But while all Republican candidates argue they could improve the economy, few have yet to explain exactly how.
There’s been a lot of talk about bringing down inflation, cutting government spending, lowering taxes, boosting US energy production and toughening up America’s biggest global competitor, China. But ahead of next week’s first Republican debate, only two of the candidates — Florida Gov. Ron DeSantis and former Vice President Mike Pence — have presented detailed economic plans.
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Instead, the focus is on culture war issues such as abortion and LGBTQ rights, as well as Trump’s impeachments.
Meanwhile, Biden and officials have toured the country in recent weeks, touting continued solid job growth and moderating inflation as evidence that his policies, dubbed Bidenomics, are on the mend in the wake of economic disruptions caused by the pandemic and Russia’s war in Ukraine functions.
Letting the White House dominate the conversation is not good for Republicans, as polls consistently show voters rank the economy as the top issue, said Jon McHenry, a Republican pollster unaffiliated with any of the campaigns.
“It makes a lot of sense to be out there…talking about what you’re going to do to fix the economy,” McHenry said of the GOP primary candidates. “Republicans are better off getting involved and laying the groundwork for it than leaving it to Joe Biden for the next 12 months or so.”
DeSantis and Pence presented their proposals late last month. DeSantis offered a comprehensive 10-point plan just days after Pence focused on inflation. Both continue to draw attention to the plans during the election campaign.
“While there are a variety of challenges that people face, none are more important than the kitchen table and economic issues…the ability to put food on the table and put gas in the car,” said Devin O’Malley, a campaign adviser by Pence.
When Pence presented the inflation plan on July 26, he accused his opponents of not providing detailed proposals. “Unfortunately, many Republican presidential candidates are too busy arguing among themselves to come up with a plan to bring inflation under control,” reads a one-page summary of Pence’s inflation plan, according to CNN.
Pence said he would take four steps to bring down inflation:
- cutting government spending, including by freezing nondefense spending, removing the electric vehicle tax credit and other Biden initiatives, and eliminating the Environmental Protection Agency and the Consumer Financial Protection Bureau;
- Ask the Federal Reserve to focus solely on inflation by repealing its other congressional mandate to maximize employment.
- Boost production in the US to avoid problems in the global supply chain;
- Increase energy production by allowing more drilling on federal land and opening up arctic and offshore areas to exploration.
A few days later, in a speech in Rochester, New Hampshire, DeSantis introduced his plan, entitled “A Declaration of Economic Independence.” The proposal was a mix of traditional Republican policies — like low taxes, less government regulation, reduced federal spending, etc. increased energy production — and some “anti-woke” initiatives, like ending the use of “environmental, social, and governance standards.” in corporate investments.
DeSantis also added some populist appeals less consistent with traditional Republican orthodoxy, such as: B. defending the use of cryptocurrencies and facilitating easier payoff of student loan debt in bankruptcy.
“I’m running for President because we need to reverse the decline of this country and give our country back the greatness it deserves,” DeSantis said. “And that starts with restoring an American economy that actually works again for American families.”
But DeSantis barely focused on inflation, the economic problem that affects people most directly. A Pew Research Center poll released in June found that 65 percent of respondents identified inflation as a “very big problem,” edging out healthcare at the top.
McHenry said Pence was wise to formulate his economic plan that went beyond inflation as he still primarily focuses on that issue.
“It’s a good shortcut for the economy,” he said. “Just talking about inflation is a pretty good way to make sure people agree.”
But DeSantis’ July 31 speech is broadly typical of how Republicans are handling the economy at this point in the campaign, said Douglas Holtz-Eakin, an economist and president of the conservative-leaning think tank American Action Forum.
“First of all, there’s a statement that says, ‘We have a problem, we have to solve it.’ … And then there’s a clue as to who the villains are that brought us down,” said Holtz-Eakin, a former director of the bipartisan Congressional Budget Office. “At the top of that list is Joe Biden, maybe China is at the top of that list, but it’s a neck-and-neck race.”
Even with detailed plans, there’s not much detail because campaign strategists don’t want to restrict candidates, said Holtz-Eakin, who served as economic adviser to Republican John McCain’s 2008 presidential campaign.
“It’s like peeling the onion in reverse — you build up the onion,” he said. “You set general principles and then set priorities within the general principles. Then start giving some details about how you’re going to do it.”
Trump, the frontrunner in the polls, has revealed a few details, including imposing tariffs on all foreign-made goods and “baby exercise” for more oil. But most of his pitch was to overstate how well the economy had performed under his presidency and promise to bring it back to that level after four years of the Biden administration.
“They live off what we’ve done and we’ve done an incredible job,” Trump boasted in Windham.
While there was solid job creation and historically low unemployment under Trump, economic growth was still somewhat sluggish before the pandemic triggered a deep but brief recession. The economic recovery began under Trump but was accelerated by the $1.9 trillion COVID relief bill that Biden pushed through Congress in early 2021, which is also partly blamed for fueling high inflation.
Kevin Munoz, a spokesman for Biden’s campaign, said it’s the Republican agenda that’s bad for the economy.
“The bottom line is that the MAGA Republicans running for president are doubling down on Donald Trump’s rejected, leaked agenda of tax cuts for the rich, threats to Social Security and Medicare, and job losses across the United States,” Munoz said. “Bidenomics brings jobs back home and lowers costs for middle-class families.”
Right now, Biden is speaking more extensively about the economy than his Republican opponents, making Bidenomics a centerpiece of his re-election campaign.
“I don’t know if it’s the stupidest or bravest move I’ve seen politically in the last 20 years,” McHenry said.
Biden frequently mentions record-breaking job growth during his tenure and inflation falling from last year’s four-decade high. He also highlights legislation that will pump investment into the economy, including infrastructure, microchip manufacturing and green energy, although it’s unclear whether these will resonate with voters.
Holtz-Eakin expects Republicans to focus more on the economy in the general election against Biden. Meanwhile, Republican candidates are hoping they can avoid the specifics and just smack him.
“If you can make him so unattractive that you don’t even have to say what you’re going to do, that’s a big victory in the eyes of political strategists,” he said. “They didn’t give away flexibility and rose in the polls.”
Jim Puzzanghera can be reached at [email protected]. Follow him @JimPuzzanghera.
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