Last night concluded the second 2024 presidential debate and it was a far cry from the display we saw in the initial debate. Microphones were mostly kept on which meant sparks were flying as the two candidates interrupted each other and threw personal jabs. We expected that might happen and viewers certainly got their money’s worth; however, there were also many important points made about the policies that each candidate has put forth. Former President Trump reiterated his major talking point with few changes or clarifications, and he perhaps muddied the waters with remarks that had little substance. VP Harris outlined her vision for America’s future, which her campaign quickly rolled out following her late nomination. However, she did not always provide detailed context for some of her proposals.

The early hour of the debate focused on the economy as we expected. Harris coined a new phrase for her economic plan, an “opportunity economy.” She went over many of the topics at the top of her economic plan such as her tax break for small businesses and tax cuts for the middle class. She positioned her economy as one where those in median or difficult financial situations now would have a way to better themselves. She tried to distance herself from a Biden administration that has taken much of the blame for the current state of the economy. Interestingly, she did not bring up her crackdown on price gouging and was not asked about it. She made sure to hit all her major talking points, yet did not expand upon her economic ideas in great detail. Much of what we heard last night we already knew. She was asked twice by both the moderator and Trump about why the Biden administration had not repealed Trump era tariffs. She did not answer the question and gave no indication about her stance on it as President. A possible reason for this is that tariffs are difficult to remove and could negatively impact consumer spending if done too quickly. The tariffs on China specifically are being used as a bargaining tool. Overall, Harris made the most of her screen time and showed that she came prepared and that small to mid-sized business owners could feel confident in a Harris presidency.

Trump spent the early part of the debate denigrating the job that the Biden administration has done on the economy. He reiterated his two major economic policies, corporate tax cuts and increased tariffs on foreign goods, especially China. He did not add any new context to these ideas, yet he was asked if raising the tariffs would increase prices for consumers, the “Trump sales tax” as Harris called it. He claimed that prices for consumers would not go up and foreign governments would no longer be able to rip off the U.S., he did not give any explanation as to why prices wouldn’t increase. While he did not mention it specifically last night, Trump is aiming for a 10% tariff increase on foreign goods and a 60% tariff on China. He has also said that any country that leaves the dollar as a world reserve currency would be hit with a 100% tariff on goods. We predicted all of this, and it went according to plan until it didn’t, with Trump often going off topic and describing his healthcare plan as the “concepts of a plan.” Certainly, Trump could have spent more of the debate explaining how his tax cuts and tariffs will help the economy and the average American.

While there could have been more specifics given, we are clear on where each candidate stands when it comes to the economy and business. Trump wants to tax foreign companies and give tax breaks to large American companies. Harris is seeking to give tax incentives to small businesses and give tax breaks to middle-class families. Based on internal analysis, Harris’ economic policies could add 0.2-0.5% growth to the GDP, which based on 2023 numbers, could add over $132 billion to the economy each year. Trump’s tax cuts and tariffs could add 0.1-0.3% to the GDP or cause a decrease of 0.1-0.2% in a worst-case scenario, costing the U.S. up to an estimated $53 billion loss per year. Both candidates have made their positions heard and now the American people will have to decide. Harris has requested a third debate be held in October following the VP debate, yet as of this writing Trump has declined to do any additional debates.