As the final days of the 2024 election cycle draw to a close, many major news outlets are focusing renewed attention on the damage Republican presidential nominee Donald Trump could do the American economy if he is elected to a second term next week.

This morning, the Commerce Department released data showing that the American economy grew at a robust 2.8% annualized rate in the third quarter of the year. At the same time, the monthly job creation estimate from private payroll processing firm ADP came in well above expectations, with an estimated 233,000 jobs created last month despite labor stoppages and natural disasters that could have undermined economic productivity.

One economist quoted by CNBC said of the rosy economic numbers: “You’ve got the perfect combination of strong growth and slowing inflation. What more could you want?”

Following a temporary spike because of the COVID-19 pandemic, all traditional measurements of inflation have fallen and stabilized at near pre-pandemic levels. The unemployment rate, even the expanded measurement that captures marginal employment, has also fallen near historic lows and stabilized at a level that economists believe represents “full employment.”

Even retail gasoline prices, a common fixation of negative coverage of the economy, seem poised to fall below an average of $3 per gallon nationwide. As Yahoo Finance reporter Jordan Weissmann explained in a social media post, “It looks like we’ve achieved a low-inflation, full employment economy.”

As the mainstream press has come to the realization that the American economy under the Biden-Harris administration is “the envy of the world,” many outlets are sounding the alarm at the threat Donald Trump poses to that continued strength and resilience.

As they’ve made clear, Trump’s proposals on taxes, trade, immigration, and health care could throw all of the progress of the last several years into disarray:

• The Washington Post: “Companies ready price hikes to offset Trump’s global tariff plans.” An October 30 article from The Washington Post said American companies are already making plans to increase prices paid by American consumers if Trump is reelected, given his promises to impose across-the-board tariffs on imported goods. [The Washington Post, 10/30/24]
• The Philadelphia Inquirer: “Donald Trump’s economic agenda would turn boom into bust.” An October 30 editorial from The Philadelphia Inquirer opened, “As Election Day nears, pocketbook issues remain atop voters’ minds. If that is the case, then voter beware: A vote for Donald Trump is a vote against your own economic interests.” After outlining how Trump's “cynical” proposal to end taxes on Social Security benefits, coupled with his promised mass deportations, would imperil beneficiaries, the editorial further explained that his tariff plan would raise prices on consumers, “roil financial markets and strain international relations.” [The Philadelphia Inquirer, 10/30/24]
• The Guardian: “Trump’s mass deportation plan would be ‘economic disaster’ for US.” The Guardian investigated how Trump's promise to carry out “the largest deportation operation in American history” would affect the economy, concluding that “In a country that relies on a mobile, low-cost workforce, the loss of migrant workers would trigger productivity losses and a new round of inflationary pricing pressure.” Wharton School economics professor Zeke Hernandez told The Guardian, “It would be an economic disaster for America and Americans.” [The Guardian, 10/30/24]
• The New York Times: “Johnson’s ‘No Obamacare’ Remark Draws Attention to Unpopular Stance.” An October 30 article in The New York Times noted that Republican Speaker of the House Mike Johnson promised “massive reform” to the Affordable Care Act, “putting an unpopular policy position back in the spotlight just days before the election.” According to the Times, “Nearly 50 million Americans have been covered by health insurance plans through the Affordable Care Act’s marketplaces since they opened a decade ago, and Vice President Kamala Harris has promised to expand enrollment in the popular program if she is elected. She has repeatedly warned voters that Mr. Trump would try to repeal the law if he was elected.” [The New York Times, 10/30/24]
• Reuters: “Global economy chiefs fret over a Trump return as US election draws closer.” An October 28 report from Reuters noted that official meetings at leading international organizations like the International Monetary Fund and World Bank are increasingly consumed with worry about “the potential impacts of a return of Donald Trump to power in November's U.S. presidential election.” Officials noted that Trump could “upend the global finance system with massive tariff increases” and “trillions of dollars more in debt issuance” and further expressed concern that he would reverse progress in the global fight against climate change. [Reuters, 10/28/24]
• Los Angeles Times: “How Trump tariff threats might plunge Mexico into recession and stoke immigration.” An October 27 article from the Los Angeles Times discussed the extent to which Trump’s damaging tariff proposals would harm not just the United States but also neighboring Mexico, where “even a small increase in tariffs on Mexico’s goods could lead to a rise in unemployment and poverty.” Ironically, Trump’s agenda “could prompt more people to migrate to the United States” seeking economic opportunities, defeating much of the purpose of his exclusionary trade and immigration policies. [Los Angeles Times, 10/27/24]
• CBS News: “Trump's plan to deport millions of immigrants would cost hundreds of billions, CBS News analysis shows.” An October 17 report from CBS News delved into the staggering financial burden of pursuing Trump's promised mass deportations. According to CBS, “Apprehending and deporting just 1 million people could cost taxpayers about $20 billion” in a single year, and deporting “all 11 million undocumented immigrants estimated to be living in the U.S.” would cost up to $216 billion over five years. To emphasize this staggering cost, CBS noted that “ICE was allocated only $9 billion last year.” [CBS News, 10/17/24]