10 Things You Need To Know About Trump’s Plan To Save The U.S. Economy

Can Donald Trump turn the U.S. economy around?  This week Trump unveiled details of his new economic plan, and the mainstream media is having a field day criticizing it.  But the truth is that we simply cannot afford to stay on the same path that Barack Obama, Hillary Clinton and the Democrats have us on right now.  Millions of jobs are being shipped out of the country, the middle class is dying, poverty is exploding, millions of children in America don’t have enough food, and our reckless spending has created the biggest debt bubble in the history of the planet.  Something must be done or else we will continue to steamroll toward economic oblivion.  So is Donald Trump the man for the hour?

If you would like to read his full economic plan, you can find it on his official campaign website.  His plan starts off by pointing out that this has been the weakest “economic recovery” since the Great Depression…

Last week’s GDP report showed that the economy grew a mere 1.2% in the second quarter and 1.2% over the last year. It’s the weakest recovery since the Great Depression – the predictable consequence of massive taxation, regulation, one-side trade deals and onerous energy restrictions.

And Trump is exactly right about how weak this economic recovery has been.

So how would he fix things?

The following are 10 things that every American should know about Donald Trump’s plan to save the U.S. economy…

#1 Donald Trump would lower taxes on the middle class

The tax savings under Trump’s plan would actually be quite substantial for middle-class families.  The following numbers come from a recent Charisma article

• A married couple earning $50,000 per year with two children and $8,000 in child care expenses will save 35% from their current tax bill.

• A married couple earning $75,000 per year with two children and $10,000 in child care expenses will receive a 30% reduction in their tax bill.

• Married couple earning $5 million per year with two children and $12,000 in child care expenses will get only a 3% reduction in their tax bill.

#2 Donald Trump would lower taxes on businesses

Under his plan, no business in America would be taxed more than 15 percent.  Alternatively, Hillary Clinton’s plan would tax some small businesses at a rate of close to 50 percent.  So Trump’s plan would undoubtedly be good for businesses, and it would encourage many that have left the country to return.

But where would the lost tax revenue be made up?

#3 Childcare expenses would be exempt from taxation

For working families with children, this would be a great blessing.  Without a doubt, this is an effort to win over more working women, and this is a demographic that Trump has been struggling with.

It is definitely an idea that I support, but once again where will the money come from to pay for this?

#4 U.S. manufacturers will be allowed to immediately fully expense new plants and equipment

This would undoubtedly lead to a boom in capital investment, but it would also reduce tax revenue.  As an emergency measure, this would be very good for encouraging manufacturers to stay in America, but it would also likely increase the budget deficit.

#5 A temporary freeze on new regulations

Red tape is one of my big pet peeves, and so I greatly applaud Trump for this proposal.  I think that Bob Eschliman put it very well when he wrote the followingabout Trump’s planned freeze on new regulations…

In 2015 alone, federal agencies issued over 3,300 final rules and regulations, up from 2,400 the prior year. Studies show that small manufacturers face more than three times the burden of the average U.S. business, and the hidden tax from ineffective regulations amounts to “nearly $15,000 per U.S. household” annually. Excessive regulation is costing our country as much as $2 trillion dollars per year, and Trump will end it.

#6 All existing regulations would be reviewed and unnecessary regulations would be eliminated

In particular, Trump’s plan would focus on getting rid of regulations that inhibit hiring.  The following are some of the specific areas that he identifies on his official campaign website

  • The Environmental Protection Agency’s Clean Power Plan, which forces investment in renewable energy at the expense of coal and natural gas, raising electricity rates;
  • The EPA’s Waters of the United States rule, which gives the EPA the ability to regulate the smallest streams on private land, limiting land use; and
  • The Department of Interior’s moratorium on coal mining permits, which put tens of thousands of coal miners out of work.

#7 Donald Trump would fundamentally alter our trade relationships with the rest of the globe

Donald Trump is the first major party nominee in decades to recognize that our trade deficit is absolutely killing our economy.  I write about this all the time, and it is a hot button issue for me.  So I definitely applaud Trump for proposing the following

  • Appoint trade negotiators whose goal will be to win for America: narrowing our trade deficit, increasing domestic production, and getting a fair deal for our workers.
  • Renegotiate NAFTA.
  • Withdraw from the TPP.
  • Bring trade relief cases to the world trade organization.
  • Label China a currency manipulator.
  • Apply tariffs and duties to countries that cheat.
  • Direct the Commerce Department to use all legal tools to respond to trade violations.

#8 Donald Trump’s plan would be a tremendous boost for the U.S. energy industry

Barack Obama promised to kill the coal industry, and that is one of the few promises that he has actually kept.  Obama also killed the Keystone Pipeline, and right now the energy industry as a whole is enduring their worst stretch since the last recession.  To turn things around, Trump would do the following

  • Rescind all the job-destroying Obama executive actions including the Climate Action Plan and the Waters of the U.S. rule.
  • Save the coal industry and other industries threatened by Hillary Clinton’s extremist agenda.
  • Ask Trans Canada to renew its permit application for the Keystone Pipeline.
  • Make land in the Outer Continental Shelf available to produce oil and natural gas.
  • Cancel the Paris Climate Agreement (limit global warming to 2 degrees Celsius) and stop all payments of U.S. tax dollars to U.N. global warming programs.

#9 Trump would repeal Obamacare

Trump claims that Obamacare would cost our economy two million jobs over the next ten years.  And without a doubt, it has already cost the U.S. economy a lot of jobs.

Not only that, but Obamacare has also sent health insurance premiums soaring, and this is putting a tremendous amount of financial pressure on many families.

Trump says that he would “replace” Obamacare, but that is a rather vague statement.

What exactly would he replace it with?

#10 Trump’s plan says nothing about the Federal Reserve

This is a great concern, because the Federal Reserve has far more power over the economy than anyone else does.  It is at the very heart of our debt-based system, and unless something is done about the Fed our debt bubble will continue to get even larger.

Since the Federal Reserve was created in 1913, the value of the U.S. dollar has fallen by more than 96 percent and our national debt has gotten more than 5000 times larger.  For Trump to not even mention the Federal Reserve in his economic plan is a tremendous oversight.

We are in the midst of a long-term economic decline, and things have not gotten better during the Obama years.  If you can believe it, a study that was just released by Harvard even acknowledges this

America’s economic performance peaked in the late 1990s, anderosion in crucial economic indicators such as the rate of economic growth, productivity growth, job growth, and investment began well before the Great Recession.

Workforce participation, the proportion of Americans in the productive workforce, peaked in 1997. With fewer working-age men and women in the workforce, per-capita income for the U.S. is reduced.

Median real household income has declined since 1999, with incomes stagnating across virtually all income levels.Despite a welcome jump in 2015, median household income remains below the peak attained in 1999, 17 years ago. Moreover, stagnating income and limited job prospects have disproportionately affected lower-income and lower-skilled Americans, leading inequality to rise.

That same study found that the percentage of Americans participating in the labor force peaked back in 1997 and has been steadily declining since that time…

declining-labor-force-participation-rate-harvard

If we continue to do the same things, we will continue to get the same results.

Donald Trump is promising change, and many of his proposals sound good, but there are also some areas to be concerned about.

Ultimately, just tinkering with the tax code and reducing regulations is not going to be enough to turn the U.S. economy around.  We need a fundamental overhaul of our economic and financial systems, and Trump’s plan stops well short of that.  But without a doubt what he is proposing is vastly superior to Hillary Clinton’s plan, and so he should definitely be applauded for at least moving in the right direction.

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  • dustbusterz

    your talking about we need inflation to get the economy going again? how bizarre . Inflation does in rev an economy, it hurts the economy.It forces higher prices on the store shelves thus reducing demand, lowering production, forcing lay offs . Right , just what we need Inflation.

  • Joe Cabot

    18. 75. 100. Doesn’t matter. As long as the democrats and republicans continue to have an easy time conning a bunch of halfwits into believing their lies, things ain’t changing. Except for the worse.

  • Bill Cenne

    16 years? ? ? try SEVENTY FIVE years……..ever since WWII. agree, the two-party system is the worst system, except for all the other systems out there.

  • Joe Cabot

    Starting wars as an economic stimulus? Is this another of the misguided strategies that Bush, Cheney, Obomber, Hillary, and Kerry have been implementing for the past 16 years? No wonder the two-party system can only get dimwits to support it.

  • Bill Cenne

    Trump’s plan: do it the good old fashion way: start a war!

  • Simon Percival

    There are some rather leftist-friendly proposals in Trump’s plan and much of it will meet a great deal of resistance from Congress.

    Income tax reform is generally a good thing. Anything that substantially simplifies the 70000+ page tax code is at least a good start. What is really needed is a complete overhaul. There are many proposals that should be considered that would remedy a host of issues and not just pander to the so-called “middle class” (a Marxist term).

    Taxes on business make no sense as businesses do not actually pay them. They collect them from consumers and are simply included in the cost of goods and services. Simply lowering them from the highest in the world to the lowest would make an enormously positive difference to the economy. Phased in over time the “lost” tax revenue would be more than made up for by an expanding tax base.

    The full expensing of capital investment has worked before and will always work. The perceived loss of tax revenue, especially in a lower business tax environment, will be more than offset by the expanded tax base resulting from the economic stimulus those investments will generate.

    Regulatory reform is long overdue. Regulatory restraint is something Congress could easily make happen by seizing back their Constitutional authority from the Fe’ral leviathan they created unconstitutionally in the first place and continue to feed.

    Trump’s notions with respect to free trade are inherently dangerous. While we lament the loss of some jobs and even industries, many others have been created as a result of freer trade. This has to be handled with extreme caution. Isolationism, in the extreme, is simply not possible in the modern world.

    Healthcare reform including the repeal and replacement of the current fiasco should not be that hard and again, there are numerous proposals already on how to do this. In the alternative, the Democrats will again double-down on their mistakes by introducing a single-payer option as a fix but will be yet another mistake in a long line of mistakes dating back to FDR’s price and wage controls. Of course, their not really mistakes as history shows; central control of a nation’s healthcare system is fundamental to the ultimate goal of complete central control of society as a whole.

  • JohnDille

    MAYBE YOU OUGHT TO READ SOME REAL HISTORY!!! THE NEW DEAL KEPT THE USA FROM GOING THE WAY OF THE RIGHT WING NASTI GERMANY, LIFTED THIS NATION OUT OF THE GREAT DEPRESSION, HELPED LAY THE FOUNDATIONS FOR THE WAR AGAINST THE RIGHT WING NASTI GERMANS AND THE RIGHT WING FASCIST ITALIANS AND THE RIGHT WING TOJO SUPPORTERS WHO CONTROLLED JAPAN…. AND MADE THE UNITED STATES THE RICHEST AND MOST POWERFUL NATION ON EARTH…. ALL WHILE RIGHT WING REPUBLICANS FOUGHT THE DEMOCRATS TOOTH AND NAIL!!! HMMM… RIGHT WINGERS… JUST NATURAL BORN AMERICA HATERS AND POWER MAD TRAITORS, WHTHER FOREIGN OR DOMESTIC!!! NEVER FORGET… THE FAR RIGHT MOVEMENT THAT FLOURISHES IN THE AMERICA OF OUR DAY… WAS BORN BACK IN THE 1930’S WHEN CONSERVATIVES IN AMERICA… SIDED WITH HITLER AND MUSSOLINI… AGAINST OUR OWN UNITED STATES GOVERNMENT!!! RIGHT WING REPUBLICANS OF OUR DAY ARE NO LESS TRAITORS… AND GREEDY POWER MAD IDIOTS… THAN THEY WERE BACK THEN!!!

  • JohnDille

    BLOCKED!!! GO AWAY TROLL!!! OR BETTER STILL… EITHER DROP DEAD OR MOVE TO SOME RIGHT WING… CONSERVATIVE… HADES HOLE LIKE ALMOST ANYPLACE IN ASIA, AFRICA, OR LATIN AMERICA!!!

  • JohnDille

    WELL… MOSTLY YOU ARE RIGHT!!! DEREGULATION, MOSTLY UNDER REAGAN… ALLOWED CORPORATE AMERICA TO START POLLUTING THA AIR AND WATER AND SOIL AGAIN, AND TO HIRE MANY MILLIONS OF ILLEGALS, TO BUST MOST OF THE UNIONS, TO SHIP MILLIONS OF JOBS AND WHOLE MAJOR INDUSTRIES OVER SEAS, AND TO BLOCK EVERY MINIMUM WAGE INCREASE THAT REPUBLICANS COULD POSSIBLY BLOCK!! AND ALL OF THAT WAS LONG BEFORE NAFTA AND ALL THE OTHER FREE TRADE AGREEMENTS THAT REPUBLICANS CRAMMED DOWN OUR THROATS… AND BLAMED ON CLINTON BECAUSE HE SIGNED IT INTO LAW IN EXCHANGE FOR MINIMUM WAGE INCREASES AND SOME OTHER STUFF THAT DEMOCRATS DESPERATELY WANTED, BUT WHICH THE SOLID REPUBLICAN MAJORITY REFUSED TO SUPPORT… UNTIL CLINTON AGREED TO SIGN NAFTA!! REPUBLICANS REFUSE TO ACKNOWLEDGE THAT… WHEN NIXON TOOK OFFICE… THE FEDERAL DEBT WAS NOT MUCH MORE THAN A HALF TRILLION DOLLARS… BUT HAD INCREASED MORE THAN 10 FOLD BY THE TIME BILL CLINTON TOOK OFFICE… 24 YEARS LATER… AFTER 20 YEARS OF REPUBLICANS IN THE WHITE HOUSE DURING THOSE 24 YEARS! THEN… GEORGE BUSH TOOK OFFICE, AND H NOT ONLY DOUBLED THE FEDERAL DEBT IN HIS 8 YEARS… BUT HE LEFT MASSIVE BUDGET DEFICITS… BUILT INTO THE BUDGET AND INTO THE TAX CODE… THAT ADDED AT LEAST ANOTHER 20 TRILLION TO THE FEDERAL DEBT… MORE THAN HALF OF WHICH HAS NOT YET COME HOME TO ROOST!!!

  • JohnDille

    WHY WOULD HE DO THAT??? RELEASING THE REAL NUMBERS WOULD MAKE TRUMP AND REPUBLICANS IN GENERAL LOOK REALLY BAD… LIKE THE TOTAL AMERICA HATING SUPER RICH POWER MAD SELF CENTERED MORONS THAT REPUBLICANS HAVE BECOME OVER THE LAST 40 YEARS OR SO!!! NOT THAT THEY WERE MUCH BETTER BEFORE NIXON BECAME PRESIDENT, BUT AS ALL THE RACIST SOUTHERN DEMOCRATS LEFT THE DEMOCRATIC PARTY IN PROTEST OVER LIBERAL DEMOCRATS CIVIL RIGHTS POLICIES, AND BECAME REPUBLICANS, THE REPUBLICAN PARTY HAS GOTTEN REALLY FASCIST… AND REALLY RACIST… OR EVEN MORE FASCIST AND MORE RACIST THAN IT USED TO BE!!!

  • JohnDille

    Donald Trump has by turns praised and vilified the Fed chair, Janet Yellen, and the Fed’s interest-rate policies, never acknowledging when he says precisely the opposite of what he has previously said. This essay is part of a
    series The New Yorker will be running through the election titled “Trump and
    the Truth.”

    Over the past year, Donald Trump, who famously never backs down, has attacked, backed down, and then again attacked Janet Yellen, the chair of the Federal Reserve. He has done it in his way, never acknowledging when he says precisely the opposite of what he has previously said. (Yellen, for her part, has ignored the whole thing.)

    Trump’s Yellen cycle began in October, when, in an interview with The Hill, he accused Yellen of keeping down the Fed’s key interest rate, known as the Fed funds rate, because President Obama “doesn’t want to have a recession-slash-depression during his administration.” (This raised the question, of course, Who expects a President to want a recession-slash-depression?) By the spring of this year, Trump had revised his thinking about Yellen. “I have nothing against Janet Yellen whatsoever,” he told CNBC, on May 5th. “She’s a very capable person. People that I know have a very high regard for her.” Trump explained his newly rosy view by endorsing the very policy he had mocked a few months earlier. “She’s a low-interest-rate person; she’s always been a low-interest-rate person. And I must be honest, I’m a low-interest-rate person.” A couple of weeks later, Trump reiterated his happy view of the Fed chair. In an interview with Reuters, he said, “I’m not a person that thinks Janet Yellen is doing a bad job.”

    This week, Trump was back on the attack. On Monday, he told CNBC that Yellen should be “ashamed” of the low-interest-rate policy that Trump himself endorsed so fully in May. “She is obviously political, and she’s doing what Obama wants her to do,” he said. Once again, Trump made the claim that there was a secret Obama-Yellen pact to keep rates low, rooted in their nefarious desire to prevent an economic crisis. They both knew, he said, that “as soon as [rates] go up, the stock market is going to go way down.” On Thursday, after giving a speech at the Economic Club of New York, Trump again took aim at the Fed. “The Fed has become very political,” he said. “Beyond anything I would have ever thought possible.”

    On Thursday, at the Economic Club of New York, Trump was asked specifically how he would advise the Fed, and his answer was filled with as much narcissism and nonsense as any he had given before. “Well, as a real-estate person, I always like low interest rates, of course,” he said. “Obama wants to go, he wants to play golf, and he wants to leave. He doesn’t want to have any stock-market disruptions. . . . I think the Fed is totally being controlled politically.” He concluded, “I really believe if it was a political decision or the right decision, they’re going to go with the political decision every time.”

    What would a President Trump’s monetary policy be? Judging by his words and the people with whom he surrounds himself, the options appear to range from fringe kookiness and ignorance all the way to nihilistic collapse.

  • JohnDille

    THE REPUBLICAN PLAN… BORROW TO CUT TAXES FOR THE RICH AND FOR BUSINESS, AND BORROW AND CUT TAXES FOR THE RICH AND FOR THE WORLDS LARGEST CORPORATIONS… AGAIN, AND BORROW AND CUT TAXES FOR THE RICH AND FOR BUSINESS SOME MORE, AND THEN BORROW TO PAY MASSIVE INTEREST INCREASES TO THE RICH, AND BORROW… AND CUT TAXES FOR THE RICH… YET AGAIN!!! THEN BLAME OBAMA FOR SOARING DRICITS AND THE TANKING ECONOMIC SYSTEM… YET AGAIN… AND THEN BLAME BILL CLINTON AND JIMMY CARTER FOR THOSE PROBLEMS, BECAUSE THEY WILL NO LONGER WANT TO EVEN TALK ABOUT OBAMA!!! THEY WILL BE TOO GLAD THAT THAT N WORD IS NO LONGER IN THE WHITE HOUSE!!! BECAUSE THAT IS THE KIND OF FINE UPSTANDING TOLERANT RICH REPUBLICANS WE HAVE OWNING AND OPERATING AND IMPOSING CORPORATE TYRANNY AND FASCISM ON OUR NATION!!! ALL BRAIN DEAD BRAIN WASHED RIGHT WING PUPPETS.. AND OTHER SELF CENTERED SELF ABSORBED FOOLS LIKE JOE CABOT… WILL RALLY AROUND THE TRUMP FLAG, AND CELEBRATE HIS WIN IN JUST ABOUT 50 DAYS FROM NOW…. UNTIL THEY SLOWLY BEGIN TO REALIZE JUST WHAT A DISASTER HE WILL BE!!! THEN THEY WILL FEEL BETRAYED BY HIS POLICIES, AND WILL HATE HIS GUTS… BUT BLAME ALL OF THE PROBLEMS HE CAUSES ON… HILLARY CLINTON!!! BECAUSE THEY WILL NOT WANT TO EVEN MENTION OBAMA ANYMORE!!!

  • JohnDille

    THEY LEFT OUT THE MOST IMPORTANT ITEM… THE ONE THING THAT A DONALD TRUMP ADMINISTRATION WOULD ACCOMPLISH…. HIS CON ARTIST APPROACH… SELLING FAIRY TALES TO HIS GULLIBLE FOLLOWERS… WOULD DRAMATICALY REDUCE BUSINESS AND WAGE INCOME AS THE ECONOMY TANKS, THUS REDUCING TAX REVENUES, THUS CAUSING DEFICTS AND DEBT TO SOAR… FOR INDIVIDUALS AND CORPORATION AND BUSINESSES, AS WELL AS FOR GOVERNMENT,,, AND THAT WOULD DRIVE UP INTEREST RATES SHARPLY, THUS INCREASE INTEREST COSTS SHARPLY, THUS DRAMATICALLY INCREASE THE COSTS OF LIVING, DOING BUSINESS, AND CARRYING OUT THE FUNCTIONS OF GOVERNMENT!!! SO… WITHIN 6 TO 12 MONTHS OF TAKING OFFICE, THE UNITED STATES WOULD BE IN A WORSE RECESSION THAT WHAT EITHER RONALD REAGAN OR GEORGE BUSH JUNIOR CREATED…. AND IT WOULD QUICKLY EVOLVE INTO A DEEP AND DANGEROUS GLOBAL DEPRESSION!!! ALL OF WHICH REPUBLICANS WOULD BLAME ON BARACK OBAMA… NEVER MIND THAT THE US ECONOMY… UNDER OBAMA… IS DOING BETTER THAN THE ECONOMY IN ALMOST ALL OTHER NATIONS ON EARTH… AND HAS BEEN DOING BETTER THAN MOST NATIONS FOR THE LAST 6 FULL YEARS!!! PERSONAL NET WORTH IS NOW MORE THAN 60% HIGHER THAN WHAT IT WAS AT THE END OF THE BUSH JUNIOR DISASTER… AND ALTHOUGH MOST OF THAT NET WORTH IS OWNED BY THE TOP 10% OF THE POPULATION, THAT MEANS THAT THE ECONOMY IS REALLY QUITE STRONG! FAR FAR STRONGER THAN WHEN OBAMA TOOK OFFICE… THAT IS FOR SURE! SO… DONALD TRUMP WILL BE THE HERBERT HOOVER OF OUR AGE… EXCEPT THAT HERBERT HOOVER WAS NO CON ARTIST, AND WAS, IN FACT, A HIGHLY COMPETENT BUSINESSMAN AND PRESIDENT! HE JUST MADE THE MISTAKE OF TAKING REPUBLICAN ECONOMIC THEORIES TOO SERIOUSLY… WHICH HAS BEEN THE UNDOING OF REPUBLICANS FOR MOST OF THE LAST 150 YEARS!!!

  • Ron

    I think Trump should replace Yellen with Dr Ron Paul. That’d be fun!

  • Joe Cabot

    The democrat plan: 1.increase taxes. 2.add regulations. 3. increase taxes some more. 4. call those against tax increases racist and sexist. 4. increase taxes and regulations. 5. pretend that tax increases stimulate the economy. 6. pretend that more regulations stimulate the economy. 7. increase taxes. 8. increase regulations. 9. blame republicans when their plan fails. 10. break out the racist/sexist card again.

  • cillemall

    BLOCKED go away Troll

  • rebeccadewhirst

    The New Deal….really? A completely socialist plan that completely killed this country….had it not been for WWII….we were losing badly as a nation…wake up America!

  • BigMouth

    “Although the Federal Reserve has damaged the economy, it is also true that excessive regulation, oppressive taxes and the regional supergovernments had a much more devastating effect on the economy.”
    Are you that dumb … based the above statement? The very things you just pointed out that ruined the economy and country: your excessive regulation(?) = deregulations over the decades to allow Wall Street and others to loot you and the country; your oppressive taxes(?)= many, many tax cuts over decades that mainly enriching the already Rich resulting in great deficits at all levels(Federal, State, Local), Infrastructure neglect, etc.; and your regional supergovernments(?)= they’ve been doing the Wall Street/Corporations’ bidding to screw you clueless and still gullible common baboons.
    Look, if anything to better yourself and the nation is to do the opposite of what have been going on over 3= decades: Reinstitute the New Deal!

  • What’s Up

    I’m excited for President Trump to release the REAL numbers.

  • Eileen

    Trump has stated things about the Federal Reserve. It is just that the Fed is not the most important thing on his agenda. Although the Federal Reserve has damaged the economy, it is also true that excessive regulation, oppressive taxes and the regional supergovernments had a much more devastating effect on the economy. Even if we were on a gold standard, it would have been eliminated sometime during the last 12 years and we would be in the same place as we are now. One of the effects of a Republican administration is that the federal reserve backs off QE and not afraid of rate hikes or inflation in an attempt to stabilize the economy.

    Democrats are scared of allowing the Fed to do its job because they believe that we are too stupid to see through their phony statistics. I am not in favor of the Fed; however, if I had to choose between getting the economy to grow again and doing something about the Fed, the former would be more important on my list.