Economy and Inflation: What the 2024 Republican candidates say they will do

Inflation, economy: What GOP presidential candidates say they will do

Updated: Dec 4, 2023 / 10:54 PM CST

A customer looks at refrigerated items at a Grocery Outlet store in Pleasanton, Calif.,. on Thursday, Sept. 15, 2022. “Best before” labels are coming under scrutiny as concerns about food waste grow around the world. Manufacturers have used the labels for decades to estimate peak freshness. But “best before” labels have nothing to do with safety, and some worry they encourage consumers to throw away food that’s perfectly fine to eat. (AP Photo/Terry Chea)

(NewsNation) — Though the economy is recovering from disruptions caused by the pandemic, some Americans continue to feel the pain of inflation and looming economic uncertainty, and questions about how to fix the remaining economic issues is among the most important discussions in the 2024 race. A NewsNation/DecisionDesk HQ poll released Monday revealed the economy was the top issue for more than half of Americans and 92% reported inflation was still a concern.

While recent reports indicate that inflation has reached its lowest level in 2.5 years with the unemployment rate staying below 4% for the longest stretch since the 1960s, concerns over the economy persist. Inflation — the rate at which costs increase — is currently cooling, but many voters are still feeling the heat of high prices on everyday purchases.

Ahead of the 2024 election, NewsNation is committed to covering the issues that matter most to voters so they can make the most informed choices possible at the polls. To that end, we have broken down the political views of each candidate in our voter guide.

Here’s where the 2024 Republican presidential candidates stand on the economy and inflation:

Donald Trump

Vows to create “lower taxes, bigger paychecks, and more jobs for American workers” by enacting tariffs
Wants to institute a tariff system of around 10% on most foreign goods
Plans to ask Congress to ask to approve a “Trump Reciprocal Trade Act” that would give the president authority to impose a reciprocal tariff on any country that imposes one on the U.S.
Proposing a four-year plan to phase out Chinese imports of essential goods like pharmaceuticals, steel and electronics.
In 2017, the former president signed $1.5 trillion in tax cuts and he claims to have achieved the lowest unemployment rate in 50 years prior to the COVID-19 pandemic.
If reelected, he says he will lower interest rates

Ron DeSantis

Running on an economic plan called “We win. They lose.”
Wants to make the cost of living more affordable for working families and “beat the elites.”
Plan includes achieving 3% economic growth by keeping taxes low, creating a fairer labor market by securing the border, reining in the federal reserve and combating any wasteful federal spending.
DeSantis’ blueprint for economic prosperity touts his purported economic success in the Sunshine State. The Florida governor’s office maintains the state “continues to outpace the nation in building a robust economy.

Nikki Haley

Economic plan features tossing the federal gas and diesel tax, slashing “income taxes for working families” and vetoing any spending bill “that doesn’t take us back to pre-COVID spending levels.”
Blames inflation on high government spending, saying: “Americans are tired of working for Washington.”
Wants to end the federal gas tax
Reportedly recommends “collapsing” tax brackets

Vivek Ramaswamy

The entrepreneur said he is making “economic revitalization a top priority.”
Aims to achieve more than 5% GDP growth
Wants to restructure the Federal Reserve by cutting 90% of its headcount and changing its mandate to “stabilizing the U.S. dollar as a reliable unit of measurement.”
Shared a cryptocurrency plan that calls for a path for digital tokens to be considered commodities

Chris Christie

Without providing specifics, Christie has said he wants to cut spending, increase vocational education and reduce regulations
The former New Jersey governor told NewsNation’s Chris Cuomo he would work with Congress on reining in government spending.
Christie has been critical of both President Joe Biden and former President Donald Trump for the current state of the economy.
Called the Inflation Reduction Act “a mistake.”

Asa Hutchinson

Plans on cutting taxes and reducing regulations to boost the private sector
Wants to grow the labor pool, especially in manufacturing
While serving as the Arkansas governor, he secured more than $700 million per year in tax cuts, safeguarded retirement pay for veterans from the state’s income tax and created over 100,000 new jobs, his campaign said.
Reportedly recommends work requirements for welfare as a cost-cutting measure
Aims to tame inflation by reducing federal government size and spending

The Associated Press contributed to this report.