Market Analysis

Former President Donald Trump addressed the economy during a speech in North Carolina as part of his campaign’s effort to regain momentum in his tight race against Vice President Kamala Harris.

Trump’s speech primarily focused on broad economic reforms, though he provided few specifics and frequently diverged into familiar territory, including repeated jabs at Harris.

“This is a bit of a different day,” Trump said as he began his remarks. “We’re talking about something called the economy. They wanted an economic speech. A lot of people are really suffering from what’s happened with inflation and everything else. So, today, we’re having an intellectual discussion. You’re all intellectuals today,” he told the audience.

Among the proposals Trump outlined were directives for Cabinet secretaries and agencies to combat inflation, eliminate job regulations that he claimed were costing jobs, and reiterate his calls to eliminate taxes on tips and Social Security benefits for seniors. He also revived his "drill, baby, drill" mantra as a solution to economic challenges, accusing Democrats of using environmental concerns as a pretext to stifle the oil and gas industry.

"Inflation is destroying our country. It’s tearing apart our families. We will address everything from car and housing affordability to insurance costs, supply chain issues, and the price of prescription drugs. I will direct my Cabinet to deliver results within the first 100 days or sooner," Trump stated.

The economy has been a central theme of Trump’s campaign, with the former president often discussing issues like inflation, gas prices, and the job market. His speech on Wednesday featured sharp criticism of the Biden-Harris administration, but also included misleading statements as he portrayed his administration’s economic performance more favorably than the current one.

Trump inaccurately claimed that the economy was thriving when he left office, though the unemployment rate was 6.4% in January 2021. It is now significantly lower at 4.3%.

He also asserted that inflation under President Joe Biden has been unprecedented, though the annual inflation rate peaked at 9% in June 2022 under Biden and was as high as 15% in April 1980. Currently, inflation is at 2.9%.

Turning his attention to Harris, Trump criticized her as a complainer and suggested that her policy proposals lack credibility, arguing that she should have already implemented them as vice president.

"Kamala has claimed that tackling inflation would be a day-one priority ... But day one for Kamala was three and a half years ago. Why hasn’t she done it?" Trump remarked.

After Harris recently supported the same no tax on tips policy that Trump announced earlier this summer, the Trump campaign labeled her "Copy Cat Kamala." During his speech, Trump suggested this was proof that she would imitate all of his economic policies.

"When Kamala unveils her fake economic plans this week, they’ll probably be a copy of mine because that’s basically what she does," he said, ahead of Harris’s scheduled economic plan announcement on Friday.

"She’s working on a plan. You know she’s going to announce it this week. Maybe she’s waiting for me to announce mine so she can copy it," Trump added.

Paraphrasing text from "AbcNews" all rights reserved by the original author.