Joe Biden

Mark Cuban, who attended Harris’s speech at the Economic Club in Pittsburgh, praised the vice-president’s pitch as “better for business”.Cuban, the entrepreneur and investor who rose to prominence as owner of the Dallas Mavericks NBA team and star of the reality TV show Shark Tank, lauded Harris for discussing AI and other emerging technologies and her plans to encourage entrepreneurs in an interview with MSNBC.“Every single person in this country has that entrepreneur in them,” he said. “And she’s going to lift them up.”Trump meanwhile, “has no interest in really finding out what it takes to be successful with any policy,” Cuban said.Cuban has been a big supporter of Harris.Harris, in turn, had largely catered this speech to business owners and centrists who may have identified with pro-business Republican candidates in the past, and may be turned off by Donald Trump’s inscrutable economic agenda.The US House passed a three-month government funding package on Wednesday, sending the bill to the Senate with just days left to avert a shutdown set to begin next Tuesday.The vote was 341 to 82, with 132 Republicans and 209 Democrats supporting the legislation. All 82 votes against the bill, which will extend government funding until 20 December, came from House Republicans.Republican House speaker Mike Johnson revealed the legislation on Sunday after his original funding proposal failed to pass last week. Johnson’s original bill combined a six-month funding measure with the Safeguard American Voter Eligibility (Save) act, a controversial proposal that would require people to show proof of citizenship when they register to vote. Fourteen House Republicans and all but two House Democrats voted against that bill last Wednesday, blocking its passage.Read the full story here:In Racine county, Wisconsin, the Guardian’s Callum Jones looked at Donald Trump’s promises to “rebuild the economy” and how they panned out. Less than 30 miles south of the Fiserv Forum, the Wisconsin convention center where Republicans confirmed Donald Trump as their nominee for president for the third time, lies the site of a project Trump predicted would become “the Eighth Wonder of the World”.While still in office, the then president traveled to Mount Pleasant in Racine county to break ground on a sprawling facility that the electronics manufacturing giant Foxconn had agreed to build – in exchange for billions of dollars’ worth of subsidies.Flanked by local allies and executives from the company, Trump planted a golden shovel in the ground. “America is open for business more than it has ever been open for business,” he proclaimed in June 2018, as FoxConn promised to invest $10bn and hire 13,000 local workers.Highways were built and expanded. Homes were razed. The area – a former manufacturing powerhouse – was primed for revitalization in a deal that seemed to underline the executive prowess of America’s most famous businessman, an image that has helped maintain many voters’ confidence that he could steer the US economy more competently than his rival, Kamala Harris, and could win him the White House again come November.But on a recent drive around the site, fields of long grass and weeds stretched as far as the eye could see. Trees marked where houses used to stand. The Eighth Wonder was nowhere to be seen.“Everyone was very skeptical it was going to happen,” said Wendy DeBona, a local Uber and Lyft driver, 53. “And then, of course, look what happened.”Foxconn all but pulled the plug in April 2021, blaming “unanticipated market fluctuations” as it drastically cut back its plan and struck a new deal, through which it committed to spend $672m on a campus that would create about 1,400 jobs.Today, a striking glass globe stands over what the firm did, eventually, build. What work is actually taking place there is the subject of local speculation; the company did not respond to a request for comment.Trump had left office by the time Plan A fell through. “They dug a hole with those golden shovels, and then they fell into it,” Joe Biden, his successor, suggested earlier this year. “Foxconn turned out to be just that: a con.”But one section of the site is a hive of activity, with cranes, diggers, trucks, lorries and tractors visible from the road. Biden himself visited in May, as Microsoft announced it would invest $3.3bn into a new data center on part of the land abandoned by Foxconn. The project is set to create 2,300 union construction jobs, and the tech giant has also pledged to build a new academy with a local technical college, through which more than 1,000 students will be trained in five years “to work in the new data center and IT sector jobs created in the area”.So did Biden do what Trump didn’t? It depends on whom you ask. Who is better for the economy will be a crucial question in Wisconsin, a must-win swing state in the race for the White House. The state backed Barack Obama in 2012, Trump in 2016 and Biden in 2020. As Trump pledges to “rebuild” the US economy by cutting taxes, boosting wages and creating jobs, those attempting to persuade Racine county to reject him believe his role in the Foxconn debacle has shifted the dial.Donald Trump’s campaign has already responded to Harris’s speech, pointing back to Joe Biden’s economic record.“She’s had three and a half years to prove herself, and she has failed. Personal savings are down, credit card debt is up, small business optimism is at a record-low, and people are struggling to afford homes, groceries and gas,” said Karoline Leavitt, the Trump campaign national press secretary. “ONLY President Trump will Make America WEALTHY Again” (emphasis hers).Although small business optimism remains low, it is not at a record low.As Marketplace explains:
National Federation of Independent Business’ newest small-business optimism index is out. The good news? The index rose more than two points in July, and small businesses feel the most optimistic they have since February 2022. The less good news? Optimism is still below the survey’s 50-year average.
The challenge for Trump’s campaign will be holding Harris accountable for the economy under Biden. Polls are increasingly finding that voters are willing to give Harris the benefit of the doubt – and hear her out.Mark Cuban, who attended Harris’s speech at the Economic Club in Pittsburgh, praised the vice-president’s pitch as “better for business”.Cuban, the entrepreneur and investor who rose to prominence as owner of the Dallas Mavericks NBA team and star of the reality TV show Shark Tank, lauded Harris for discussing AI and other emerging technologies and her plans to encourage entrepreneurs in an interview with MSNBC.“Every single person in this country has that entrepreneur in them,” he said. “And she’s going to lift them up.”Trump meanwhile, “has no interest in really finding out what it takes to be successful with any policy,” Cuban said.Cuban has been a big supporter of Harris.Harris, in turn, had largely catered this speech to business owners and centrists who may have identified with pro-business Republican candidates in the past, and may be turned off by Donald Trump’s inscrutable economic agenda.Although voters overall still seem to favor Donald Trump over Kamala Harris on economic issues, the former president’s edge has been blunted.Recent polls have showed that voters have more faith in Harris than they did in Joe Biden to steer the economy. A Quinnipiac poll released yesterday, for example, found that 52% of voters favored Trump vs 45% for Harris on the economy . An AP poll, meanwhile, found that voters were split – 43% favored Trump on the economy v 415 for Harris.Here’s some analysis from the AP:
The finding is a warning sign for Trump, who has tried to link Harris to President Joe Biden’s economic track record. The new poll suggests that Harris may be escaping some of the president’s baggage on the issue, undercutting what was previously one of Trump’s major advantages.
It may help Harris that the economy is also looking up for many voters. Interest rates are coming down, prices are stabilizing.Her speech today didn’t include much that was new – but Harris did detail several specific policies, including reiterating pledges she has previously made to help families with childcare costs, cut taxes for the middle class and encourage affordable housing construction. She also proposed policies to encourage entreprenuership.Harris wrapped up her speech by making a lengthy attack on the economic policies Donald Trump announced yesterday, saying many of them were rehashes of policies he proposed in 2016, but did not execute during his time as president.“On Trump’s watch, offshoring went up and manufacturing jobs went down across our country and across our economy. All told, almost 200,000 manufacturing jobs were lost during his presidency, starting before the pandemic hit, making Trump one of the biggest losers ever on manufacturing,” Harris said.The vice-president also accused her opponent of talking tough on China, while doing little to stand up to its government:
Donald Trump also talked a big game on our trade deficit with China, but it is far lower under our watch than any year of his administration.
While he constantly got played by China, I will never hesitate to take swift and strong measures when China undermines the rules of the road at the expense of our workers, our communities and our companies, whether it’s flooding the market with steel inferior or at all, unfairly subsidizing shipbuilding or hurting our small businesses with counterfeits.
“Understand the impact of these so-called policies that really are not about a plan for strengthening our prosperity or our security,” Harris said. She then repeated a promise she made, to applause, when accepting the nomination at last month’s Democratic national convention:
I will never sell out America to our competitors or adversaries, never, never. And I will always make sure we have the strongest economy and the most lethal fighting force anywhere in the world.
Warning that the US’s rivals, particularly China, are catching up to it, Kamala Harris said that the “third pillar” of her economic plan would be focused on ensuring the country is the leader in technological innovation, and on cutting red tape that slows down the completion of projects.“The third pillar of our opportunity economy is leading the world in the industries of the future and making sure America, not China, wins the competition for the 21st century,” Harris said.She then elaborated on the types of technologies her administration would prioritize:
I will recommit the nation to global leadership in the sectors that will define the next century. We will invest in biomanufacturing and aerospace, remain dominant in AI and quantum computing, blockchain and other emerging technologies, expand our lead in clean energy innovation and manufacturing, so the next generation of breakthroughs from advanced batteries to geothermal to advanced nuclear are not just invented, but built here in America by American workers.
Turning to unions, she promised to “double the number of registered apprenticeships by the end of my first term”. Harris also proposed eliminating “degree requirements while increasing skills development”, something she said she would do for federal workers.She then turned to the pace of construction in the United States, which she argued was too slow:
But the simple truth is, in America, it takes too long and it costs too much to build. Whether it’s a new housing development, a new factory or a new bridge, projects take too long to go from concept to reality. It happens in blue states, it happens in red states, and it’s a national problem. And I will tell you this, China is not moving slowly. They’re not and we can’t afford to either.
Lowering costs was “the first pillar” of her economic policy, and now Kamala Harris is getting into her “second pillar”, which she said was “investing in American innovation and entrepreneurship”.“There has been no incubator for unleashing human potential like America, and we need to guard that spirit,” the vice-president said.Her plan to do that involves making it easier for entrepreneurs to get loans:
We can make it easier for our small businesses to access capital. On average, it costs about $40,000 to start a new business, but currently, the tax deduction for startups is only $5,000.
So, currently, for startup costs, the tax deduction is $5,000. Well, in 2024 it is almost impossible to start a business on $5,000 which is why as president, I will make the start-up deduction 10 times richer, and we will raise it from $5,000 to $50,000 tax deduction and provide low- and no-interest loans to small businesses that want to expand.
She also set the goal of generating 25m new applications for small businesses by the end of her first term, which would be in January 2029.Kamala Harris is now talking about the sorts of policies she would pursue as president, reiterating pledges she has previously made to assist families with childcare costs, cut taxes for the middle class and spur the construction of affordable housing:
Under my plan, more than 100 million Americans will get a middle-class tax break that includes $6,000 for new parents during the first year of their child’s life to help families cover everything from car seats to cribs. We’ll also cut the cost of childcare and elder care, and finally, give all working people access to paid leave, which will help everyone caring for children, caring for aging parents and that sandwich generation, which is caring for both.
She then went into her plan to lower housing costs, a major concern for both her and Donald Trump:
We will also go after the biggest drivers of cost for the middle class and work to bring them down. And one of those, some would argue, one of the biggest is the cost of housing. So here’s what we will do. We will cut the red tape that stops homes from being built and take on, in addition, corporate landlords who are hiking rental prices and, yes, and we will work with builders and developers to construct 3 million new homes and rentals for the middle class, because increasing the housing supply will help drive down the cost of housing.
Then we will also help first time homebuyers just get their foot in the door with the $25,000 down payment assistance.
Trump’s policy on housing has centered on mass deportations of undocumented immigrants, who he argues have increased demand for housing and, therefore, costs. Here’s more about that:Harris has thus far talked less about policy than about her ideology when it comes to handling economic challenges.Harris has invoked Democratic icon Franklin Delano Roosevelt as inspiring her economic approach, saying:
I will engage in what Franklin Roosevelt called bold, persistent experimentation, because I believe we shouldn’t be constrained by ideology, and instead, should seek practical solutions to problems, realistic assessments of what is working and what is not, applying metrics to our analysis, applying facts to our analysis, and stay focused … Not only on the crises at hand, but on our big goals, on what’s best for America over the long term.
The vice-president then got more direct about what she supported:
I’ve always been, and will always be, a strong supporter of workers and unions, and I also believe we need to engage those who create most of the jobs in America.
Look, I am a capitalist. I believe in free and fair markets. I believe in consistent and transparent rules of the road to create a stable business environment, and I know the power of American innovation. I’ve been working with entrepreneurs and business owners my whole career, and I believe companies need to play by the rules, respect the rights of workers and unions and abide by fair competition, and if they don’t, I will hold them accountable.
Harris has not actually gotten into specifics yet, but continues to elaborate on her promise to lower costs for Americans.“I want Americans and families to be able to not just get by, but be able to get ahead, to thrive, be able to thrive,” the vice-president said.She went on:
I don’t want you to have to worry about making your monthly rent if your car breaks down. I want you to be able to save up for your child’s education, to take a nice vacation from time to time. I want you to be able to buy Christmas presents for your loved ones without feeling anxious when you’re looking at your bank statement. I want you to be able to build some wealth, not just for yourself, but also for your children and your grandchildren, intergenerational wealth.
Harris, speaking a little more slowly and deliberately than she usually does, then went on to attack Donald Trump’s economic policies:
The American people face a choice between two fundamentally very different paths for our economy. I intend to chart a new way forward and grow America’s middle class. Donald Trump intends to take America backward to the failed policies of the past.
He has no intention to grow our middle class. He’s only interested in making life better for himself and people like himself, the wealthiest of Americans, you can see it spelled out in his economic agenda, an agenda that gives trillions of dollars in tax cuts to billionaires and the biggest corporations, while raising taxes on the middle class by almost $4,000 a year, slashing overtime pay, throwing tens of millions of Americans off of health care and cutting Social Security and Medicare. In sum, his agenda would weaken the economy and hurt working people and the middle class.
In a speech in Georgia yesterday, Trump announced plans to slash taxes for corporations who make their products in the United States, and put steep tariffs on imports from countries where US firms move jobs:Kamala Harris began by recounting how the economy grew and unemployment stayed low under Joe Biden’s presidency, then pivoted to acknowledging the toll inflation has taken on Americans.“Over the past three and a half years, we have taken major steps forward to recover from the public health and economic crisis we inherited. Inflation has dropped faster here than the rest of the developed world. Unemployment is near record low levels,” she said.“But let’s be clear, for all these positive steps, the cost of living in America is still just too high. You know it, and I know it, and that was true long before the pandemic hit.”Kamala Harris is coming onstage now in Pittsburgh, where she’s set to elaborate on her proposals for the economy.We’ll let you know what she has to say. More