Caixin News August 15th (Editor: Xiao Xiang). On Wednesday local time, US Republican presidential candidate Trump listed two "equations" for this year's election results in a latest speech. He promised that if he wins the 2024 presidential election, he will bring a "brand-new Trump economic prosperity"; and if he loses, the United States will usher in a "1929-style economic depression".

Trump delivered a one-hour economic speech in Asheville, North Carolina that day, promising to lower the prices of cars, housing, insurance and prescription drugs, and attacked the Biden administration for a large increase in prices during his tenure.

This Republican presidential candidate asked, "Do people here feel richer under the Biden and Harris administration than they did under the Trump administration?"

"If Harris wins this election, it will result in a Kamala economic collapse - a 1929-style Great Depression. When I win the election, we will immediately start a brand-new Trump economic prosperity," he added.

Trump promised to continue the tax reduction policy in 2017 and vowed to "pay off the debt" of the United States.

"Our huge deficits will almost disappear," Trump confidently declared. "Our country will be driven by growth."

However, Trump did not elaborate on how to achieve this. Earlier, according to data from the non-profit Responsible Federal Budget Committee (CRFB), Trump's proposal to extend the 2017 Tax Cuts and Jobs Act may increase the US deficit by $5 trillion before 2035.

In his latest speech, the former president also had a slogan behind him, which read "no social security tax" and "no tipping tax". According to CRFB's forecast, cutting social security welfare taxes could increase the US deficit by an additional $1.6 billion, while cutting tipping taxes could increase the deficit by an additional $250 billion.

When Trump talked about economic issues, he added, "They say this is the most important issue. I'm not sure if it is or not."

Is Harris' ability to manage the economy starting to gain voter recognition?

It is worth mentioning that although Trump claimed that if he loses, he will face a "Kamala economic collapse", recently, Democratic candidate Kamala Harris's ability to manage economic issues has won more support from voters. According to a recent poll by the University of Michigan's Ross School of Business, 42% of voters currently trust Harris on economic issues, a 7 percentage point increase from last month when she was the Democratic candidate, while Trump's trust among voters is currently only 41%.

"This week's positive news for Harris is that data from the US Department of Labor Statistics released on Wednesday showed that the year-on-year increase in CPI in July has fallen back to 2.9%, dropping below 3% for the first time since 2021, which provides sufficient reason for the Fed to cut interest rates at its next meeting in September.

Harris plans to give an economic-focused speech in North Carolina on Friday, outlining her policies before the Democratic National Convention next week. According to people involved in the discussion, Harris' team is currently developing a policy framework focused on making housing more affordable, lowering household costs, addressing corporate oversupply issues, and promoting small business development.

The plan is designed to make it clear to voters what her priorities are, as some have criticized her for not presenting detailed agendas in the first few weeks after joining the presidential race. But aides say the specific contours of the plan are still evolving.

According to her advisers, when she announces a more detailed agenda (possibly in the form of several plans to be released in the next few weeks), she is unlikely to diverge substantively from Biden. Instead, they expect a slight shift in emphasis, highlighting her background and priorities. Harris plans to use her background as a prosecutor and her focus on issues such as paid family leave as a senator and vice president.