitlement spending while ensuring that assistance reaches those truly in need.
Comparing Republican and Democratic Economic Approaches:
It is also worth considering the broader ideological differences between the two parties when it comes to managing the economy. Republicans typically prioritize economic growth through deregulation, tax cuts, and free-market policies. This philosophy helped generate economic prosperity pre-pandemic under President Trump. Democrats, on the other hand, often favor larger government interventions, including increased welfare spending, which can contribute to higher deficits and national debt over the long term.
While the Biden administration has managed to reduce inflation after the pandemic, it has also done so by significantly increasing interest rates, which risks slowing down economic growth. Additionally, the national debt has continued to grow under President Biden, in part due to the continuation of expansive fiscal policies, including student loan forgiveness efforts and infrastructure spending. According to the Congressional Budget Office (CBO), the national debt is projected to reach 118% of GDP by 2033, posing long-term risks to the economy.
Conclusion:
In conclusion, while inflation has come down from its pandemic peak, the broader economic data shows that the Trump administration’s policies were highly effective at stimulating growth and creating jobs pre-pandemic. The national debt did increase during his time in office, but much of this was driven by necessary pandemic spending and tax cuts that spurred economic growth. Republicans have consistently championed policies aimed at reducing welfare dependency and promoting economic self-sufficiency, a critical issue for managing long-term deficits. The debate over the best way to manage the economy will continue, but it’s important to evaluate these policies in their full context.
Thank you for the opportunity to engage in this discussion.
Dear Mr. Hindustani, thank you for acknowledging that the economic data I have provided are essentially correct. Please pardon me for observing that your very long explanation almost comes across as ‘guilty with an excuse’. There are good reasons for that. Former President Trump’s economic policies were poorly conceived and dismally executed. He simply did not have bright economists advising him. When it comes to macro-economic policies, there is always a lag between the policies and their effects on the economy & the people which is why the economy suffered long after President Trump left office. That is Economics 101. I will write a separate article with specific data and lay out how Mr. Trump’s economic policies resulted in colossal failures for the American people. Please stay tuned. Thank you.
Dear Mr. Chatterjee – Thank you for your thoughtful response. While I respect your viewpoint, I believe it’s important to highlight why many people, including myself, see President Trump’s economic policies as a success, particularly in light of their long-term effects.
First, the core of Trump’s economic strategy centered on tax cuts, deregulation, and renegotiation of trade deals—moves designed to stimulate business growth, reduce government interference, and protect American industries. The Tax Cuts and Jobs Act of 2017 lowered the corporate tax rate from 35% to 21%, which gave businesses the capital to invest in expansion, create jobs, and increase wages. Unemployment hit a 50-year low during Trump’s presidency, and wages were rising across the board, particularly for lower-income workers.
Regarding deregulation, Trump’s administration worked to roll back unnecessary regulatory burdens, especially in industries like energy, finance, and manufacturing. This made U.S. businesses more competitive globally, boosted domestic production, and reduced costs for consumers. It created an environment that promoted innovation and investment—an essential factor in ensuring economic growth.
Trade policies, particularly the U.S.-Mexico-Canada Agreement (USMCA), were revamped to create a fairer trading environment for American workers and businesses. Although trade tariffs on China were controversial, they were necessary to combat China’s unfair trade practices, like intellectual property theft and forced technology transfers. Trump’s firm stance on trade protected American jobs and industries from being undermined by foreign competition.
As for the claim that Trump’s economic policies led to suffering long after he left office, I would argue that the policies initiated by President Biden—such as increased government spending and monetary stimulus—have been significant contributors to rising inflation and national debt. Economic lag, as you pointed out, is indeed a real factor in macroeconomics, but it’s also essential to recognize the impact of policy reversals that can counteract or undo previous economic gains.
In short, Trump’s policies were designed to empower the private sector, reduce government control, and ensure American competitiveness on the world stage. Their benefits, particularly in terms of employment growth, rising wages, and industrial revitalization, remain notable achievements.
I look forward to reading your article and continuing this discussion with more data and insights. Thank you again for engaging in this important debate.