Here's where the 2024 presidential candidates stand on the economy
From inflation to military spending to housing costs, the 2024 presidential candidates have made their plans for the U.S. economy central to their pitch to voters.
Here’s a brief look at where the major candidates stand on the issue.
Joe Biden
President Joe Biden's reelection campaign is heavily centered around "Bidenomics," his economic agenda.
The Democrat and self-professed "most pro-union president" often says the economy should be built "from the middle out and the bottom up," rather than the trickle-down economic theory, and powered by union jobs.
He has pushed for more goods to be made in America and for increased taxes on wealthy individuals and corporations.
Robert Kennedy Jr.
In a June interview on the "Breaking Points" podcast, Robert F. Kennedy Jr. said that his "primary platform" on the economy would be cutting military spending and reinvesting that money into domestic spending and development.
The Democratic candidate has also spoken at length on the campaign trail about launching a new "housing boom" in the U.S. by reforming the tax code to prevent corporations from buying single-family homes and launching a new government-backed mortgage program. Kennedy has sai the program would back mortgages at a 3% interest rate and be financed by tax-free bonds -- the first 500,000 of which would go to teachers.
Marianne Williamson
Speaker Marianne Williamson, a Democratic candidate, is opposed to the trickle-down economic theory and has railed against the current economy, saying it is an "unjust system" that disproportionately benefits wealthy individuals. The Democratic candidate has called for increased taxes on the wealthy and corporations and an increase in the federal minimum wage, from $7.25 per hour to $15 per hour, as part of her "war on poverty."
![](https://i.abcnewsfe.com/a/39fb2cf0-abe3-4858-ae7f-701647617f7d/grocery-store-01-gty-jef-230717_1689613429744_hpEmbed_4_3x2.jpg?w=992)
Donald Trump
Former President Donald Trump, who is seeking the Republican nomination for the third time, has said he would tackle the inflation through "energy independence" -- more specifically by drilling more oil and lowering gas prices. Trump has also repeatedly touted his record as president of pressuring Federal Reserve Chair Jerome Powell to lower the interest rate, though when asked more recently whether he would lower the interest rate again, Trump was noncommittal, saying it "depends where inflation is."
Ron DeSantis
Florida Gov. Ron DeSantis' 10-point economic plan includes a promise of 3% economic growth -- slightly higher than the current rate -- through, in part, an "ambitious tax and regulatory reform agenda."
The Republican's plan also calls for severing U.S. business ties with China, ending "reckless" federal spending and fighting "woke" policies that the Republican governor argues have infiltrated America's financial systems.
Nikki Haley
Former U.N. Ambassador Nikki Haley has said if she becomes president, she will veto any spending bill that "doesn't take us back to pre-COVID spending levels." The Republican candidate said programs like welfare and state benefits would move from the federal government down to the states.
Her platform also calls for eliminating the federal gas and diesel tax, cutting income taxes for working families and making the tax cuts to small businesses including in the 2017 Tax Cuts and Jobs Act permanent.
Vivek Ramaswamy
Businessman and commentator Vivek Ramaswamy has put forth a plan he maintains will deliver upwards of 5% GDP growth. The Republican says he can do this by pegging the U.S. dollar to gold, nickel, silver and agricultural and farm commodities; rescinding a majority of federal regulations that he says act like a "wet blanket" on the U.S. economy; and unlocking "entrepreneurial opportunity" by drilling, fracking, burning coal and embracing ethanol and nuclear energy.
He has also said he wants to cut the federal workforce by 75%.
Mike Pence
Former Vice President Mike Pence touts his policy plan to tackle inflation as the first produced by the Republican field.
He wants to extend the Tax Cuts and Jobs Act (which is due to expire at the end of 2025) and has promised to spur the economy by "unleashing American energy" with a proposal to make the U.S. energy independent and the world's top producer of energy by 2040.
Chris Christie
Former New Jersey Gov. Chris Christie, who has blamed the last two administrations' spending for some of the highest inflation the U.S. has seen in 40 years, has promised to reign in the federal budget. The Republican candidate has also advocated heavily for entitlement reform to Social Security and Medicare, saying that he's open to exploring raising the retirement age for younger people and implementing means testing for the programs.
Tim Scott
Priorities of South Carolina Sen. Tim Scott's economic plan include reducing government spending, cutting taxes and increasing domestic energy production. As president, the Republican said he would bring non-defense discretionary spending "back to the pre-pandemic baseline," roll back Biden's efforts at student loan forgiveness and instead expand trade school opportunities and accelerate oil and gas development.
A hallmark of Scott's platform is also "opportunity zones" -- an effort he helped enact through the Tax Cuts and Jobs Act to incentivize investment in economically-distressed communities -- which he says he would expand if president.
Doug Burgum
The economy is the first pillar on the campaign trail for North Dakota Gov. Doug Burgum, whose GOP campaign site states the economy "needs to be the absolute top priority."
Burgum believes in "innovation over regulation" and plans to cut taxes, lower gas prices, reduce the cost of living and manage inflation to "unlock the best of America" -- though he hasn't released specifics yet on how he would do that. He often touts his success as a governor, saying he has the "highest GDP of any Republican-led state in the nation" per capita.
Asa Hutchinson
Former Arkansas Gov. Asa Hutchinson wants to reduce the federal civilian workforce by 10% as part of a plan to cut spending and lower the nation's deficit.
The Republican candidate has also pledged to "unleash American energy" as a way to revive the economy -- including by "reversing restrictions on pipeline construction and drilling, removing barriers to nuclear power, and ending the war on fossil fuels."
ABC News’ Gabriella Abdul-Hakim, Libby Cathey, Abby Cruz, Hannah Demissie, Fritz Farrow, Lalee Ibssa, Soo Rin Kim, Nicholas Kerr, Will McDuffie, Kendall Ross and Kelsey Walsh contributed to this report.