The financial system had a starring function within the first, and sure solely, vice presidential debate between Minnesota Gov. Tim Walz and Senator JD Vance Tuesday night time, with each candidates positioning themselves as a champion of the center class.
Regardless of CBS moderators briefly muting Vance and at one level slicing off Walz for going over time, the candidates had a largely cordial night time. The 2 shook fingers on the high of the night and repeatedly agreed with one another all through the talk on the key points going through the nation. Each talked about coming “from the center class,” and argued that their respective plans would bolster working households and enhance the financial system.
Nonetheless, the candidates and their insurance policies are very completely different.
Vance frolicked working in enterprise capital and has an estimated web price of $10 million, in accordance with a Washington Publish evaluation. Walz alternatively owns no shares, bonds, and even property. Collectively along with his spouse, Gwen, his web price is $330,000, in accordance with a report by the Wall Road Journal.
Their key monetary coverage variations had been highlighted all through the night time at each flip, even on questions that weren’t in regards to the financial system outright.
Right here’s a breakdown of three key financial coverage areas the place Walz and Vance went head-to-head Tuesday:
1. Reasonably priced Housing
Reasonably priced housing got here up early on within the debate through the immigration portion, when Vance linked the problems, claiming migrants within the US illegally are driving up the price of housing. The candidates circled again to the problem throughout a devoted part of debate on housing, when Vance doubled down.
“It’s why we’ve large will increase in residence costs which have occurred proper alongside large will increase in unlawful alien populations below Kamala Harris’ management,” he mentioned.
However Walz blamed Wall Road for treating housing as “a commodity” and defended his and Democratic candidate vice chairman Kamala Harris’ plan to offer $25,000 in down-payment help for first-time homebuyers.
Gov. Walz on unaffordable housing: “We have quite a lot of of us that see housing as one other commodity.”
Harris and Walz have a plan to crack down on value gouging and enhance reasonably priced housing. pic.twitter.com/VjKSqjRL3A
— CAP Motion (@CAPAction) October 2, 2024
“Individuals with secure housing find yourself with secure jobs. Individuals with secure housing have their youngsters having the ability to get to high school. All these issues find yourself saving our cash,” Walz mentioned defending Harris’s plan, which additionally requires tax incentives to construct extra houses.
Moderators additionally questioned Vance on Trump’s plan to grab federal land to construct extra homes, however he didn’t elaborate on specifics.
“We must be opening up constructing on this nation. We’ve got quite a lot of land that could possibly be used,” he mentioned. Vance repeatedly pivoted to blaming President Joe Biden and vice chairman Harris for the present housing state of affairs.
2. Well being Care
Vance and Walz each mentioned drug costs and agreed on the necessity for Washington to chop prices, although Walz was capable of flex his robust report on the problem. In 2020, he famously signed a invoice into regulation that may assist Minnesotans afford insulin.
When pressed on outlining a plan for bettering the Reasonably priced Care Act, JD Vance declined to put out clear particulars however known as for adjustments to the medical insurance market. Vance and Republican Presidential nominee Donald Trump have argued that wholesome People are burdened by present medical insurance costs and adjustments to {the marketplace} would decrease their prices.
Walz hit again, saying that Vance’s plan would enhance prices and trigger folks to lose protection. He and Harris have opposed personal fairness possession in well being care.
3. Local weather Change
Local weather change was among the many first questions from moderators through the vice presidential debate and shortly took an financial flip because the candidates debated their views on EVs, photo voltaic and vitality jobs. With the devastating affect of Hurricane Helene contemporary on U.S. minds, each candidates had been requested how their respective administrations would scale back the affect of local weather change.
Walz hit at Trump, saying: “Donald Trump known as it a hoax, after which joked that these items would make extra beachfront property to have the ability to put money into.” He went on to tout his expertise as Minnesota governor bringing electrical automobile and photo voltaic jobs to the state.
When requested what their administrations would do to try to scale back the affect of local weather change, JD Vance says he and Donald Trump “assist clear air, clear water,” arguing that the reply to local weather change is investing in additional vitality manufacturing within the U.S.
Tim Walz mentioned the Biden… pic.twitter.com/yIjnjPA5r5
— CBS Information (@CBSNews) October 2, 2024
Vance mentioned, “Trump and I assist clear air, clear water,” and swiped at Harris for “doing enterprise with the dirtiest elements of the world,” referencing manufacturing in China.
Vance argued that his and Trump’s plan, which requires investing in additional pure gasoline, shall be friendlier to People’ pockets and create jobs within the U.S. He additionally blamed Harris for present oil costs.
4. Tax cuts and tariffs
Walz and Vance every labored to pitch their tax cuts as the higher possibility for the center class.
Walz opened the part saying, “Kamala Harris and I consider within the center class as a result of that’s the place we got here from.” Their plan consists of childhood tax credit and cuts on taxes for the center class. Walz blamed Trump’s administration of COVID for “the collapse of our financial system” and mentioned Harris had turned it round. He additionally linked Trump to grease billionaires and questioned Trump’s report on paying taxes.
“In case you’re listening tonight and also you need billionaires to get tax cuts,” Trump is your candidate, Walz informed voters whereas wanting straight into the digital camera “How is it truthful that you just’re paying your taxes yearly and Donald Trump hasn’t paid any federal tax within the final 15 years?”
Vance shot again: “If Kamala Harris has such nice plans for tips on how to handle middle-class issues, then she must do them now — not when asking for a promotion.”
Vance additionally defended the Trump legacy on the financial system, with moderators urgent him to reply to his personal previous feedback criticizing Trump.
“Donald Trump delivered for the American folks, rising wages, rising take residence pay, an financial system that works for regular People, a safe southern border,” he mentioned. “Whenever you screw up, once you misspeak, once you get one thing fallacious, and you alter your thoughts, you must be sincere with the American folks.”
He additionally partially blamed Congress, saying there “had been quite a lot of issues on the border, on tariffs” that “may have carried out a lot extra if the Republican Congress and the Democrats in Congress had been a little bit bit higher about how they ruled the nation.”
Reactions to the talk
After the talk, 88% of viewers mentioned they seen the occasion as “usually optimistic.”
For larger image breakdowns on the financial affect of the 2024 presidential race within the U.S. try a few of our earlier reporting:
