Your Ultimate Guide to the 2024 U.S. Presidential Election
Alright, folks, the wait is almost over! The 60th U.S. Presidential Election is happening on November 5th, and it's going to be one heck of a showdown between the 60-year-old Democratic candidate Kamala Harris and the 78-year-old Republican challenger, Donald Trump.
This election is bound to make history: if Harris wins, she will become the first female president of the United States and the first U.S. president with Asian heritage. On the other hand, if Trump wins, he will become the first president since Grover Cleveland in the 1890s to serve two non-consecutive terms.
So, if you're looking to brush up on what's going down and how the whole election thing works, I've got you covered with this quick “watching guide.”Let's dive right in!
The Electoral College: Winner Takes All
First things first, the U.S. doesn't just rely on a straightforward popular vote to choose the president. Instead, it uses the Electoral College system, which can be a bit tricky to wrap your head around at first, but stay with me. Here's how it works: Each state gets a certain number of electors, based on its population, and the total number of electors across all states is 538. To win the presidency, a candidate needs to secure more than 270 electoral votes.
Here's the kicker: When a candidate wins a state, they get all of that state's electors, except in Maine and Nebraska, where the electors are divided up based on the proportion of votes each candidate gets. So, in short, the race is less about who gets more votes across the country and more about who wins those key states.
The Election Timeline: What to Watch For
Here's a quick rundown of the key dates for the election. Mark your calendars!
November 5th, 2024: Election Day!
Polls across the U.S. will close at different times depending on the state, but generally, by 7 PM local time, voting stations will shut down, and the counting begins.
Mid-November: The nail-biting wait for the results.
Because many states are going to be super tight, and don't forget those mail-in ballots, it might take days to get the final results. So, don't expect an immediate winner.
November 26th: Trump's Court Date
Don't forget that Trump's got a court date coming up for the Manhattan hush-money case. This could throw a bit of a curveball, depending on how things go.
December 17th: The Electoral College votes.
This is when each state's electors officially cast their votes, and the results start to get solidified.
January 6th, 2025: The Big Reveal
Kamala Harris, as the sitting VP, will be the one to count the Electoral College votes in Congress and officially announce who won. Grab your popcorn, folks, this is the moment of truth!
January 20th, 2025: Inauguration Day!
The new President and VP will be sworn into office. Time for a new chapter in American politics, folks.
Why You Should Care
I know, this might not seem like a huge deal if you're not in the U.S., but the result of this election is going to impact global markets, economic policies, and possibly your investment strategy. Whether it's trade policies, tax reforms, or tech regulations, the U.S. president has a pretty big influence on the global economy. Plus, if you're into political betting, things are about to get real interesting.
Policy Breakdown: Key Differences Between Harris and Trump
Now that we know when the key events are, let's break down what each candidate's policies could mean for global markets.
- Economy
- Kamala Harris: Focuses on reducing food and housing costs, cracking down on price gouging, and boosting housing supply. This could spur GDP growth but may lead to higher inflation.
- Donald Trump: Aims to lower interest rates and weaken the dollar to boost exports. This could stimulate the economy but also increase inflation.
- Taxes
- Kamala Harris: Plans to raise taxes on corporations and high earners while offering tax relief for families and new businesses. This could increase government revenue but put pressure on high-income earners and businesses.
- Donald Trump: Proposes a multi-trillion-dollar tax cut, expanding the 2017 tax cuts. This could stimulate growth but would likely increase the federal deficit and inflation.
- Immigration
- Kamala Harris: Plans to invest in Central America to address root causes of migration. Potential long-term economic benefits but mixed short-term impact on GDP.
- Donald Trump: Focuses on stricter border security and mass deportations. This may slow economic growth but could reduce illegal immigration.
- Trade
- Kamala Harris: Against blanket tariffs, supports a more targeted approach. Likely to reduce economic disruption.
- Donald Trump: Advocates for higher tariffs, including a 60% tariff on Chinese goods. This could hurt global trade and increase inflation.
- Climate Change
- Kamala Harris: Supports green energy and electric vehicles with substantial investment. Long-term economic growth in renewable sectors, but potential short-term inflation.
- Donald Trump: Focuses on increasing domestic energy production, including oil and gas, which could lower energy costs but increase environmental risks.
- Healthcare
- Kamala Harris: Wants to expand healthcare access and lower drug prices.
- Donald Trump: Seeks to reform healthcare, control drug prices, and dismantle ObamaCare.
- Infrastructure
- Kamala Harris: Supports further infrastructure development and reshoring supply chains to the U.S. This could boost GDP but may raise inflation.
- Donald Trump: Also supports infrastructure but lacks a clear spending plan, with a focus on roads, bridges, and tech.
The Bottom Line
As you can see, the stakes are high in this election—not just for the U.S., but for the global economy. Whether you're invested in the market, watching from afar, or just curious about the impact, this election could shape the world for years to come. Keep an eye on the results, because the outcome will send shockwaves far beyond American borders.