Millions of Americans struggling with the effects of inflation are hoping for help from the presidential candidates. After all, the economy has been a central topic of discussion in the election campaign this election season.

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Former President Donald Trump and Vice President Kamala Harris have revealed some details about their economic plans if they win the election in November. Although they disagree on many important issues, there is some overlap in their plans.

However, not everyone is convinced that the government’s economic plans will bring the relief that many voters long for.

Doubts about their plans

Trump and Harris have both spoken about their economic plans and how they would fight inflation if they won the election, but analysts and skeptics on both sides of the political spectrum have serious doubts that the plans announced so far will actually help lower prices.

“Only two fiscal policy levers can dampen demand and slow overall price increases: reducing government spending or raising taxes,” wrote Howard Gleckman, senior editor at Forbes. “And neither candidate has presented plans for either.”

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The candidates on the topic of taxes

Aside from Trump and Harris’ calls to eliminate the tip tax, the two candidates have very different approaches to how they would handle taxes if they won the election in November.

Trump has called for the elimination of the income tax in exchange for tariffs on imported goods. While many Americans would like to pay less in taxes, there are concerns that Trump’s tariff plan would raise prices and essentially act as a tax on American consumers. In fact, the nonpartisan Peterson Institute for International Economics predicted that the average middle-class household would face an estimated $1,700 in additional costs per year as a result of the tariff plan.

Harris has plans for a middle-class-focused opportunity economy, including tax relief for tens of millions of middle-class and low-income families. As with Trump’s plans, there are concerns about how Harris’ proposed tax cuts would be financed and how much they would help average Americans.

Fight against higher prices

Harris has said she wants a nationwide ban on price gouging on food and groceries, but this plan has been met with fierce criticism.

“A common accusation from the left wing of American politics is that companies have fueled inflation during the COVID-19 pandemic by exploiting shortages to drive up prices,” says The Economist. “But researchers at the Federal Reserve have concluded that at the aggregate level, there is no evidence of higher markups that would have been a prerequisite for pricing decisions to actually cause inflation.”

Attack the opponent

It’s probably no surprise that the two presidential candidates are attacking each other on their economic plans, fighting inflation and lowering prices. Harris and others have raised concerns about Trump’s tariff proposals, for example, and how they will be financed. Trump’s alma mater, Penn Wharton University of Pennsylvania, estimated that Trump’s broader economic policies would result in a $4.1 trillion deficit.

Trump claims his trade policies would create enough growth in the long run to offset the short-term costs of his broader economic policies, CNBC reported. However, Mark Zandi, chief economist at Moody’s, said in an interview with NBC News that the tariffs would likely generate only $2.5 trillion in revenue.

In general, economists warn that a tariff policy like Trump’s would trigger inflation just as price increases have subsided.

Trump and other critics have said Harris’ plans will pick up where Biden’s leave off, and America will continue to feel the effects of inflation and higher prices. Harris herself has addressed some differences between her plans and those of the Biden administration in campaign appearances.

“Nevertheless, Ms Harris’s cost-of-living plan could mark the beginning of a new phase in America’s troubling odyssey,” says The Economist. “The Democratic presidential candidate is targeting four cost categories: housing, food, healthcare and taxes. While some of her ideas are good, many others would drive up prices – the exact opposite of their intended effect.”

It’s important to remember that Trump and Harris will likely announce more details about their economic plans before the election. These additional plans could affect how much their ideas will cost the nation and what impact they will have on individual Americans.

Editor’s Note on Election Coverage: GOBankingRates is nonpartisan and strives to objectively cover all aspects of the economy and present balanced reporting on politically focused financial topics. For more coverage on this topic, visit GOBankingRates.com.

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This article originally appeared on GOBankingRates.com: How the cost of living could rise under Harris and Trump