US Economists Raise Red Flags on Top Election Issues Ahead of DNC

The 2024 presidential election is fast approaching, and economists are weighing in on what should top the next administration’s agenda. A recent survey by the National Association for Business Economics (NABE) has identified three key priorities for the incoming president: tackling budget deficits, reforming immigration policies, and addressing overall economic concerns.

Budget deficits emerged as the most pressing issue, with 59% of the 132 economists surveyed ranking it as their top concern.

The urgency is clear when we look at the numbers. In just the first 10 months of fiscal year 2024, the U.S. borrowed over $1.5 trillion. To put that in perspective, it’s like a family that makes $50,000 a year suddenly taking on $30,000 in new debt in less than a year.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, emphasized the gravity of the situation. She stated, “Our fiscal trajectory cannot be left on autopilot – the stakes are far too high and the consequences far too steep to leave our national debt climbing in perpetuity.”

The national debt has ballooned to over $35 trillion, a staggering increase from about $900 billion four decades ago.

Immigration reform was identified as the second most critical issue. Interestingly, not a single economist surveyed thought current immigration policies were adequate. Most respondents advocated for a balanced approach: increasing legal immigration, enhancing both high-skill and low-skill visa programs, while also strengthening border enforcement.

The overall economy rounded out the top three concerns. Despite ongoing challenges, economists remain cautiously optimistic. They estimate a 25% chance of a recession in 2025, only slightly higher than their February prediction of 22%.

TRENDING: Bankrupt Rite-Aid Abruptly Closes ALL Stores in Two States

As candidates gear up for the election, their economic proposals are coming under scrutiny. Vice President Kamala Harris recently unveiled her “Agenda to Lower Costs for American Families.”

This plan includes significant measures like offering $25,000 to first-time homebuyers and expanding tax credits. However, the Committee for a Responsible Federal Budget estimates these initiatives could increase federal deficits by $1.7 trillion over the next decade.

Harris has also proposed a federal price-fixing plan for corporations, aimed at reducing grocery prices and combating inflation. However, many economists have expressed skepticism about the effectiveness of such a strategy.

Both Harris and former President Trump have suggested eliminating federal taxes on tips. While potentially popular, these proposals come with a hefty price tag. The CRFB estimates Harris’s plan could increase deficits by up to $200 billion, while Trump’s could add as much as $250 billion.

READ NEXT: Popular Fast Casual Restaurant Chain With 162 Locations Teetering on the Edge of Bankruptcy

There is no question the economy will be a huge factor in the upcoming election. It remains to be seen who America will trust with the reigns.