President Trump amongst his executive orders and twitter ranting has yet to see his economic plans follow through. For a "former" businessman to claim that he would pull money out of politics and the Hill is a bold statement. However, nothing he has put forth so far has shown the public what he promised. He currently has not presented Congress with any economic plans but he is flip flopping between market intervention and laissez faire capitalism. He is an advocate from protectionist trade policies and investing in big infrastructure projects (the much anticipated wall). Trump rarely listens to experts or rather people who are much more informed than he is. So it is no surprise that he will consider any advice given to him by economists who question his ideas and policies. "Trumponomics" maybe a new term but the idea behind it can be seen if we look back to the Reagan administration. However, he seems to be planning to do much at once. Cutting corporate taxes, gutting business regulations, and favoring exports over imports is something that the US economy has never seen in its history all at once. Low taxes for the rich, less regulations for banks and Wall Street at large would in my opinion greatly affect the economy.
If we go according to Trump's words, such expensive infrastructure will be paid from taxpayers dollars, which means the middle class will be left to carry the burden. The rich will just become a little more comfortable while the middle class will slowly diminish if this continues. Trump's economy might reap benefits in the near future but long term affects could be catastrophic to the American economy.
http://business.financialpost.com/news/economy/trumponomics-breaks-all-the-rules-but-will-it-break-the-u-s-economy
No comments:
Post a Comment