Here's what the economy would look like under a Trump or Biden presidency

Insider

Whether it's paying off student loans or applying for health insurance, here's what life would look like under a Trump vs. a Biden administration.

Transcript

00:00Inflation has driven up the cost of so much, and with high interest rates and high home prices,

00:06the economy is paramount to voters when it comes to choosing an ex-president.

00:09I'm John Dorman, and I'm a senior politics reporter at Business Insider.

00:13Here's how the U.S. economy will look like under a Biden or a Trump presidency.

00:17Education is one of the most critical issues of this election, especially with younger voters.

00:22One of the issues that both candidates have brought up is reform in higher education overall.

00:26Student loan debt has broad implications for the American economy.

00:29Whether it comes to delaying buying a home or not being able to afford buying a car,

00:33it really could have major implications on the life choices of millions of Americans.

00:37So even if you aren't particularly affected by student loan debt relief,

00:41higher education overall, especially for young generations,

00:44this is going to be a continued issue with education costs continuing to rise.

00:47Should President Joe Biden be reelected, he would continue to find ways to try to lower costs for students when paying back student loans.

00:54Whereas for former President Donald Trump, he's given no indication that that's something that would be a priority of his.

00:59President Joe Biden has been a firm supporter of broader student loan debt relief.

01:03It's an issue that he ran on in 2020.

01:05Middle class folks earn under $125,000.

01:09You get up to $10,000 knocked off the debt.

01:12And if you earn under $125,000, you receive a Pell Grant, you get a $20,000 knocked off.

01:17And it was an issue that brought in a lot of younger voters to his campaign.

01:20But it has hit a lot of snags.

01:22While he has implemented about $153 billion of relief for students,

01:27especially those that were impacted by the closure of for-profit universities,

01:31there have been a lot of court challenges.

01:33Former President Donald Trump and Republicans have been opponents of student loan debt relief.

01:37President Biden is not allowed to wipe out hundreds and hundreds of billions,

01:42probably trillions of dollars in student loan debt.

01:45And should he be back in the White House, it's something that he wouldn't implement.

01:49When it comes to health care, we should consider abortion, gender-affirming health care, and drug prices.

01:54Should President Joe Biden be reelected,

01:56he would continue to implement the firm mechanics of the Affordable Care Act,

02:00where with former President Donald Trump, he has been an opponent of the Affordable Care Act.

02:04We're going to repeal it, and we're going to replace it,

02:07and we're going to get you great, great health care at a fraction of the cost.

02:12And he also has been a candidate who hasn't really focused particularly on pharmaceutical drugs,

02:17which is something that the Biden administration has firmly been a supporter of negotiating.

02:22If he succeeds and Obamacare is overturned,

02:2520 million lose coverage, 100 million lose their coverage for preexisting conditions.

02:30Pregnancy once again becomes a preexisting condition.

02:33Your kids won't be able to stay in your plan until they're 26.

02:37President Joe Biden's Inflation Reduction Act lowered the cost of insulin to $35 a month,

02:42and his administration is committed to negotiating drug prices with drug companies.

02:46Whereas with former President Donald Trump,

02:48it's slightly unclear how he would approach lowering the cost of prescription drugs,

02:52which is a major issue for seniors in this election.

02:54Abortion is a defining issue for the presidential campaigns.

02:58For President Joe Biden, he's running as a pro-choice candidate.

03:01He is committed to restoring Roe vs. Wade,

03:04and he's railed against former President Donald Trump over the Supreme Court overturning Roe vs. Wade.

03:08A terrible, extreme decision in my view,

03:11upending lives and impacting on the health and safety of millions of women.

03:15With former President Donald Trump, he installed the justices that were able to overturn Roe vs. Wade,

03:20and he's been a firm supporter of that decision.

03:23However, he does say that he won't support a national abortion ban,

03:26which is something that the Biden administration questions.

03:29The choice is clear. We either elect federal senators and representatives who will codify Roe,

03:34or Republicans who will elect the House and Senate who will try to ban abortions nationwide.

03:41When it comes to gender-affirming healthcare,

03:43President Biden does support gender-affirming care overall,

03:46while former President Donald Trump doesn't support federal funding of gender-affirming care.

03:51Here's where President Joe Biden and former President Donald Trump stand on the issue of taxes.

03:56Biden's tax plans have been focused on delivering relief for middle-class taxpayers,

04:00whereas former President Donald Trump's plans have been more focused on higher-income earners.

04:04We passed the largest tax cuts in the history of our country.

04:10The Democrats want to raise your taxes. Tell me about that.

04:15With inflation still being a major issue, the plans for both of these candidates

04:19could have major implications in terms of filing taxes,

04:22but just in terms of everyday costs that are passed on.

04:24But overall, the picture for both candidates is still a little uncertain.

04:28Here's where Biden and Trump stand on the issue of labor.

04:32President Joe Biden has been a major ally of organized labor.

04:35The infrastructure law was something that was championed by the administration,

04:38and organized labor was thrilled by that. It created hundreds of thousands of jobs.

04:43I've created nearly 13.5 million jobs.

04:46More jobs in two years than any president has created in a four-year term.

04:51If Biden is re-elected, organized labor will continue to be a huge priority for him.

04:55President Biden's stance on unions has been basically to implement and to strengthen protections for workers,

05:01which has broad implications, whether it's overtime pay or whether how prevailing wages are calculated.

05:06This is something that his administration has prioritized.

05:08Whereas with former President Donald Trump, he's made overtures and tried to make inroads with auto unions and labor overall,

05:15but it's unclear whether he was going to have success with that in a second term.

05:18The issue of affordable housing is a huge one for millions of Americans,

05:22and it's something that both President Joe Biden and former President Donald Trump would have to tackle heavily in a second term,

05:27especially when it comes to young voters who have found themselves priced out of so many cities and towns across the country.

05:34When it comes to Biden, in the past, he's kickstarted the construction of 1.7 million new units,

05:39which is something that he feels as though has helped alleviate the problem.

05:42In a second term, he would continue with that.

05:45Whereas for Donald Trump, he hasn't been too clear on how he would actually tackle the issue of affordable housing.

05:50Both Biden and Trump are going to need the votes of millennials and Gen Zers in the upcoming election,

05:55especially as it comes to housing affordability,

05:58which is something that could be the difference between winning or losing key swing states like Michigan, Pennsylvania, and Wisconsin.

06:04Manufacturing is going to be a key issue in this election.

06:07Manufacturing has broad implications for the American economy,

06:10especially as it relates to the expansion of this industry when it comes to costs being higher.

06:14These are all things that are passed on to American consumers.

06:17A strong and healthy manufacturing sector in America is something that both Biden and Trump want,

06:22and they both also have different approaches to how they want to tackle that.

06:25For Biden, he's focused on lowering the cost of electric vehicles.

06:29Whereas for former President Donald Trump, he's been more skeptical of EVs,

06:32saying that it will harm the U.S. auto industry and that Mexico and China would have a competitive edge there.

06:39Another important issue is the policies between Biden and Trump when it comes to steel.

06:43Biden has fought to keep steel domestically owned.

06:46He has not put any additional regulations on it.

06:48Whereas for Trump, when he was in office, he placed tariffs on steel and aluminum imports.

06:53When it comes to manufacturing, you also have to consider their stance on the environment.

06:56Biden has crafted many of his regulations with the environment in mind.

07:00He sought to tighten pollution standards for vehicles.

07:03Whereas for former President Donald Trump, he's been someone who wants to invest more in fossil fuels

07:07and has been opposed to the restrictions when it comes to auto pollution.

07:11Since their stances are so wildly divergent, this is an issue that is going to be huge for a lot of voters.

07:16In a second term, Biden is really going to be focused on strengthening the sorts of regulations when it comes to vehicle production.

07:23Whereas with Trump, you're going to see a relaxation of those sorts of rules.

07:27You're going to see more power companies have more influence within that particular administration.

07:32Here's where Biden and Trump have positioned themselves on the issue of trade and tariffs.

07:36Tariffs and trade have major implications for American taxpayers.

07:39With inflation already being so rampant, the costs of everyday goods rising

07:43through protectionist policies and other strict trade policies could be really, really detrimental to a lot of Americans.

07:49In 2016, Trump ran on more protectionist trade policies.

07:53We're going to defend our workers, protect our jobs, and finally put America first.

08:03That's how he made inroads in places like Michigan, Wisconsin, and Pennsylvania.

08:06In a second term, he would likely continue those, especially as it relates to tariffs against China

08:12and other trade and protectionist policies that he's spoken about heavily with his America First stance,

08:17especially as it relates to strengthening domestic manufacturing.

08:20Biden in years past has been supportive of free trade, but there's been a shift in his administration over the past few years.

08:26Recently, he's implemented tariffs on steel and aluminum imports from China.

08:30That's a big thing that could have really broad implications going forward.

08:34And it also mirrors some of the more protectionist policies that were put into place by Trump.

08:39With inflation having ravaged the pocketbooks of so many Americans over the past few years,

08:44issues of tariffs and trade for both Biden and Trump are going to be something that voters are going to be paying close attention to.

08:49The economy is by far the most important issue on the minds of voters headed into the election.

08:54Whether it is student loan debt relief, whether it's manufacturing, tariffs and trade,

08:58voters are going to want solutions, and they're going to be demanding that from the candidates.

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