Trump's economic plan has a little something for everybody to hate: David Asman
FOX Business anchor David Asman explains the big differences between former President Trump and Vice President Harris' economic plans on 'The Story.'
Donald Trump and congressional Republicans won big on Tuesday night, recapturing the White House and Senate while still on track to maintain control of the House of Representatives.
But the biggest winner of Tuesday’s contests is the American people, who continue to suffer from the Biden-Harris administration’s reckless economic policies.
The cost of everyday goods and services, including gasoline and groceries, remains substantially higher than they were when Trump left office.
Donald Trump speaks during a campaign event, Sept. 25, 2024, in Mint Hill, North Carolinia. (AP Photo/Evan Vucci)
Rent and home prices have also skyrocketed. The average cost of a home has increased by more than $100,000 since the fourth quarter of 2020, and mortgage rates have more than doubled since the start of 2021.
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Personal debt, including credit card and car debt, has also risen substantially.
President-elect Trump has a bold vision to turn the economy around, and beginning in January 2025, he and his fellow Republicans in Congress will have an opportunity to enact their sweeping reforms.
Below are three of the most important economic policies that Americans can expect to see from Trump once the Biden-Harris administration ends.
1. Tax Cuts for Working-Class Americans and Retirees
In addition to restoring, numerous business tax provisions that were included in the Tax Cuts and Jobs Act of 2017, Trump has proposed a series of tax reductions specifically designed to help middle- and lower-income workers and retired Americans.
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For example, Trump plans to exempt Social Security benefits from federal income tax.
He has also proposed exempting overtime pay and income from tips, a significant boost for many working-class families.
Additionally, Trump wants to create an itemized deduction for auto loan interest, a policy that will lower taxes for filers with debt from a car loan. However, because many middle- and lower-income families do not itemize their taxes, the effect of this policy might not be as beneficial as it looks at first glance.
2. Drill Baby, Drill
During Trump’s first term in office, his administration slashed energy regulations, spurring additional oil and natural gas production. As a result, the United States became a net oil exporter for the first time in 75 years.
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Gasoline prices also remained below the 10-year average for the duration of the Trump administration's first term. Lower gasoline prices kept prices down for countless other goods and services, because when energy prices rise, the cost of transporting and manufacturing also increases.
The Biden administration has taken a completely different approach to energy policy. Instead of supporting domestic oil and natural gas, Biden has increased regulations on those industries, delayed approval for new oil and gas leases, and spent massive amounts of taxpayer money to help so-called "green" energy industries, including wind and solar.
Trump has promised to reinstitute his pro-energy, America-first policies. If he succeeds, those policies would increase oil and natural gas jobs in the United States, spur national economic growth, and reduce costs throughout the economy.
On Trump’s campaign website, he says he plans to "end Biden’s delays in federal drilling permits and leases that are needed to unleash American oil and natural gas production."
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He also promises to "remove all red tape that is leaving oil and natural gas projects stranded, including speeding up approval of natural gas pipelines into the Marcellus Shale in Pennsylvania, West Virginia, and New York."
These and other proposals by the Trump administration will have a massive positive effect on America’s economy, including by helping to further reduce inflation, which has plagued families for most of Biden’s time in office.
3. Creating Fair Trade?Policies
Numerous countries around the world, including some of America’s biggest economic rivals, impose tariffs on U.S. products, making it harder for domestic manufacturers and businesses to compete with overseas rivals.
To fix this important problem, Trump has proposed legislation called the Trump Reciprocal Trade Act.
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Under the plan, "if any foreign country imposes a tariff on American-made goods that is higher than the tariff imposed by the U.S., President Trump will have the authority to impose a reciprocal tariff on that country’s goods."
The proposal would also "empower President Trump to negotiate the reduction of tariffs on foreign goods if foreign countries agree to reduce their tariffs on American goods."
Pro-liberty economists do not agree about the effectiveness of many kinds of tariffs. Some think imposing more tariffs would have a net-negative impact on the U.S. economy, because tariffs drive up costs for products made overseas. Those costs often get passed along to American consumers.
But no matter what one thinks about tariffs generally, there should be no debate on fair trade policies like the Trump Reciprocal Trade Act. If a foreign country imposes tariffs on American-made goods, the United States should respond with a similar policy of its own.
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A reciprocal trade policy like the one suggested by Trump would dramatically aid U.S. workers, especially manufacturers, by discouraging foreign countries from continuing their unfair trade practices.
Further, the net effect of a such a policy is likely to be fewer tariffs overall, because many foreign producers are dependent on American consumers and would likely choose to eliminate tariffs in order to protect their own manufacturers.
Fair trade policies will help U.S. businesses compete with foreign competitors in a way that hasn’t been possible for decades, creating and protecting American jobs.
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The Biden-Harris administration’s economic agenda has been a disaster for families, which is a big reason why voters chose to re-elect President Trump to a second term.
If Trump and congressional Republicans make good on their promise to enact pro-growth, low-tax policies, the economy will soon improve, and the country will thrive for years to come.
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