As recent fears of a slowing U.S. economy play out, NTD's Arlene Richards reviews how the two presidential nominees compare on the driving issues of inflation.
Inflation. Since the 2020 pandemic caused prices for goods and services to rise, inflation has become a top issue for the country, and it's a key focus of the 2024 presidential campaign.
One of the key drivers of inflation is energy costs. Vice President Kamala Harris has favored renewable, zero-emissions energy sources as a way to address her concerns about the effects of fossil fuels on the climate.
As a California senator, Harris made efforts to ban fracking and offshore drilling in the state. At a CNN town hall in 2019, then-presidential candidate Harris strongly supported a national ban.
There's no question I'm in favor of banning fracking. And starting with what we can do on day one around public lands.
Harris has stated repeatedly that she supports, quote, banning fracking.
In recent weeks, Harris's campaign has pledged that if elected, she will not ban fracking. During the Biden administration, inflation spiked from 1.2 percent in 2020 to 4.7 percent in 2021.
It peaked at a four-decade high of 9 percent in the summer of 2022. In May 2022, Harris joined President Biden in announcing a plan to lower costs.
The plan included various measures to reduce energy prices, from releasing one million barrels of reserves per day to accelerating renewable energy innovation.
With approval from Congress, Biden signed the history-making Inflation Reduction Act in August 2022.
This bill, this bill will reduce inflationary pressures on the economy.
The act became the largest investment in climate action in history, creating a surge on renewable energy projects.
The act's plan is to reduce carbon dioxide emissions by 30 to 43 percent from 2005 levels by 2030.
Former President Trump has criticized Harris for supporting Biden's efforts to replace fossil fuels.
She wants to get rid of gas-powered cars and replace them with all electric.
As president, Trump fought for energy independence, moving away from coal and tapping into the country's natural gas resources.
We have more liquid gold under our feet than Saudi Arabia.
He immediately withdrew from the Paris Climate Accord and canceled the Obama administration's Clean Power Plan.
Trump approved the Keystone Pipeline permit and says he will do it again if elected.
We will drill, baby, drill.
As of June 2024, inflation has dropped significantly to 3 percent.
Harris says costs are still too high.
She plans to take on big companies that mislead Americans with hidden fees and...
We will take on corporate landlords and cap unfair rent increases.
And we will take on big pharma to cap prescription drug costs for all Americans.
Trump has a different approach.
We will pass massive tax cuts for workers, and that includes no tax on tips, Michaela.
He also plans to return manufacturing jobs to American workers.
Arlene Richards, NTD News.
