The financial system had a starring function within the first, and certain solely, vice presidential debate between Minnesota Gov. Tim Walz and Senator JD Vance Tuesday evening, with each candidates positioning themselves as a champion of the center class.
Regardless of CBS moderators briefly muting Vance and at one level chopping off Walz for going over time, the candidates had a largely cordial evening. The 2 shook arms on the high of the night and repeatedly agreed with one another all through the controversy on the foremost points dealing with the nation. Each talked about coming “from the middle 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 totally different.
Vance hung out working in enterprise capital and has an estimated internet value of $10 million, in response to a Washington Submit evaluation. Walz however owns no shares, bonds, and even property. Collectively together with his spouse, Gwen, his internet value is $330,000, in response to a report by the Wall Avenue Journal.
Their key monetary coverage variations had been highlighted all through the evening at each flip, even on questions that weren’t in regards to the financial system outright.
Right here’s a breakdown of 4 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 in the course of 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 difficulty throughout a devoted part of debate on housing, when Vance doubled down.
“It’s why we have massive increases in home prices that have happened right alongside massive increases in illegal alien populations under Kamala Harris’ leadership,” he mentioned.
However Walz blamed Wall Avenue for treating housing as “a commodity” and defended his and Democratic candidate vp Kamala Harris’ plan to supply $25,000 in down-payment help for first-time homebuyers.
Gov. Walz on unaffordable housing: “We’ve got a lot of folks that see housing as another commodity.”
Harris and Walz have a plan to crack down on worth gouging and improve inexpensive housing. pic.twitter.com/VjKSqjRL3A
— CAP Motion (@CAPAction) October 2, 2024
“People with stable housing end up with stable jobs. People with stable housing have their kids being able to get to school. All those things end up saving our money,” 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 should be opening up building in this country. We have a lot of land that could be used,” he mentioned. Vance repeatedly pivoted to blaming President Joe Biden and vp Harris for the present housing scenario.
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 sturdy file on the difficulty. 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 modifications to the medical health insurance market. Vance and Republican Presidential nominee Donald Trump have argued that wholesome People are burdened by present medical health insurance costs and modifications to {the marketplace} would decrease their prices.
Walz hit again, saying that Vance’s plan would improve prices and trigger individuals 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 in the course of the vice presidential debate and shortly took an financial flip because the candidates debated their views on EVs, photo voltaic and energy-related 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 called it a hoax, and then joked that these things would make more beachfront property to be able to invest in.” He went on to tout his expertise as Minnesota governor bringing electrical car and photo voltaic jobs to the state.
When requested what their administrations would do to attempt to scale back the affect of local weather change, JD Vance says he and Donald Trump “support clean air, clean water,” arguing that the reply to local weather change is investing in additional power 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 support clean air, clean water,” and swiped at Harris for “doing business with the dirtiest parts of the world,” referencing manufacturing in China.
Vance argued that his and Trump’s plan, which requires investing in additional pure fuel, will likely 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 choice for the center class.
Walz opened the part saying, “Kamala Harris and I believe in the middle class because that’s where we came from.” Their plan contains childhood tax credit and cuts on taxes for the center class. Walz blamed Trump’s administration of COVID for “the collapse of our economy” and mentioned Harris had turned it round. He additionally linked Trump to grease billionaires and questioned Trump’s file on paying taxes.
“If you’re listening tonight and you want billionaires to get tax cuts,” Trump is your candidate, Walz advised voters whereas trying straight into the digicam “How is it fair that you’re paying your taxes every year and Donald Trump hasn’t paid any federal tax in the last 15 years?”
Vance shot again: “If Kamala Harris has such great plans for how to address middle-class problems, then she ought to 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 people, rising wages, rising take home pay, an economy that works for normal Americans, a secure southern border,” he mentioned. “When you screw up, when you misspeak, when you get something wrong, and you change your mind, you ought to be honest with the American people.”
He additionally partially blamed Congress, saying there “were a lot of things on the border, on tariffs” that “could have done so much more if the Republican Congress and the Democrats in Congress had been a little bit better about how they governed the country.”
Reactions to the controversy
After the controversy, 88% of viewers mentioned they seen the occasion as “generally positive.”
For greater image breakdowns on the financial affect of the 2024 presidential race within the U.S. take a look at a few of our earlier reporting:
