A lot of issues will define the 2024 presidential election, and the economy will certainly be one of them. It's a topic where President Joe Biden and former President Donald Trump greatly differ.
If the American economy was a bag of groceries, there are a lot of policies and metrics that you could put in it and pull out of it. Inflation is certainly one.
While down from its 40-year high in 2022, inflation remains a big issue for most families. Presidents don't have a direct impact on what companies charge, but their presidential policies can have sway.
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Americans struggling to afford groceries due to increasing prices
President Biden has waged a public campaign to pressure companies to lower their prices. The White House has already claimed some success, claiming companies like Target, Walmart and other grocery chains have already heeded the president's request.
As for former President Trump, Scripps News Phoenix was able to ask about his plan for the economy should he return to the Oval Office. He called for more energy production in the U.S. as a way to bring down costs.
"We're gonna start with drill baby drill," Trump said. "We're gonna get those prices way down."
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US inflation holds on as Federal Reserve decides to keep rates at current levels
Another big economic issue heading into the election: housing and interest rates.
President Biden has called for new government assistance programs to help home buyers offset high interest rates. Former President Trump has openly considered firing Federal Reserve Chairman Jerome Powell and replacing him with someone who will lower rates.
Of course, you can't forget about taxes when discussing the economy. Howard Gleckman studies tax policy with the Urban Institute and he says whoever is president next year will face an intense tax debate, when the Trump-era tax cuts expire in 2025.
Former President Trump has called for extending his tax cuts, which would keep the status quo in place. President Biden has called for tax hikes on those making more than $400,000 per year, as well as increasing the amount of the child tax credit.
"If the tax cuts and jobs act expires, it will go back to $1,000 [per year]," Gleckman said of the child tax credit. "Biden is talking about bringing it back to closer to $3,700."
