The highly anticipated debate between Vice President Kamala Harris and former President Donald Trump kicked off with a fiery exchange over the economy, a top priority for voters. The candidates sparred over issues such as inflation, tariffs, and economic proposals, prompting economists to weigh in and provide insights into the validity of their claims.

One of the key points of contention was Trump's plan for additional tariffs, referred to by Harris as the "Trump sales tax." Trump had previously suggested a tax of 10% on all imported goods, and later proposed a higher tariff of at least 60% on Chinese goods. Economists agree that tariffs generally lead to higher prices for consumers in the importing country, as foreign producers pass on the tax burden through increased prices.

However, economists were unable to verify Harris' claim of a 20% increase in the prices of goods due to tariffs. The unpredictable response of foreign manufacturers makes it difficult to determine the exact impact on prices. While dominant foreign producers could potentially offset higher taxes by increasing prices, companies in competitive industries may face challenges in doing so.

Economists also disputed Trump's assertion that the current inflation is the worst the nation has ever experienced. They pointed out that the United States had witnessed higher price increases during the 1980s. They also noted that while the Biden administration's stimulus measures may have played a role in the inflation, it was primarily caused by supply and demand imbalances resulting from the COVID-19 pandemic.

The pandemic-induced lockdowns led to a surge in online orders for goods, causing a mismatch between supply and demand. Delays in delivery and labor shortages further contributed to the inflationary pressures. Economists emphasized that the primary cause of the inflation was the supply adjustment following the pandemic's impact.

Regarding the state of the economy, economists clarified that when Biden assumed office, the country was in the process of recovering from the pandemic-induced recession but still had significant ground to cover. While the unemployment rate had dropped from its peak during the pandemic, it was still below pre-pandemic levels, indicating the need for substantial economic rejuvenation.

Economists dismissed attempts to solely attribute the spike in unemployment to Trump, stating that it was a result of the unprecedented nature of the pandemic. They highlighted the swift recovery the economy experienced, aided by the trillions in economic stimulus enacted under Trump's administration.

During Biden's term, the labor market expanded rapidly, and the economy achieved a quickened pace of growth. By 2022, all the jobs lost during the pandemic had been recovered. Economists acknowledged that while the recovery had begun before Biden took office, his administration played a crucial role in advancing and sustaining the economic rebound.

Overall, economists provided valuable perspectives on the economic claims made during the debate. Their assessments shed light on the effects of tariffs, the nature of inflation, and the state of the economy during Trump's and Biden's respective terms. As voters continue to prioritize the economy, understanding the implications of these claims is essential for making informed decisions.