Whether it's paying off student loans or applying for health insurance, here's what life would look like under a Trump vs. a Biden administration.
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00:00Inflation has driven up the cost of so much, and with high interest rates and high home prices,
00:06the economy is paramount to voters when it comes to choosing an ex-president.
00:09I'm John Dorman, and I'm a senior politics reporter at Business Insider.
00:13Here's how the U.S. economy will look like under a Biden or a Trump presidency.
00:17Education is one of the most critical issues of this election, especially with younger voters.
00:22One of the issues that both candidates have brought up is reform in higher education overall.
00:26Student loan debt has broad implications for the American economy.
00:29Whether it comes to delaying buying a home or not being able to afford buying a car,
00:33it really could have major implications on the life choices of millions of Americans.
00:37So even if you aren't particularly affected by student loan debt relief,
00:41higher education overall, especially for young generations,
00:44this is going to be a continued issue with education costs continuing to rise.
00:47Should President Joe Biden be reelected, he would continue to find ways to try to lower costs for students when paying back student loans.
00:54Whereas for former President Donald Trump, he's given no indication that that's something that would be a priority of his.
00:59President Joe Biden has been a firm supporter of broader student loan debt relief.
01:03It's an issue that he ran on in 2020.
01:05Middle class folks earn under $125,000.
01:09You get up to $10,000 knocked off the debt.
01:12And if you earn under $125,000, you receive a Pell Grant, you get a $20,000 knocked off.
01:17And it was an issue that brought in a lot of younger voters to his campaign.
01:20But it has hit a lot of snags.
01:22While he has implemented about $153 billion of relief for students,
01:27especially those that were impacted by the closure of for-profit universities,
01:31there have been a lot of court challenges.
01:33Former President Donald Trump and Republicans have been opponents of student loan debt relief.
01:37President Biden is not allowed to wipe out hundreds and hundreds of billions,
01:42probably trillions of dollars in student loan debt.
01:45And should he be back in the White House, it's something that he wouldn't implement.
01:49When it comes to health care, we should consider abortion, gender-affirming health care, and drug prices.
01:54Should President Joe Biden be reelected,
01:56he would continue to implement the firm mechanics of the Affordable Care Act,
02:00where with former President Donald Trump, he has been an opponent of the Affordable Care Act.
02:04We're going to repeal it, and we're going to replace it,
02:07and we're going to get you great, great health care at a fraction of the cost.
02:12And he also has been a candidate who hasn't really focused particularly on pharmaceutical drugs,
02:17which is something that the Biden administration has firmly been a supporter of negotiating.
02:22If he succeeds and Obamacare is overturned,
02:2520 million lose coverage, 100 million lose their coverage for preexisting conditions.
02:30Pregnancy once again becomes a preexisting condition.
02:33Your kids won't be able to stay in your plan until they're 26.
02:37President Joe Biden's Inflation Reduction Act lowered the cost of insulin to $35 a month,
02:42and his administration is committed to negotiating drug prices with drug companies.
02:46Whereas with former President Donald Trump,
02:48it's slightly unclear how he would approach lowering the cost of prescription drugs,
02:52which is a major issue for seniors in this election.
02:54Abortion is a defining issue for the presidential campaigns.
02:58For President Joe Biden, he's running as a pro-choice candidate.
03:01He is committed to restoring Roe vs. Wade,
03:04and he's railed against former President Donald Trump over the Supreme Court overturning Roe vs. Wade.
03:08A terrible, extreme decision in my view,
03:11upending lives and impacting on the health and safety of millions of women.
03:15With former President Donald Trump, he installed the justices that were able to overturn Roe vs. Wade,
03:20and he's been a firm supporter of that decision.
03:23However, he does say that he won't support a national abortion ban,
03:26which is something that the Biden administration questions.
03:29The choice is clear. We either elect federal senators and representatives who will codify Roe,
03:34or Republicans who will elect the House and Senate who will try to ban abortions nationwide.
03:41When it comes to gender-affirming healthcare,
03:43President Biden does support gender-affirming care overall,
03:46while former President Donald Trump doesn't support federal funding of gender-affirming care.
03:51Here's where President Joe Biden and former President Donald Trump stand on the issue of taxes.
03:56Biden's tax plans have been focused on delivering relief for middle-class taxpayers,
04:00whereas former President Donald Trump's plans have been more focused on higher-income earners.
04:04We passed the largest tax cuts in the history of our country.
04:10The Democrats want to raise your taxes. Tell me about that.
04:15With inflation still being a major issue, the plans for both of these candidates
04:19could have major implications in terms of filing taxes,
04:22but just in terms of everyday costs that are passed on.
04:24But overall, the picture for both candidates is still a little uncertain.
04:28Here's where Biden and Trump stand on the issue of labor.
04:32President Joe Biden has been a major ally of organized labor.
04:35The infrastructure law was something that was championed by the administration,
04:38and organized labor was thrilled by that. It created hundreds of thousands of jobs.
04:43I've created nearly 13.5 million jobs.
04:46More jobs in two years than any president has created in a four-year term.
04:51If Biden is re-elected, organized labor will continue to be a huge priority for him.
04:55President Biden's stance on unions has been basically to implement and to strengthen protections for workers,
05:01which has broad implications, whether it's overtime pay or whether how prevailing wages are calculated.
05:06This is something that his administration has prioritized.
05:08Whereas with former President Donald Trump, he's made overtures and tried to make inroads with auto unions and labor overall,
05:15but it's unclear whether he was going to have success with that in a second term.
05:18The issue of affordable housing is a huge one for millions of Americans,
05:22and it's something that both President Joe Biden and former President Donald Trump would have to tackle heavily in a second term,
05:27especially when it comes to young voters who have found themselves priced out of so many cities and towns across the country.
05:34When it comes to Biden, in the past, he's kickstarted the construction of 1.7 million new units,
05:39which is something that he feels as though has helped alleviate the problem.
05:42In a second term, he would continue with that.
05:45Whereas for Donald Trump, he hasn't been too clear on how he would actually tackle the issue of affordable housing.
05:50Both Biden and Trump are going to need the votes of millennials and Gen Zers in the upcoming election,
05:55especially as it comes to housing affordability,
05:58which is something that could be the difference between winning or losing key swing states like Michigan, Pennsylvania, and Wisconsin.
06:04Manufacturing is going to be a key issue in this election.
06:07Manufacturing has broad implications for the American economy,
06:10especially as it relates to the expansion of this industry when it comes to costs being higher.
06:14These are all things that are passed on to American consumers.
06:17A strong and healthy manufacturing sector in America is something that both Biden and Trump want,
06:22and they both also have different approaches to how they want to tackle that.
06:25For Biden, he's focused on lowering the cost of electric vehicles.
06:29Whereas for former President Donald Trump, he's been more skeptical of EVs,
06:32saying that it will harm the U.S. auto industry and that Mexico and China would have a competitive edge there.
06:39Another important issue is the policies between Biden and Trump when it comes to steel.
06:43Biden has fought to keep steel domestically owned.
06:46He has not put any additional regulations on it.
06:48Whereas for Trump, when he was in office, he placed tariffs on steel and aluminum imports.
06:53When it comes to manufacturing, you also have to consider their stance on the environment.
06:56Biden has crafted many of his regulations with the environment in mind.
07:00He sought to tighten pollution standards for vehicles.
07:03Whereas for former President Donald Trump, he's been someone who wants to invest more in fossil fuels
07:07and has been opposed to the restrictions when it comes to auto pollution.
07:11Since their stances are so wildly divergent, this is an issue that is going to be huge for a lot of voters.
07:16In a second term, Biden is really going to be focused on strengthening the sorts of regulations when it comes to vehicle production.
07:23Whereas with Trump, you're going to see a relaxation of those sorts of rules.
07:27You're going to see more power companies have more influence within that particular administration.
07:32Here's where Biden and Trump have positioned themselves on the issue of trade and tariffs.
07:36Tariffs and trade have major implications for American taxpayers.
07:39With inflation already being so rampant, the costs of everyday goods rising
07:43through protectionist policies and other strict trade policies could be really, really detrimental to a lot of Americans.
07:49In 2016, Trump ran on more protectionist trade policies.
07:53We're going to defend our workers, protect our jobs, and finally put America first.
08:03That's how he made inroads in places like Michigan, Wisconsin, and Pennsylvania.
08:06In a second term, he would likely continue those, especially as it relates to tariffs against China
08:12and other trade and protectionist policies that he's spoken about heavily with his America First stance,
08:17especially as it relates to strengthening domestic manufacturing.
08:20Biden in years past has been supportive of free trade, but there's been a shift in his administration over the past few years.
08:26Recently, he's implemented tariffs on steel and aluminum imports from China.
08:30That's a big thing that could have really broad implications going forward.
08:34And it also mirrors some of the more protectionist policies that were put into place by Trump.
08:39With inflation having ravaged the pocketbooks of so many Americans over the past few years,
08:44issues of tariffs and trade for both Biden and Trump are going to be something that voters are going to be paying close attention to.
08:49The economy is by far the most important issue on the minds of voters headed into the election.
08:54Whether it is student loan debt relief, whether it's manufacturing, tariffs and trade,
08:58voters are going to want solutions, and they're going to be demanding that from the candidates.