Tuesday's election victory gives Donald Trump a chance to pick up where he left off in 2020 and restore a robust and freer economy.
He made three major promises: closing borders, ending the two raging wars in Europe and the Middle East, and stimulating the U.S. energy industry. Additionally, it would reduce government regulation (requiring government agencies to cut 10 regulations for every new one they create), reduce the corporate tax rate from 21 percent to 15 percent, and make the tax permanent. We're going to achieve our goal of making it great again. The Workforce Reduction Act of 2018 sent millions of illegal aliens back to their home countries. He also promised to impose a flat tariff of 10% to 20% on imported goods, with a 60% tariff on goods imported from China.
He, along with businessmen Doug Burgum and Vivek Ramaswami, who currently serve as governors of North Dakota, will be supported by Elon Musk as the new head of the Department of Government Efficiency. And Mr. Trump will be unencumbered by the Republican traitors who ran rampant in his first administration, and by Senate Majority Leader Mitch McConnell, who straddles the fence.
Facility Warning
Establishment figures on the right and left, as well as liberal think tanks such as Brookings and Nomura and other prominent figures, have argued that such measures would have a staggering impact on the US economy (now under Bidennomics). ) have already warned of the potentially dire consequences. .
Jason Furman, former chairman of President Obama's Council of Economic Advisers, asserted that “the losers[in President Trump's new economy]are consumers and most businesses.” Maurice Obstfeld, former chief economist at the globalist International Monetary Fund (IMF), warned that President Trump's tariffs “will not reduce the trade deficit or restore manufacturing jobs.” . Bloomberg economist Chris Collins says President Trump's plan to deport millions of illegal aliens will shrink the economy by 3%, hitting industries such as construction, leisure and hospitality, and agriculture the hardest. He assured me that he would give it to me.
The bipartisan Committee for a Responsible Federal Budget (CRFB) estimates that President Trump's policies could increase the national debt by up to $15 trillion over the next 10 years.
Customs issues
The Tax Foundation estimates that President Trump's tariff hikes would raise costs for businesses and shrink the economy by nearly 1%. According to calculations, about 700,000 jobs will also be cut. Economists at the globalist Peterson Institute for International Economics (PIIE) believe that the combined impact of President Trump's tariffs and his proposed mass deportations of illegal aliens will make it difficult for President Trump to finish his second term. It estimates that economic output will fall by 3 to 9 percent. Margot Crandall-Hollick, a research fellow at the Urban-Brookings Tax Policy Center, said Trump's policies “will probably benefit low-income people very limitedly, if at all.” She added, “And when you add in tariffs that raise the prices of goods used by everyday people, there will be a net negative for most low- and middle-income people.”
No reason for alarm
The first thing to note is how well these plans worked during the Trump administration. Household net worth, the clearest measure of how families fared under the Trump administration, rose by $10,000 a year in real after-tax dollars. Oil production has pushed gas prices below $2 a gallon. Jobs soared, unemployment fell, and the country became energy independent for the first time in decades.
The next place to look is Wall Street. On Wednesday, the Dow Jones Industrial Average jumped 1,500 points, or 3%, in a positive move that portends a stronger economy in the next six to nine months.
The third area to focus on is the energy sector. With free market principles reigning once again and drilling and hydraulic fracturing once again being embraced, U.S. oil production will rise to new heights, gas prices will once again fall to manageable levels, and the overall U.S. economy will Energy costs will be reduced.
The next thing to focus on is the launch of a new business. As the Trump administration lifts regulations, entrepreneurs will see and seize new opportunities to profit in a newly recovering economy. Large companies will be encouraged to expand across the country. Berkshire Hathaway CEO Warren Buffett has been waiting for a moment like this. He is currently sitting on more than $350 billion in cash to seize new opportunities that will bloom like sunflowers in Kansas under President Trump's second term.
According to the Coalition for a Prosperous America, which supports many of President Trump's economic policies, the “universal” 10% tariff is a promise of more tax cuts than President Trump passed in his first term. Together, they would add more than $700 billion to the economy. It will contribute to the nation's annual economic output and create nearly 3 million new American jobs.
