The November 5 Election and the US Economy

The stakes of the upcoming presidential election on November 5 are very high. While voters may be chiefly focused on inflation and the economy, there are other issues—like immigration, trade policy and fiscal policy—that could have far-reaching implications for both the US economy and the rest of the planet. In this Economic Viewpoint, we’ll examine the main economic issues in play, and how they’re addressed in each candidate’s policy platform. It’s worth pointing out that neither candidate has a solid plan for keeping prices in check, even though voters consistently name soaring inflation as a top concern. But former president Donald Trump’s more aggressive proposals for tariffs and immigration could result in weaker growth and higher inflation than both our baseline scenario and what we could expect if Vice President Kamala Harris took office.